GCC Basmati Rice Market

GCC Basmati Rice Market Size Set to Cross USD 2.9 billion by 2028

Published | 16 November 2022

GCC basmati rice market is flourishing owing to increasing consumer demand for higher quality food products including rice, rising disposable income, and the high presence of South Asian expatriates across GCC countries.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the size of GCC basmati rice market size at USD 1.94 billion in 2021. During the forecast period between 2022 and 2028, the GCC basmati rice market is expected to grow at a steady CAGR of 5.9% reaching a value of USD 2.92 billion by 2028. The lack of rice production in the GCC due to unfavorable climatic conditions and a rising demand for higher-quality rice is one of the main drivers of market expansion. Furthermore, because wheat and basmati rice are both considered staple foods in the GCC countries, exports from India and Pakistan are increasing. A high concentration of Asian expatriate population is also driving the overall sales of basmati rice in the region. Furthermore, the rising prevalence of lifestyle diseases caused by a lack of physical activity is raising people's awareness of their health. As a result, the consumption of brown basmati rice, which has a low-fat content and a high nutritional value, has increased significantly. Government organizations in GCC countries are promoting foreign investments in rice imports, which is also expected to drive further growth in GCC basmati rice market during the period in analysis.

GCC Basmati Rice Market – Overview

The superior quality, flavor, and aroma of basmati rice are encouraging consumer preference for the product, which benefits the GCC basmati rice market. The cuisine of many consumers is not complete without the basmati variety. It is used to prepare opulent dishes that are layered with dried fruit, rice, and meat. Additionally, it is a component of many cultures' staple diets, which contributes to the industry's expansion. The GCC market for basmati rice is also growing because of rising consumer preferences. Additionally, significant importers of basmati rice in GCC are the Saudi Arabia and UAE.

Growing population and rising disposable income in major GCC countries are also propelling the GCC basmati rice market forward. Because basmati rice is perceived as a premium variety, rising disposable income leads to increased consumption of premium products, providing additional impetus to the GCC basmati rice market growth. With rising consumer health consciousness, the basmati variety of rice is becoming increasingly popular due to its high nutritional value and low-fat content.

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GCC Basmati Rice Market – Segmental Information

GCC basmati rice market is divided into Raw and Parboiled segments based on form; Standard and Premium categories by price; and Supermarkets/Hypermarkets, Departmental Stores, Specialty Stores, and other segments based on sales channel. The GCC basmati rice market covers the region’s major countries, such as Saudi Arabia, UAE, Qatar, Kuwait, Oman, and Bahrain. During the forecast period, Saudi Arabia is expected to hold the highest market share in the GCC basmati rice market.

Impact of COVID-19 on GCC Basmati Rice Market

The COVID-19 pandemic drastically altered the demand and consumption patterns of many businesses across industries. Due to the extensive supply and production bottlenecks that developed as a result of restrictions on economic activities, the pandemic saw the food industries scrambling to find new production strategies and consumer propositions. Additionally, retail chains suffered from a lack of variety on their shelves, which significantly changed the dynamics of the basmati rice market. Due to restrictions on human movement in 2020, many companies had to change their consumer targeting strategies to keep customers interested in making online purchases. However, post the relaxations on the COVID-19 pandemic-related restrictions across GCC countries could help GCC basmati rice market to record its growth at pre-COVID-19 level.

Competitive Landscape

Prominent players in GCC basmati rice market include Nur Jahan, India Gate, Daawat, Tilda, Mumtaz, Goodness Foods, Kohinoor, Fortune, Albadia, and Dunar. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in GCC basmati rice market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of GCC Basmati Rice Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in GCC Basmati Rice Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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