According to IMARC Group’s latest report, titled “GCC Basmati Rice Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, the GCC basmati rice market reached a value of nearly US$ 4 Billion in 2016. ‘Basmati’, derived from the Hindi language, literally means fragrant. It is a variety of long, slender-grained aromatic rice and traditionally finds its roots from the Indian subcontinent. The distinctive fragrance and flavor of basmati rice can be accredited to the presence of a natural aromatic chemical compound. The presence of this compound is 12 times more in basmati rice as compared to the non-basmati rice varieties. Owing to this, basmati rice is considered as one of the best quality rice, and is extensively used in the Middle Eastern cuisines. It represents a major component of various lavish dishes, particularly in the GCC countries, which contain layers of rice, meat, sauces and dried fruits.
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Highlights of the GCC basmati rice market:
- Lack of domestic rice production in the GCC region remains the key growth inducing factor.
- Parboiled basmati rice represents the most popular product type.
- Within the region, Saudi Arabia is the leading market for basmati rice.
Due to unsuitable climatic conditions and a consequent lack of domestic rice production, the GCC countries are highly dependent on imports to meet their rice needs. Since rice forms an important part of the regular diet and numerous dishes in these countries, the growing demand for better quality basmati rice is influencing the market growth positively. Additionally, a thriving expatriate population and flourishing tourism sector in the GCC countries has fueled the consumption of basmati rice in the region. Some of the other factors contributing to the growing GCC basmati rice market include the presence of strong distribution channels in the region, rising urbanization rates, changes in demographics and inflating income levels. According to the report, the market is expected to reach a value of around US$ 6 Billion by 2022, growing a CAGR of 7.5% during 2017-2022.
On the basis of product type, the market is segmented into parboiled basmati rice and raw basmati rice. Currently, parboiled basmati rice is the most popular type, holding the majority of total sales. Based on the pack size, the market is categorized into institutional packaging and retail packaging. On a regional basis, Saudi Arabia represents the largest market, accounting for the majority of the total share. Other major regions include UAE, Kuwait, Qatar, Oman and Bahrain.
The report has examined the GCC basmati rice market on the basis of:
- Parboiled Basmati Rice
- Raw Basmati Rice
- Retail Packaging
- Institutional Packaging
- Saudi Arabia
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