Europe’s Basmati Rice Market on the Aromatic Rise, Led by UK and Expected to Surpass $866.5M by 2031, Growing at 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%
Europe Basmati Rice Market
According to a new report published by Allied Market Research, titled, “Europe Basmati Rice Market by Type, Application, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2022-2031,” the Europe basmati rice market was valued at $551.8 million in 2020, and is projected to reach $866.5 million by 2031, registering a CAGR of 4.2%. The Indian variety segment was the highest revenue contributor with $418.1 million in 2020 and is estimated to reach $671.3 million by 2031, with a CAGR of 4.5%.
Basmati rice is distinguished by its distinct aroma and cooking qualities and is two to three times more expensive than other long grain rice. It is a slender and 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. It is known for its excellent aroma, wonderful taste, and distinct flavor.
The majority of basmati rice farming is focused in India and Pakistan, with a few other South Asian countries also cultivating basmati rice for self-consumption. The demand for basmati rice continues to rise due to its exceptional scent and flavor attributes.
With the rise in rice consumption, there is expected to be a surge in demand for specialty rice, such as basmati rice, across Europe. The UK dominated the market in 2021, with more than one-third share, in terms of both revenue and volume. Spain is estimated to grow at the highest CAGR of 7.4% from 2021 to 2031, in terms of revenue. The Indian variety type segment is projected to grow at the highest CAGR of 4.5%, in terms of revenue. In 2021, the commercial application segment dominated the market, with more than two-thirds share, in terms of both revenue and volume. The household application segment is anticipated to grow at the highest CAGR of 5.0%.
The 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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