Global Outlook for Basmati Rice Market Forecast to 2022 Illuminated by New Report : TMR

Albany, NY -- (SBWire) -- 10/24/2018 --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.

"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.

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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.

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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.