Basmati Rice Market expected to reach US$17.7 Bn by 2022
Basmati is the high quality long grain aromatic rice grown traditionally in Indian subcontinent. The rice posses distinctive features with delicious taste, flavor and superior aroma. It is the significant part of Indian cuisines and also used in the Persian, Middle Eastern and Arab cuisines. The major varieties of theBasmati rice include Pusa Basmati-1, Ranbir Basmati, Basmati 217, Basmati 386, Basmati 370, Basmati 198, and DP Basmati.
Basmati rice has been enjoying its premium position in the global marketplace, which is reflected with the growth of the market across the world. The growth in the global basmati rice is particularly due to its high demand in Asian countries, owing to its usage as staple food in the different cuisines, strong production and innovations in the agriculture technology. However, the growth in the Basmati rice is curtailed due uncertainty over monsoon and decrease in agriculture land.
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In terms of revenue, the worldwide market for basmati rice is estimated to worth US$10.5 Bn by 2017 and expected to reach US$17.7 Bn by 2022, at a CAGR of 11.1% over the forecast period.
Market Segmentation, By Type
Food and Cosmetics
By Distribution Channel
Traditional Grocer Stores
Raw Basmati Rice to Remain Most Preferred
Among three type of basmati rice, raw, parboiled and steamed, the demand of raw basmati is much higher as compared with steamed and parboiled across the world, owing to its superior quality, taste and fragrance. The raw basmati is expected to register a CAGR of 12.9% from 2017 to 2022, and will hold largest share over the period of time.
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Based on species, the basmati rice is available in two variants: White and Brown. Among the two, the White basmati is most preferred by the people. However, due to consumer awareness about the health benefits, brown rice is expected to witness high growth rate in the coming future.
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.
The key players operating in the global basmati rice market are the East End Foods, The Rice ‘n Spice Int. Ltd., The Hain Celestial Group Inc., Estraco Kft., McCormick & Co. Inc., LT Foods 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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