GCC Basmati Rice Market Overview 2018: Growth, Demand and Forecast Research Report to 2023
Added: (Fri Dec 21 2018)
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The GCC basmati rice market has witnessed a moderate growth over the years. Some of the factors which have given impetus to the market include lack of rice production on account of an unsuitable climatic condition in the region, rapid urbanisation, increasing disposable incomes, etc.
The term ‘Basmati’ is derived from the Hindi language which translates as the word fragrant. In comparison to other varieties of rice, basmati rice is considered as the most flavoursome variant owing to its long and slender grains, exquisite aroma, and nutty flavour. After cooking, basmati rice does not stick together and stays fluffy as well as dry. Rice plays a vital role in the Middle Eastern cuisine as it represents a staple food in the region. As a result, various countries of the GCC region are now the key importers of basmati rice. A new research report by IMARC Group, titled “GCC Basmati Rice Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the GCC basmati rice market was worth US$ 4 Billion in 2017. The report further anticipates the market to cross US$ 5 Billion by 2023, at a projected CAGR of more than 4% over the forecast period.
GCC Basmati Rice Market Drivers/Constraints:
GCC countries lack in the production of rice on account of unsuitable climatic conditions. As a result, they are extensively dependent on importing basmati rice from Pakistan and India. Moreover, a surge in the demand for better quality rice amongst the consumers is driving the growth prospects of the market.
Rising awareness for nutritive products amongst health-consciousness consumers has further propelled the demand for brown rice in the GCC region. Apart from this, the increasing demand for easy-to-cook food items is expected to boost the basmati rice market.
Some of the other factors influencing the demand for GCC basmati rice include rising urbanisation, changing demographics, increasing disposable incomes, large emigrant population and flourishing tourism sector.
A hike in the prices of rice due to inadequate production in the country of origin acts as one of the crucial factors for impeding the growth of the basmati rice market in the GCC region.
Browse full report along with complete TOC: https://tinyurl.com/yb9xk76c