Global
Basmati Rice Market: Snapshot
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.
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.
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