Basmati Rice Market to Grow at a CAGR of 11.4% by 2024, Focusing on Top Key Players - McCormick & Co., REI Agro Ltd., Amira Nature Foods Ltd., East End Foods

Growing demand for staple food as basmati rice to promote the growth of basmati rice market

Rice is the staple food of most of the people residing in Asian countries. Hence there is a high demand for basmati rice in these countries owing to its taste and health benefits offered by basmati rice. This is a major factor which drives the basmati rice market significantly. The benefits of eating basmati rice are, it prevents cancer cell formation, maintaining a healthy weight, promote heart health, lower blood pressure promotes healthy brain function is fuelling the market growth. However, the high price of basmati rice compared to other rice varieties can hamper the growth of the market. Furthermore, growing demand for the rice as a staple food of more than half of the world populations is projected to provide significant growth opportunities for the leading key players in basmati rice market in near future.

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Exports of basmati rice up 5.2pc

In August 2018, Rice exports from the country during the first month of the current financial year grew by 2.85 percent as compared to the corresponding month of last year and about 212,518 metric tons of rice worth $ 110.966 million was exported as against the exports of 190,455 metric tons valuing $107.893 million of the same period of last year.

Asia pacific region to dominate the global Basmati Rice market through 2018-2024

Among the geographies, Asia Pacific region accounted to be the leading region in the basmati rice market owing to high yield of paddy crop. In addition, India has the highest production of basmati rice and exports basmati rice in various parts of the world, which also boosts the market in the Asia Pacific region. India accounts for over 70% of the world's basmati rice production. Europe and Japan are also expected to maintain the steady growth during the forecast period.

The leading players in basmati rice market are McCormick & Co. Inc., REI Agro Ltd., Amira Nature Foods Ltd., KRBL Ltd., LT Foods Ltd., The Hain Celestial Group Inc., East End Foods the Rice 'n Spice Int. Ltd. And Mars Inc.