The global basmatirice market is a choc-o-bloc with companies both large andsmall that features a fragmented vendor landscape, as per a report byTransparency Market Research (TMR). Leading players such as McCormick &Co., Hain Celestial, Rice ‘n Spice, REI Agro, LT Foods, East End Foods, andAmira Nature Foods serve local as well as global consumers, which is reflectedin the growth of basmati rice market. Penetration into regional markets as riceis the staple food of more than half of the world’s population is likely toprovide ample growth opportunities for leading players in the market. Theseplayers are penetrating regional markets through strategic partnerships, whichis likely to make the market somewhat consolidated albeit more competitive, statesthe report.
Theworldwide basmati rice market stood at a valuation of US$10.51 bn in 2017.Proliferating at a robust CAGR of 11.0% between 2017 and 2022, the market isanticipated to be worth US$17.74 bn by the end of 2022. By type, the demand forraw basmati surpasses than that for parboiled and steam, mainly because ofsuperior taste and aromatic property of the former. Among the various saleschannel, traditional grocery stores remain the key sales channel, withconvenience stores following closely. Among the key regional markets forbasmati rice, Asia Pacific excluding Japan acquires the leading position in theoverall market thanks to high production of rice in the region.
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IncreasingSpending on Superior Grains across Consumer Groups Benefits Market
“Among thevarious types of rice, basmati rice enjoys a premium position thanks to itssuperior taste and aromatic quality,” says a TMR analyst. Almost 90% ofproduction and consumption of basmati rice is centered in Asia, mainly becauseof its origin from the Indian subcontinent. The growth of the basmati ricemarket in Asia is powered by high production and export of this type of ricefrom India and Pakistan. As per records of the Agricultural and Processed FoodProducts Export Development Authority, India accounted for 59% exports to theoverseas basmati rice in 2014, with the remainder exported from Pakistan.
Theemergence of local varieties of basmati rice is also aiding the growth ofbasmati rice market. Several countries are increasingly producing domesticvariety of basmati rice at relatively low prices. This is to prevent completedependence on import which is subject to climatic and trade uncertainties aswell as to promote consumption of local varieties.
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Across severalparts of the world, rising disposable income has benefitted the basmati ricemarket. Consumers are increasingly spending liberally on premium qualitygrains, lentils, and spices for a fulfilling eating experience. Basmati rice isincreasingly becoming the choice across consumer groups mainly because of itssuperior taste and aroma that is highly pleasing to the senses.
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Rising Awareness of HealthIll-effects of Prolonged Consumption of Polished Rice Crimps Growth
On the flipside, high price of basmati rice over other rice variants is a key challenge tothe market’s growth. Basmati rice remains a premium grain not affordable by theaverage consumer. In addition, increasing awareness about health ill-effects ofconsuming polished rice on an everyday basis is leading consumers to switch tounpolished rice varieties. This is challenging the growth of basmati ricemarket to some extent.
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Strengtheningof Home Delivery Mechanisms
Restaurants andfood chains were closed for a substantial time during the lockdown period.Thus, home delivery of food products, eatables, and groceries became the newnorm. Many people still prefer home delivery due to the fear of not venturingout. Home deliveries will play a crucial role in increasing the growthopportunities across the horizon of the food and beverages sector.
These are themajor trends that will influence the growth of the food and beverage industryconsiderably. Although, the food and beverage sector was exempt from thelockdown restrictions, many cases of supply chain disruptions were observed. Withmass vaccination drives and certain relaxations in restrictions, the supplychain disruptions will be minimized extensively.
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