New York, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Basmati Rice Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06374655/?utm_source=GNW
, Sulson Overseas Pvt. Ltd., and McCormick & Company Incorporated.
The global basmati rice market is expected to grow from $8.93 billion in 2021 to $10.19 billion in 2022 at a compound annual growth rate (CAGR) of 14.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The basmati rice market is expected to grow to $15.76 billion in 2026 at a compound annual growth rate (CAGR) of 11.5%.
The basmati rice market consists of sales of Dehraduni Basmati, Mahi Sugandha, Taraori Basmati, Improved Pusa Basmati 1, and others.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Basmati rice refers to long-grained aromatic rice grown for many centuries in the Himalayan foothills of the Indian sub-continent, blessed with characteristics of extra-long slender grains that elongate at least twice their original size with a characteristics soft and fluffy texture upon cooking, delicious taste, superior aroma, and distinct flavor. It is a long-grain rice that is characterized by a light nutty flavor and floral aroma, and it’s popular in rice pilaf and as a side dish for a curry.
Asia Pacific was the largest region in the basmati rice market in 2021. The regions covered in the basmati rice market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The main types of products in basmati rice market are parboiled. raw. and steamed. Parboiled refers to rice that has been prepared for eating after being partially precooked in its inedible husk. The different species include white, brown, and others that are distributed through convenience store, modern trade, online store, and traditional grocery stores. It is used in industrial and household applications.
A rise in demand for aromatic rice is expected to propel the growth of the basmati rice market going forward.Rice having natural chemical components that give it a distinct scent is known as aromatic rice.
There are several aromatic rice varieties, from the well-known basmati to the considerably less well-known Randhunipagal.Although it can be prepared in the same way as regular rice, it gives food a distinct flavor and scent.
Basmati rice is steadily replacing other types of rice due to its excellent flavor and aroma, which are extremely palatable.For instance, in October 2020, according to The Economic Research Service, a US-based Government agency, Thailand accounted for the majority of the increase in rice imports to the United States in 2019–20, up about 29% from the previous year.
The majority (80–85%) of Thailand’s exports to the US have been of the expensive, aromatic jasmine rice variety. A record 262,000 tonnes of rice were imported by the United States from Pakistan and India combined in 2019–20, the majority of which was basmati rice, another premium aromatic. Therefore, the rise in demand for aromatic rice is driving the growth of the basmati rice market.
Technological advancements are a key trend gaining popularity in the basmati rice market.Major companies operating in the market are using advanced technologies to sustain their position in the market.
For instance, in October 2021, Galaxy Rice Industries Private Limited, an India-based food processing company launched Galaxy Quick Cooking Brown Basmati Rice that uses German VDF Technology to hydrate the bran layer.The unique features of Galaxy Quick Cooking Protein, calcium, magnesium, phosphorus, vitamin B1 and B6, and a significant amount of dietary fibre are all included in brown basmati rice.
Additionally, it offers early and whole-grain cooking in under 15 minutes.
In May 2022, Adani Wilmar Ltd, an India-based packaged food FMCG company acquired Kohinoor Brand from McCormick Switzerland GMBH for an undisclosed amount.With this acquisition, Adani Wilmar’s position as the market leader in India’s basmati rice and food industry is expected to strengthen with the inclusion of the domestic brand portfolio from Kohinoor.
Kohinoor is an India-based manufacturer of basmati rice.
The countries covered in the basmati rice market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The basmati rice market research report is one of a series of new reports that provides basmati rice market statistics, including basmati rice industry global market size, regional shares, competitors with basmati rice market share, detailed basmati rice market segments, market trends, and opportunities, and any further data you may need to thrive in the basmati rice industry. This basmati rice market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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