Growing population, transforming living standards, & changing food preferences are playing a crucial role in stimulating the popularity & consumption of different ingredients, and the demand for Basmati Rice is nowhere behind. Due to the exceptional flavor, aroma, & taste entwined with significant health benefits of these soluble fibers, basmati rice imports are swiftly escalating across Europe.
The Europe Basmati Rice Market is projected to grow at a CAGR of around 4% during the forecast period, i.e., 2021-26. The growth of the market is primarily driven by the exponentially rising population and the escalating influx of tourists & migrants, displaying burgeoning food requirements in Europe, which, in turn, is propelling the demand for basmati rice and driving the market. In addition, the growing awareness about the benefits & significance of consuming Basmati rice owing to its soluble fiber that aids mass and moves the waste through the digestive tract is also driving the market.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Key Companies Profiled||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., Kohinoor Foods|
|Unit Denominations||USD Million/Billion|
Besides, since basmati rice is also considered ideal for reducing blood cholesterol levels and the risks of heart diseases, their demand is mounting swiftly, especially among the health-conscious population, and augmenting the market growth. Moreover, the immense popularity of basmati rice across different countries in Europe, owing to its exceptional scent & flavor, is instigating leading market players to increase rice imports from Asian countries like India & Pakistan, thereby projecting significant growth opportunities for the overall market growth through 2026.
Impact of Covid-19 on the Europe Basmati Rice Market
The advent of Covid-19 in 2020 had a decelerating impact on most industries, and the Europe Basmati Rice Market was no exception. With the imposition of stringent movement restrictions & lockdowns by governments of different countries across Europe to curb the spread of this dreadful disease, the leading players in the market witnessed several challenges associated with the procurement & distribution of basmati rice.
Since distribution channels were disrupted severely due to hampered transportation & logistics on account of border closures, the region witnessed a decline in rice imports from India, Pakistan, Bangladesh, etc. However, on the other hand, since the duration of lockdowns was uncertain, a majority of people began panic shopping, which displayed a temporary hike in the market growth amidst the crisis.
Yet, cross-border trade limitations affected the availability of basmati rice across the region. Consequently, the market observed a substantial demand & supply gap. However, with the gradually declining number of Covid-19 cases, restrictions were uplifted, and all market operations recommenced. As a result, the import of basmati rice resumed, which instigated the leading players to increase the influx to bridge the demand & supply gap and meet the burgeoning demand for rice across Europe.