Europe’s Basmati Rice Market Expected to Reach $866.5 Million by 2031: New Research Report
Published on: December 4, 2023.
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Europe Basmati Rice Market Expected to Reach $866.5 Million by 2031, Says New Research Report
A new report by Allied Market Research has projected that the Europe Basmati Rice Market will reach a value of $866.5 million by 2031. The market was valued at $551.8 million in 2020, with a projected compound annual growth rate (CAGR) of 4.2%. The report also states that the Indian variety segment was the highest revenue contributor, reaching $418.1 million in 2020 and estimated to reach $671.3 million by 2031 with a CAGR of 4.5%.
Basmati rice is known for its unique aroma and cooking qualities, making it two to three times more expensive than other long grain rice varieties. It is an extra-long grain that expands to at least twice its original length when cooked. Basmati rice is widely used in Indian and Pakistani cuisines, as well as in Persian, Arab, and Middle Eastern cuisines.
India and Pakistan are the main producers of basmati rice, with other South Asian countries also cultivating it for their own consumption. The export of basmati rice to global regions has increased the demand for a stronger supply chain to benefit all players involved. While governments work on strengthening the basmati rice supply chain, market participants are focusing on improving authenticity to enhance brand image in domestic and international markets.
The rise in rice consumption in Europe is expected to drive the demand for specialty rice, such as basmati rice. To promote the basmati rice business in Europe, India offers price advantages to several European countries. However, the European rice market faced challenges due to the COVID-19 pandemic, including disrupted supply chains and lockdowns. Despite these challenges, retail demand for grains and pulses remains strong.
India dominates the European basmati rice market, accounting for over 70% of global production. The Indian cultivars of basmati rice allowed for export to Europe include Basmati 370, Taraori Basmati, Basmati 386, Basmati 217, Pusa Basmati, Ranbir Basmati, and Super Basmati.
The UK currently leads the market, with Spain projected to have the highest compound annual growth rate (CAGR) of 7.4% from 2021 to 2031. In terms of revenue, the Indian variety segment is expected to have the highest CAGR of 4.5%. The commercial application segment currently dominates the market, while the household application segment is anticipated to experience the highest CAGR of 5.0%.
Key companies in the Europe Basmati Rice Market include Amira Basmati Rice, HBI, Estraco, East End Foods, TBA Suntra, S.G.S. International Rice Company, Amira Nature Foods, VSR Rice, The Rice ‘n Spice International Ltd., and Kohinoor Foods.
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