LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global packaged basmati rice market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global packaged basmati rice market will grow at a CAGR of over 11% during the forecast period. The growing demand for rice as a staple food is a major factor driving the market’s growth.
Rice is the fastest-growing food staple in Africa and Latin America. The global consumption of rice remains strong, driven by both population and economic growth, especially in many Asian and African countries. Even in developed countries and regions such as the US and the European Union (EU), per capita consumption of rice continues to grow, partly due to immigration from Asian countries.
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In this report, Technavio highlights the increasing mergers and acquisitions as one of the key emerging trends in the global packaged basmati rice market:
Increasing mergers and acquisitions
Strategic alliances and partnerships characterize the global packaged basmati rice market. The growing demand for basmati rice is attracting more players, while the market is witnessing increasing M&A activities. Major companies are acquiring smaller companies that specialize in the production of basmati rice to get a foothold in the growing industry. For instance, in April 2017, McCormick & Company acquired 15% shares in Kohinoor Speciality Foods India, a leading Indian company that sells basmati rice under Kohinoor brands. McCormick owns 85% stake in Kohinoor Speciality foods, which makes Kohinoor a 100% subsidiary.
According to a senior analyst at Technavio for food research, “With strategic alliances, manufacturers can broaden their product portfolios by offering new products and can achieve better operational capabilities. Strategic alliances enable large companies to gain a foot grip on a growing market as is the case of the basmati rice market.”
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Global packaged basmati rice market segmentation
This market research report segments the global packaged basmati rice market by product (dry, parboiled, and others) and key regions (the Americas, APAC, and EMEA).
The dry product segment accounted for close to 76% of the market share in 2017, followed by the parboiled and others segment. However, the market share of this segment is expected to decrease by over 2% by 2022, while that of the other two segments is expected to increase by over 1%.
APAC accounted for the largest market share of over 55%, followed by EMEA and the Americas. APAC is expected to witness a 1% increase in its market share over the forecast period while the market share of EMEA is expected to witness a decline of over 2%.
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