Basmati Rice Market Outlook and Forecast by 2022
Basmati rice has been enjoying a premium position in the global marketplace, which has reflected greatly on the growth of the market for basmati rice across the world. The high demand for basmati rice in Asian countries, with it being the staple food of most of the people, residing in this continent, has been supporting the global basmati rice significantly. With inventory prices going down steadily, this market is likely to keep a high pace of growth over the next few years.
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The worldwide market for basmati rice is anticipated to present an opportunity worth US$10.51 bn by 2017. The market is further expected to rise to US$17.74 bn by 2022, proliferating at a robust CAGR of 11.0% during the period from 2017 to 2022. The export demand for basmati rice is projected to improve further in the near future, adding considerably to the market’s growth.
Raw Basmati Rice to Remain Most Preferred
Primarily, three types of basmati rice is available across the global market: Raw, parboiled, and steamed. Among these, the demand for raw basmati is much greater than parboiled and steamed basmati rice around the world, thanks to its superior quality, fragrance, and taste. With a CAGR of 12.90% between 2017 and 2022, the raw basmati rice segment is anticipated to remain on the top over the next few years. Based on the species, basmati rice is available in two categories: white and brown. White basmati rice is more preferred among the masses. However, due to the rising awareness about its health benefits, brown basmati rice is anticipated to witness a high growth rate in the years to come.
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In terms of application, the global basmati rice market is classified into the food and the cosmetic and personal care sectors. The food industry is reporting a higher demand for basmati rice in comparison with the cosmetic and personal care industry and this trend is expected to continue in the near future. By the sales channel, the market is categorized into HORECA, modern trade, online store, convenience store, and traditional grocery stores. Traditional grocery stores are still the main sales channel for basmati rice, with convenience stores closely following. Modern trade and online stores are attempting aggressively to keep up with the market.
APEJ to Dominate Global Basmati Rice Market
The worldwide basmati rice market is also classified on the basis of the geography. Asia Pacific excluding Japan (APEJ), North America, Europe, the Middle East and Africa (MEA), Japan, and Latin America have surfaced as the main regional segments of this market. Thanks to the high yield of paddy crop, APEJ has acquired the leading position in the global market. Researchers expect the APEJ market for basmati rise to occupy a share of more than 46% in the overall market by 2017.
Further, this regional market is anticipated to retain its dominance over the forthcoming years due to the increasing prices of paddy. Apart from APEJ, MEA, Europe, and Japan are also expected to experience steady growth in the years to come.
McCormick & Co. Inc., LT Foods Ltd., The Hain Celestial Group Inc., Estraco Kft., East End Foods, The Rice 'n Spice Int. Ltd., KRBL Ltd., Amira Nature Foods Ltd., Mars Inc., and REI Agro Ltd. are some the key vendors of basmati rice across the world.
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