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.
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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.
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.
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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.