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The global basmati rice market for 2023

The global basmati rice market for 2023 is expected to grow at a CAGR of 2.1%, reaching a value of approximately USD 6.87 billion by 2028. As of 2022, the market value was around USD 6.09 billion.
In terms of production, the Asia Pacific is the leading producer of rice globally, accounting for almost 90% of the global production. However, basmati rice is primarily grown in India and Pakistan, with India being the largest producer of basmati rice, accounting for over 70% of its output in the global basmati rice market.

The Middle East and Africa is a significant consumer of basmati rice, accounting for 37.5% of their total consumption of the paddy crop. Europe and the US are also significant consumers of the basmati variety.

The global basmati rice market is being aided by the superior quality, taste, and aroma of the product, which are driving the consumer preference for the product. The increasing export demand from the Middle Eastern countries is also propelling the global basmati rice market forward. The US and Europe, too, are significant importing countries.

However, basmati paddy prices have been rising for two years in India due to lower production because of the decline in cultivation area and crop loss in major growing states due to untimely rainfall. This trend is expected to continue, potentially impacting the market in 2023.

Some of the key players in the global basmati rice market include KRBL Limited, Kohinoor Foods Limited, Adani Wilmar Limited, Dunar Foods Ltd., Indo Arab Grain Suppliers, Ebro Foods, S.A., Lundberg Family Farms, New Bharat Group, Supple Tek Pvt Ltd, LT Foods Limited, HAS Rice Pakistan, and Latif Rice Mills Pvt. Ltd..

Recent news suggests that the demand for basmati rice is expected to increase in 2023, with the compound annual growth rate predicted to reach 2.4% annually. The worldwide demand for basmati rice is also expected to reach 17.8 million tons by 2025, with an annual growth rate of 2.4% from 2021 to 2025.

Please note, this analysis is based on the most recent data available and could be impacted by unforeseen future events or developments. For the most accurate and up-to-date information, it is recommended to refer to specialized market reports or consultancy services.