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.
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.
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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.
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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