Europe Anticipates Basmati Rice Market to Reach $866.5 Million by 2031
Published on: June 18, 2024.
Filed under:
Europe Basmati Rice Market to Reach $866.5 Million by 2031, says Allied Market Research
Wilmington, New Castle, Delaware 19801 USA, United States – The Europe basmati rice market is expected to reach $866.5 million by 2031, with a CAGR of 4.2%, according to a new report by Allied Market Research. The report, titled “Europe Basmati Rice Market by Type, Application, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2022-2031,” reveals that the Indian variety segment was the highest revenue contributor in 2020, with $418.1 million. It is estimated to reach $671.3 million by 2031, with a CAGR of 4.5%.
Basmati rice is known for its distinct aroma and cooking qualities. Its slender and extra-long grain expands to at least twice its original length when cooked. Basmati rice is widely used in Indian and Pakistani cuisine, as well as in Persian, Arab, and Middle Eastern cuisines. It is two to three times more expensive than other long grain rice varieties.
The demand for basmati rice continues to grow due to its exceptional scent and flavor attributes. The majority of basmati rice farming is concentrated in India and Pakistan, with some cultivation in other South Asian countries such as Bangladesh, Vietnam, and Indonesia.
The basmati rice supply chain is being strengthened to meet the significant export demand across global regions. Market participants are working to develop authenticity in the supply chain, which improves brand image in both domestic and international markets.
The COVID-19 pandemic has presented challenges for the European rice market, including supply chain disruptions and lockdowns. However, retail demand for grains and pulses remains strong, and grain production is expected to increase.
The UK dominated the market in 2021, with more than one-third of the share in terms of both revenue and volume. Spain is projected to grow at the highest CAGR of 7.4% from 2021 to 2031 in terms of revenue. The commercial application segment dominated the market in 2021, with over two-thirds share in revenue and volume.
India is the leading producer and exporter of basmati rice, accounting for over 70% of global production. Several Indian cultivars of basmati rice, including Basmati 370, Taraori Basmati, and Basmati 386, are allowed to export to Europe.
To read the full report, visit the source article from Allied Market Research.
Source: [Allied Market Research](https://www.einnews.com)
