Basmati rice is known for its good cooking qualities and good marketing value in both national and international markets. A range of varieties and hybrids are available in the Global Basmati Rice Market. In addition to the famous categories of white and brown basmati rice, evolving consumer palate for different foods has led to the introduction of parboiled and steamed rice varieties along with steady popularity for raw basmati rice.
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Among different varieties of long-grain rice, basmati rice continues to capture the highest demand owing to its superior characteristics in terms of aroma and flavor. Major cultivation of basmati rice is concentrated in India and Pakistan whereas few other South Asian countries such as Bangladesh, Vietnam and Indonesia also cultivate basmati rice, though only for self-consumption.
Raw basmati rice continues to capture the highest market position while delivering the greater nutritional as well as cooking benefits, affordable cost and excellent aroma. Further, while white basmati rice finds significant global penetration, dissemination of knowledge regarding the health benefits of brown rice, demand for brown basmati rice is witnessing a gradual traction in the basmati rice market.
Market Dynamics
The basmati rice market is projected to witness an optimistic growth trajectory against the backdrop of multiple factors such as growing demand for long-grain speciality rice and strong supply chain.
While rice is consumed as a staple food across world regions, demand for specialty rice is increasing exponentially following the growing appetite for aromatic rice. Although the higher cost of basmati rice continues to limit the widespread adoption, ameliorating economic conditions, steadily rising consumer purchase power and improving marketing values of basmati rice are propelling the consumption levels of speciality rice across global economies. Superior characteristics of long-grain rice capture the palate of many among which basmati rice is the highly sought after long grain speciality rice varieties.
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A sizeable export of basmati rice across the world regions has generated the need for a stronger supply chain to establish a fair outcome benefiting all the supply chain participants starting from farmers to consumers. While governments are actively engaged in strengthening the basmati rice supply chain, prominent market players continue to establish authenticity in the basmati rice supply chain which, in turn, enhances the brand image in both domestic and international markets.
Regional Outlook
While cost continues to stymie the widespread adoption rates of basmati rice, recent EU ban on the export of few varieties of basmati rice that underwent the Tricyclazole fungicide treatment is expected to threaten the basmati rice market while prominently hitting the Indian basmati rice market. According to the All India Rice Exporters’ Association (AIREA), basmati exporters in India are looking for alternative fungicides to treat rice to gain compliance with the stringent EU norms and establish future sustainability of the Indian basmati rice market.
The basmati rice export trend, majorly concentrated in India is likely to witness a shift towards Pakistan as basmati rice cultivated in Pakistan are free from such pesticides.
The basmati rice market is segmented on the basis of different types such as raw, steamed and parboiled basmati rice. Further, based on species the basmati rice market is segmented into brown and white basmati rice. Application-wise, the basmati rice market is segmented in two applications food and cosmetics and personal care segments. By sales channel, the basmati rice market finds major distribution through traditional grocery store, HORECA, convenience store and other modern trade. Regional segmentation of the basmati rice market includes North America, Latin America, Asia Pacific, MEA and Europe.
Competitive Landscape
Along with addressing the steady demand for raw basmati rice, the basmati rice market players are focusing on introducing a wide variety of basmati rice flavors in attractive packaging solutions. For instance, the Hain Celestial Group Inc. has recently featured its new product lines including premium flavored ready-to-heat product line of basmati rice in Expo West 2018. In addition, strategic acquisitions and expansions also remain prominent in the basmati rice market. McCormick & Co. Inc.’s complete acquisition of Kohinoor in 2017 is one such example. Further, the liquidation of the REI Agro Ltd. following the order from the National Company Law Tribunal (NCLT) and KRBL Ltd.’s plan to acquire the company are other strategic developments occurring in the global basmati rice marketplace.
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