Europe Basmati Rice Market was valued at $491 million in 2016 is expected to reach $615 million by 2023, at a CAGR of 3.2% from 2017 to 2023.
Basmati is a long grain aromatic rice grown traditionally in the Indian subcontinent. This extra-long slender grain becomes twice its original size upon cooking, possessing soft and fluffy characteristics. Basmati rice is distinctive among other aromatic long grain varieties of rice, which possess superior aroma, delicious taste, and distinct flavor. India and Pakistan are the major growers and exporters of this rice. It is a significant part of Indian and Pakistan cuisines and is also used in Arab, Persian, and Middle Eastern cuisine. The major varieties of this rice include Basmati 217, Basmati 386, Basmati 370, Pusa Basmati-1, Ranbir Basmati, Basmati 198, and DP Basmati.
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Rapid growth in basmati rice demand in Germany and Poland drives the market growth. However, stringent norms by European Union on the pesticides used for rice crops are expected to impede the basmati rice exports from India.
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.
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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%.
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