The
global
basmati rice market is undergoing a phase of significant
improvement, thanks to steady rise in the demand from people across
the world, states a new research study by Transparency Market
Research (TMR). Since rice is the most prominent staple food for more
than half of the world’s population, the leading payers in this
market, such as McCormick & Co., LT Foods, Hain Celestial, East
End Foods, Rice 'n Spice, Amira Nature Foods, and REI Agro, have
ample opportunities for the growth of their businesses.
These
participants are expected to increase their focus on expanding in
various regional markets across the world, for which, they are
engaging into strategic partnerships. This, as a result, is
anticipated to intensify the competition within the market in the
years to come, notes the research study.
Global
Basmati Rice Market to Report 11.0% CAGR between 2017 and 2022
Rice
is one of the most crucial food crop and a staple for more than half
of the population across the world. Owing to its fine quality,
fragrance, and taste, basmati rice has gained a premium status among
all the type of rice available, globally. “Thanks to the premium
position basmati rice enjoys in the global rice market, the worldwide
basmati rice market has been proliferating substantially,” says a
TMR analyst. Nearly 90% of the production as well as consumption of
basmati rice is centered in Asia, with China and India being the most
prominent producers, as well as consumer of this type of rice.
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The
opportunity in the worldwide market for basmati rice is anticipated
to reach US$10.51 bn by 2017. Proliferating at a robust CAGR of 11.0%
over the period from 2017 to 2022, the market is expected to rise
further to US$17.74 bn by the end of the period of the forecast. The
increasing price of paddy crop and the declining inventory prices in
Asian Countries are likely to reflect positively on the global market
for the basmati rice in the years to come, states the research
report.
Demand
for Basmati Rice to Remain High in APEJ
The
research report presents a comprehensive analysis of the global
basmati rice market on the basis of a number of important market
parameters. In terms of the geography, the report classifies this
market into Asia Pacific excluding Japan (APEJ), North America,
Europe, the Middle East and Africa (MEA), Japan, and Latin America.
Among these, APEJ has surfaced the leading regional market for
basmati rice. By 2017, the APEJ basmati rice market is expected to
hold more than 46% of the overall market and is predicted to continue
on the leading position throughout the forecast period.
Majorly,
three types of basmati rice is consumed across the world: Raw,
parboiled, and steamed. Among these, raw basmati registers a much
greater demand than parboiled and steamed basmati rice, thanks to its
superior quality, fragrance, and taste. With a CAGR of 12.90%, raw
basmati rice is expected to remain to most preferred product in this
market during the period of the forecast, reports the research study.
The
review is based on a report by Transparency Market Research (TMR),
titled “Basmati Rice Market (Type - Raw, Steamed, and Parboiled;
Species - White and Brown; Application - Food and Cosmetic and
Personal Care; Sales Channel - HORECA, Modern Trade, Convenience
Store, Online Store, and Traditional Grocery Stores) - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 –
2022.”
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