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.
Based on the Origin:
Of both countries, Indian origin dominated the Europe Basmati Rice Market with the largest share in previous years, and the same trend is likely during 2021-26. It owes principally to its mounting popularity due to its aroma, taste, & flavor, coupled with the increasing awareness among people about its several health advantages like lower heart attack risks, reduced cholesterol levels, weight & mass gain, etc.
Besides, with increasing market strategies & commercial links between Europe & India, the inclination toward Indian basmati rice rose swiftly in European countries, which resulted in significant growth in imports from India. Hence, it shall play a crucial role in propagating the demand for basmati rice of Indian origin across the region and augmenting the overall market growth through 2026.
Geographically, the Europe Basmati Rice Market expands across:
Of all countries in Europe, the United Kingdom is anticipated to display the fastest market growth during the forecast period. The UK is the largest importer of basmati rice from countries like India to feed the increasing population in the country & a growing influx of migrants & tourists. With the ban on importing basmati rice from Iran, the country has fueled its rice imports from Asian countries.
On the other hand, France, Germany, & the Netherlands are other prominent basmati rice importers in Europe. Among all, the strong marine transportation network of the Netherlands forms a crucial entry point for various types of imports, including basmati rice. Hence, these aspects indicate that the burgeoning imports of basmati rice in these countries are projected to contribute significantly to the overall growth of the Europe Basmati Rice Market through 2026.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Europe Basmati Rice Market is projected to grow at a CAGR of around 4% during 2021-26.
A. The exponentially rising population and growing influx of migrants & tourists are the most prominent factors projected to drive the Europe Basmati Rice Market during 2021-26. However, the restrictions amidst the Covid-19 pandemic that hindered the rice imports in Europe might project a slow market growth in the coming few years.
A. The surging imports of basmati rice from Asian countries like India due to the ban on imports from Iran are indicating significant growth opportunities for the Europe Basmati Rice Market through 2026.
A. The Indian-Origin basmati rice is anticipated to emerge as an area of remunerative opportunities for the leading players in the Europe Basmati Rice Market during 2021-26.