The
global basmati rice market is a choc-o-bloc with companies both large
and small that features a fragmented vendor landscape, as per a
report by Transparency Market Research (TMR). Leading players such as
McCormick & Co., Hain Celestial, Rice ‘n Spice, REI Agro, LT
Foods, East End Foods, and Amira Nature Foods serve local as well as
global consumers, which is reflected in the growth of basmati rice
market. Penetration into regional markets as rice is the staple food
of more than half of the world’s population is likely to provide
ample growth opportunities for leading players in the market. These
players are penetrating regional markets through strategic
partnerships, which is likely to make the market somewhat
consolidated albeit more competitive, states the report.
Request
to view Sample Report:
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=31745
The
worldwide basmati rice market stood at a valuation of US$10.51 bn in
2017. Proliferating at a robust CAGR of 11.0% between 2017 and 2022,
the market is anticipated to be worth US$17.74 bn by the end of 2022.
By type, the demand for raw basmati surpasses than that for parboiled
and steam, mainly because of superior taste and aromatic property of
the former. Among the various sales channel, traditional grocery
stores remain the key sales channel, with convenience stores
following closely. Among the key regional markets for basmati rice,
Asia Pacific excluding Japan acquires the leading position in the
overall market thanks to high production of rice in the region.
Increasing
Spending on Superior Grains across Consumer Groups Benefits Market
“Among
the various types of rice, basmati rice enjoys a premium position
thanks to its superior taste and aromatic quality,” says a TMR
analyst. Almost 90% of production and consumption of basmati rice is
centered in Asia, mainly because of its origin from the Indian
subcontinent. The growth of the basmati rice market in Asia is
powered by high production and export of this type of rice from India
and Pakistan. As per records of the Agricultural and Processed Food
Products Export Development Authority, India accounted for 59%
exports to the overseas basmati rice in 2014, with the remainder
exported from Pakistan.
The
emergence of local varieties of basmati rice is also aiding the
growth of basmati rice market. Several countries are increasingly
producing domestic variety of basmati rice at relatively low prices.
This is to prevent complete dependence on import which is subject to
climatic and trade uncertainties as well as to promote consumption of
local varieties.
Across
several parts of the world, rising disposable income has benefitted
the basmati
rice market. Consumers are increasingly spending liberally on
premium quality grains, lentils, and spices for a fulfilling eating
experience. Basmati rice is increasingly becoming the choice across
consumer groups mainly because of its superior taste and aroma that
is highly pleasing to the senses.
Rising
Awareness of Health Ill-effects of Prolonged Consumption of Polished
Rice Crimps Growth
On
the flip side, high price of basmati rice over other rice variants is
a key challenge to the market’s growth. Basmati rice remains a
premium grain not affordable by the average consumer. In addition,
increasing awareness about health ill-effects of consuming polished
rice on an everyday basis is leading consumers to switch to
unpolished rice varieties. This is challenging the growth of basmati
rice market to some extent.
No comments:
Post a Comment