COVID-19 IMPACT ON BASMATI RICE MARKET GROWTH, OVERVIEW – HIGHLIGHTING REGIONAL REVENUE SHARE DOMINANCE TILL 2022
The global basmati rice market is a choc-o-bloc with companies both large and small that features a fragmented vendor landscape, as per a report by Transparency Market Research (TMR). Leading players such as McCormick & Co., Hain Celestial, Rice ‘n Spice, REI Agro, LT Foods, East End Foods, and Amira Nature Foods serve local as well as global consumers, which is reflected in the growth of basmati rice market. Penetration into regional markets as rice is the staple food of more than half of the world’s population is likely to provide ample growth opportunities for leading players in the market. These players are penetrating regional markets through strategic partnerships, which is likely to make the market somewhat consolidated albeit more competitive, states the report.
The worldwide 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 is anticipated to be worth US$17.74 bn by the end of 2022. By type, the demand for raw basmati surpasses than that for parboiled and steam, mainly because of superior taste and aromatic property of the former. Among the various sales channel, traditional grocery stores remain the key sales channel, with convenience stores following closely. Among the key regional markets for basmati rice, Asia Pacific excluding Japan acquires the leading position in the overall market thanks to high production of rice in the region.
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Increasing Spending on Superior Grains across Consumer Groups Benefits Market
“Among the various types of rice, basmati rice enjoys a premium position thanks to its superior taste and aromatic quality,” says a TMR analyst. Almost 90% of production and consumption of basmati rice is centered in Asia, mainly because of its origin from the Indian subcontinent. The growth of the basmati rice market in Asia is powered by high production and export of this type of rice from India and Pakistan. As per records of the Agricultural and Processed Food Products Export Development Authority, India accounted for 59% exports to the overseas basmati rice in 2014, with the remainder exported from Pakistan.
The emergence of local varieties of basmati rice is also aiding the growth of basmati rice market. Several countries are increasingly producing domestic variety of basmati rice at relatively low prices. This is to prevent complete dependence on import which is subject to climatic and trade uncertainties as well as to promote consumption of local varieties.
Across several parts of the world, rising disposable income has benefitted the basmati rice market. Consumers are increasingly spending liberally on premium quality grains, lentils, and spices for a fulfilling eating experience. Basmati rice is increasingly becoming the choice across consumer groups mainly because of its superior taste and aroma that is highly pleasing to the senses.
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Rising Awareness of Health Ill-effects of Prolonged Consumption of Polished Rice Crimps Growth
On the flip side, high price of basmati rice over other rice variants is a key challenge to the market’s growth. Basmati rice remains a premium grain not affordable by the average consumer. In addition, increasing awareness about health ill-effects of consuming polished rice on an everyday basis is leading consumers to switch to unpolished rice varieties. This is challenging the growth of basmati rice market to some extent.
Key Takeaways
- Superior taste and aroma pleasing to the senses stokes demand across consumer groups
- High price not affordable by the average consumer challenges growth
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