According to a new report published by Allied Market Research, titled, Europe Basmati Rice Market by Type and Application: Opportunity Analysis and Industry Forecast, 2017-2023, the Europe basmati rice market was valued at $491 million in 2016, and is expected to reach $615 million by 2023, registering a CAGR of 3.2% from 2017 to 2023. In 2016, the Indian variety type segment accounted for more than half share of the total market.
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Basmati rice is specifically recognized for its unique aroma, distinctive cooking properties, and two to three times more expensive than other long grain rice. It is slender & extra-long grain, which gets longer at least twice of its original size upon cooking. Basmati rice is distinctive among other aromatic long grain varieties of rice, which possess superior aroma, delicious taste, and distinct flavor. It is highly utilized as a part of Indian and Pakistan cuisines and is also used in Persian, Arab, and Middle East cuisine.
The demand for specialty rice, such as Basmati rice, is rapidly growing in Europe with the increase in rice consumption. Iran was the leading importer of Indian basmati rice; however, recently in 2016, Iran has imposed a ban and price cap on the import, owing to which Indian exporters are focusing on other markets. It provides price benefits to several European countries to boost the basmati rice market in Europe.
The Indian variety is the leading type segment in Europe basmati rice market. India is the chief producer and exporter of basmati rice, which accounts for around 70% of the global basmati rice production. The Indian varieties of basmati rice that are approved for export to Europe are Basmati 370, Taraori Basmati, Basmati 386, Basmati 217, Pusa Basmati, Ranbir Basmati, and Super Basmati.
Key Findings of the Europe Basmati Rice Market:
- In 2016, UK dominated the market, with more than one-third share, in terms of both revenue and volume.
- Russia is estimated to grow at the highest CAGR of 6.7% from 2017 to 2023, in terms of revenue.
- The Indian variety type segment is projected to grow at the highest CAGR of 3.3%, in terms of revenue.
- In 2016, the commercial application segment dominated the market, with more than two-thirds share, in terms of both revenue and volume.
- The home application segment is anticipated to grow at the highest CAGR of 3.5%.
In 2016, UK witnessed the highest demand for basmati rice, as it is the leading importer of this rice from India and Pakistan. Moreover, the price of this rice is expected to decrease in UK, owing to the recent ban on basmati rice from Iran. The Netherlands is the second leading country, accounting for one-seventh share in Europe basmati rice market.
The key companies profiled in the report include Amira Basmati Rice, HBI, Estraco, East End Foods, TBA Suntra, S.G.S. International Rice Company, Amira Nature Foods, VSR Rice, The Rice n Spice International Ltd., and Kohinoor Foods.