PUBLISHER: The Business Research Company | PRODUCT CODE: 1435701
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435701
Basmati rice is an aromatic, long-grained rice variety cultivated for centuries in the Himalayan foothills of the Indian sub-continent. Recognized for its unique attributes, this rice type boasts extra-long slender grains that expand to at least twice their original size upon cooking. Known for its soft and fluffy texture, delightful taste, superior aroma, and distinctive flavor, Basmati rice stands out due to its light nutty taste and floral scent. It is widely favored in dishes such as rice pilaf and commonly served as a side dish alongside curry.
The primary product types include parboiled, raw, and steamed variants. Parboiled rice undergoes a partial pre-cooking process while still in its inedible husk, preparing it for consumption. These products come in various forms such as white, brown, and others, and are distributed through channels such as convenience stores, modern trade outlets, online stores, and traditional grocery stores. Basmati rice finds applications in both industrial and household settings.
The basmati rice market research report is one of a series of new reports from The Business Research Company that provides basmati rice market statistics, including basmati rice industry global market size, regional shares, competitors with basmati rice market share, detailed basmati rice market segments, market trends, and opportunities, and any further data you may need to thrive in the basmati rice industry. This basmati rice market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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%. Historical growth can be attributed to the popularity of culinary experiences, traditional cuisines, export demands, cultural and celebratory usage, established brand recognition, and favorable 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%. Forecasted growth stems from changing diets, health considerations, government support for agriculture, improved infrastructure, and the promotion of geographical indications. Major trends include agricultural technology advancements, organic and non-GMO basmati rice production, innovations in processing, quality assurance, and diversified product offerings.
The anticipated increase in demand for aromatic rice is poised to drive the growth of the basmati rice market in the foreseeable future. Aromatic rice refers to varieties that possess natural chemical components imparting a distinctive scent. Ranging from the well-known basmati to the lesser-known Randhunipagal, aromatic rice varieties, when prepared similarly to regular rice, offer a unique flavor and aroma to food. The consistent rise in the popularity of basmati rice can be attributed to its exceptional flavor and aroma, making it a preferred choice over other types of rice. As per data from the Ministry of Commerce and Industry, an India-based government department, in December 2021, India's rice exports, including both basmati and non-basmati varieties, were estimated to be 17.72 metric tons in the fiscal year 2021-2022. This surge in demand for aromatic rice is a key factor propelling the growth of the basmati rice market.
The anticipated growth in global population is set to drive the expansion of the basmati rice market in the coming years. Population, defined as the total number of individuals residing in a specific geographic area or region at a given point in time, is a crucial demographic indicator used to quantify the size of communities, cities, countries, or defined areas. As the population continues to rise, the demand for basmati rice is expected to escalate. Basmati rice, known for its distinct aroma, flavor, and long grains, is often associated with higher quality and premium attributes, making it a preferred choice for consumers. For example, data from the United States Department of Commerce, a US-based executive department, indicated that the population in the US reached 332,403,650 in 2022, showing a 0.21% increase from 2021. Consequently, the growth in global population is a key driver propelling the expansion of the basmati rice market.
Technological advancements represent a significant and growing trend in the basmati rice market. Leading companies in the market are actively leveraging advanced technologies to maintain and enhance their market positions. A notable example is Galaxy Rice Industries Private Limited, an India-based food processing company that introduced the Galaxy Quick Cooking Brown Basmati Rice in October 2021. This product incorporates German VDF Technology to hydrate the bran layer, offering unique features such as protein, calcium, magnesium, phosphorus, vitamin B1 and B6, and a substantial amount of dietary fiber. Notably, the Galaxy Quick Cooking Brown Basmati Rice provides the convenience of early and whole-grain cooking, completing the process in under 15 minutes. This innovation underscores the commitment of major companies to embrace technology for product development, nutritional enhancement, and consumer convenience in the basmati rice market.
Prominent companies in the basmati rice market are strategically focusing on the introduction of advanced solutions, exemplified by the launch of gluten-free rice, to strengthen their market positions. Gluten-free rice refers to rice varieties that eliminate gluten, a protein found in certain grains such as wheat, barley, rye, and spelt. A case in point is DRRK Foods Private Limited, an India-based manufacturer of basmati rice, which unveiled Crown Basmati Rice in September 2021. Crown Basmati Rice is recognized for its premium quality, featuring long and slender grains, a distinctive fragrance, and a nutty taste. Its translucent and creamy white color further characterizes its appeal. The product is available in different varieties, including Classic Long Grain, Premium Basmati Royal Rice, and Opal Basmati Rice, each offering unique characteristics. Notably, Crown Basmati Rice undergoes processing before the hull is removed, making it a superior source of fiber, calcium, potassium, and vitamin B-6 compared to ordinary white Basmati rice. This strategic move reflects major companies' commitment to innovation and meeting evolving consumer preferences in the basmati rice market.
In May 2022, Adani Wilmar Ltd., a packaged food FMCG company based in India, successfully acquired the Kohinoor Brand from McCormick Switzerland GMBH for an undisclosed amount. This strategic acquisition is anticipated to reinforce Adani Wilmar's position as the market leader in India's basmati rice and food industry, with the integration of the domestic brand portfolio from Kohinoor. Kohinoor, the acquired entity, is a well-known India-based manufacturer specializing in basmati rice.
Major companies operating in the basmati rice market report are Cargill Incorporated, Kohinoor Food Ltd., Bunge Limited, Anheuser-Busch InBev SA/NV, Louis Dreyfus Company B.V., HAS Rice Pakistan, ITC Limited, McCormick & Company Incorporated., Ebro Foods S.A., Riceland Foods Inc., Chamanlal Setia Exports Ltd., Unity Foods Limited, East End Foods, LT Foods Ltd., Farmers' Rice Cooperative, REI Agro Ltd., GRM Overseas Ltd., Matco Foods Ltd., Adani Wilmar Limited, Aeroplane Rice- Amir Chand Jagdish Kumar Limited, Goel International Private Limited, Dunar Foods Ltd., Amira Nature Foods Ltd., Amar Singh Chawal Wala, Supple Tek industries Pvt. ltd., Lakshmi Energy & Foods Ltd., California Family Foods, KRBL Ltd., Sulson Overseas Pvt. Ltd., Hanuman Rice Mills, Golden Food Products
Asia-Pacific was the largest region in the basmati rice market in 2023. The regions covered in the basmati rice market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the basmati rice market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The basmati rice market consists of sales of dehraduni basmati, mahi sugandha, taraori basmati, and improved pusa basmati. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Basmati Rice Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on basmati rice market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for basmati rice ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The basmati rice market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.