Europe’s Basmati Rice Market on the Rise: UK Takes the Lead, Expected to Reach $866.5M by 2031 with a 4.2% CAGR
Published on: December 14, 2023.
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Europe Basmati Rice Market: Aromatic Ascent with UK Leading, Projected to Reach $866.5M by 2031, CAGR 4.2%
Basmati rice is a highly sought-after long-grain rice variety that is known for its distinct aroma and cooking qualities. With its exceptional scent and flavor attributes, it continues to be the most popular choice among consumers. Basmati rice is widely used in Indian and Pakistani cuisines, as well as in Persian, Arab, and Middle Eastern cuisines. The demand for basmati rice in Europe is expected to surge in the coming years, driven by the rise in rice consumption.
According to a recent report by Allied Market Research, the Europe basmati rice market was valued at $551.8 million in 2020 and is projected to reach $866.5 million by 2031, with a CAGR of 4.2%. The Indian variety segment was the highest revenue contributor, accounting for $418.1 million in 2020, and is estimated to reach $671.3 million by 2031, with a CAGR of 4.5%.
The majority of basmati rice farming takes place in India and Pakistan, with a few other South Asian countries also involved in cultivation for self-consumption. India is the leading producer and exporter of basmati rice, accounting for over 70% of global production. Different Indian cultivars of basmati rice, such as Basmati 370, Taraori Basmati, Basmati 386, Basmati 217, Pusa Basmati, Ranbir Basmati, and Super Basmati, are allowed to be exported to Europe.
The UK dominates the Europe basmati rice market, holding more than one-third share in terms of both revenue and volume. Spain is expected to grow at the highest CAGR of 7.4% from 2021 to 2031, in terms of revenue. Commercial application segment dominates the market, accounting for more than two-thirds share in 2021, while the household application segment is anticipated to grow at the highest CAGR of 5.0%.
The COVID-19 pandemic has posed challenges to the rice market in Europe, including disruptions in the supply chain due to restricted trade movements and lockdowns. However, the retail demand for grains and pulses remains strong despite the closure of most restaurants and bars. It is expected that food shortages could become a real threat if logistical restrictions and protectionism develop, although there is currently sufficient food in and around Europe.
The Europe basmati rice market holds immense potential, especially with the increasing popularity of specialty rice varieties. To meet the growing demand, it is crucial to strengthen the basmati rice supply chain and ensure authenticity to improve brand image in domestic and international markets. This requires collaboration among all supply chain players, from farmers to consumers, to create a fair and sustainable outcome.
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