The Basmati Rice Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Basmati Rice Global Market Report 2024, The basmati rice market size has grown rapidly in recent years. It will grow from $11.64 billion in 2023 to $13.08 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to culinary popularity, traditional cuisine, export demand, cultural and festive use, brand recognition, climatic conditions.
The basmati rice market size is expected to see rapid growth in the next few years. It will grow to $20.82 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to changing dietary preferences, health and wellness considerations, government support for agriculture, infrastructure development, promotion of geographical indications. Major trends in the forecast period include technological advancements in agriculture, organic and non-GMO basmati rice production, advances in rice processing and milling, quality assurance and certification, diversification of basmati rice products.
A rise in demand for aromatic rice is expected to propel the growth of the basmati rice market going forward. Rice having natural chemical components that give it a distinct scent is known as aromatic rice. There are several aromatic rice varieties, from the well-known basmati to the considerably less well-known Randhunipagal. Although it can be prepared in the same way as regular rice, it gives food a distinct flavor and scent. Basmati rice is steadily replacing other types of rice due to its excellent flavor and aroma, which are extremely palatable. For instance, in December 2021, according to the Ministry of Commerce and Industry, an India-based government department, India’s rice exports (basmati and non-basmati) were estimated to be 17.72 MT (metric tons) in 2021–2022.. Therefore, the rise in demand for aromatic rice is driving the growth of the basmati rice market.
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The basmati rice market covered in this report is segmented –
1) By Product: Parboiled, Raw, Steamed
2) By Species: White, Brown, Other Species
3) By Distribution: Convenience Store, Modern Trade, Online Store, Traditional Grocery Stores
4) By Application: Industrial, Household
Major companies operating in the basmati rice market are focused on introducing advanced solutions, such as gluten-free rice, to sustain their position in the market. Gluten-free rice refers to rice that excludes the consumption of gluten, a protein found in some grains, such as wheat, barley, rye, and spelt. For instance, in September 2021, DRRK Foods Private Limited, an India-based manufacturer of basmati rice, launched Crown Basmati Rice. Crown Basmati Rice is a premium-quality basmati rice known for its long and slender grains, distinctive fragrance, and nutty taste. Its translucent and creamy white color characterizes it. It is available in different varieties, such as Classic Long Grain, Premium Basmati Royal Rice, and Opal Basmati Rice, each with unique characteristics. It is processed before the hull is removed, making it a better source of fiber, calcium, potassium, and vitamin B-6 than ordinary white Basmati rice.
The basmati rice market report table of contents includes:
1. Executive Summary
2.Basmati Rice Market Characteristics
3.Basmati Rice Market Trends And Strategies
4.Basmati Rice Market analysis
5.Basmati Rice Market Size And Growth
6.Basmati Rice Segmentation
7.Basmati Rice Regional And Country Analysis
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27.Basmati Rice Basmati Rice Competitive Landscape And Company Profiles
28.Basmati Rice Key Mergers And Acquisitions
29.Basmati Rice Future Outlook and Potential Analysis
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