Surging Demand For Aromatic Rice Varieties: A Key Driver Transforming the Basmati Rice Market 2024
Basmati Rice Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The Basmati Rice Global Market Report 2024 sets the pace for an exciting leap in the global basmati rice industry. Culinary popularity, traditional cuisine, and export demands are poised to yield exponential growth from $11.64 billion in 2023 to an impressive $13.08 billion in 2024—an astounding compound annual growth rate CAGR of 12.4%.
What is Driving the Rapid Growth in the Basmati Rice Market?
The global basmati rice market has seen a surge recently, largely due to the rise in demand for aromatic basmati rice. Aromatic rice, a variety special for its alluring fragrance, has seen accelerated preference among customers. Among these variants, basmati rice, famous for its flavor and aroma, is gaining popularity. For instance, in December 2021, India's rice exports, both basmati and non-basmati, amounted to a whopping 17.72 MT metric tons. Such a growing global demand for aromatic rice predicates a similarly increasing trend in the basmati rice market.
Looking into the future, the basmati rice market is expected to see even more robust growth. Projected to soar at an annual growth rate of 12.3%, this market is set to reach an astounding $20.82 billion by 2028. A myriad of factors such as changing dietary preferences, health and wellness considerations, government support for agriculture, infrastructure development, and promotions of geographical indications herald this forecast. Technological advancements in agriculture, organic and non-GMO basmati rice production, advances in rice processing and milling, quality assurance and certification, and the diversification of basmati rice products further propel this growth.
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Who are the Major Companieses in the Basmati Rice Market?
Several leading companies such as Cargill Incorporated, Kohinoor Food Ltd., Bunge Limited, Anheuser-Busch InBev SA/NV, Louis Dreyfus Company B.V., and HAS Rice Pakistan, among others, contribute to the global basmati rice market. These companies have successfully maintained their market position through innovative techniques and technologies. For instance, in October 2021, Galaxy Rice Industries Private Limited launched Galaxy Quick Cooking Brown Basmati Rice that utilizes German VDF Technology to hydrate the bran layer. This innovative product embodies advancements in the industry, transforming the aromatic basmati rice into a quick-cooking and nutritious choice packed with protein, calcium, magnesium, and vitamins.
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How is the Basmati Rice Market Segmented?
The basmati rice market report includes segmentation by product, species, distribution, and application. By product, it comprises Parboiled, Raw, and Steamed basmati rice, while by species, it covers White, Brown, and Other Species. The market is also organized by distribution channels that include Convenience Stores, Modern Trade, Online Stores, and Traditional Grocery Stores. Furthermore, the report highlights applications in the Industrial and Household sectors.
What does the Geographical Analysis Reveal?
In 2023, Asia-Pacific held the title as the largest region for the basmati rice market, owing to its culinary popularity and export demands. However, other regions such as Western Europe, Eastern Europe, North America, South America, Middle East, and Africa are also covered in the report, suggesting a promising growth throughout the globe.
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