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Rice Milk Market

Global Market Study on Rice Milk: Rising Trend of Vegan, Organic & Non-GMO Products Surging Demand

Rice Milk Market by Nature (Organic and Conventional), The Organic segment, by nature, is projected to grow at a CAGR 9% over the forecast period.

Rice Milk Market Outlook (2023 to 2033)

The market for rice milk can be expected to expand at a value based CAGR of 8.90% and show an increase in revenue from US$ 1,075.10 Million to around US$ 2,521.89 Million by 2033.

Rice Milk Market Size (2023E)

US$ 1,075.10 Million

Projected Sales of Rice Milk (2033F)

US$ 2,521.89 Million

Value CAGR (2023 to 2033)

8.90%

Value Share of Top 4 Countries (2022E)

50%

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Rice Milk Consumption Analysis (2018 to 2022) Vs. Market Estimations (2023 to 2033)

The global rice milk market has witnessed significant growth in the historical period registering a CAGR of 7.42% in the historical period and was valued at US$ 1,075.10 Million in 2023. The market is expected to grow steadily with increasing awareness and benefits about applications of rice milk.

Though rice milk provides fewer proteins when compared to dairy milk, it contains fewer calories and fats too. Naturally, rice milk offers various health benefits and other nutritional ingredients, which is further driving the expansion of the global rice milk market size. There are plenty of heart-healthy nutrients in rice milk. Unsaturated fats present in rice milk help reduce cholesterol in the blood. Vitamin B6 also helps maintain heart health. Rice milk is power-packed with lots of antioxidants, which helps in the prevention of all types of infections and many other diseases. During the forecast period, the global market for rice milk is expected to be valued at approximately US$ 2,521.89 Million.

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What are the Key Trends in the Market for Rice Milk?

Growing Inclination toward Vegan Products Aiding Growth”

In established markets such as North America and Europe, the vegan population is increasing. Vegan consumers avoid any food made or extracted from animals. Hence, they depend only on plant-based products for their nutritional supplements. Veganism is trending in most emerging markets as well. Hence, demand for plant-based products and plant-based milk is increasing. This rapidly increasing vegan population is expected to drive demand for rice protein across the globe, thereby aiding the growth of the rice milk market.

  • Vitasoy International Holdings Limited offers rice milk that is gluten-free, dairy-free, and cholesterol-free. It is a suitable product for the vegan community, as it is produced from non-GMO grains, and is naturally sweetened with no added sugar.

“Utilization of Innovative Ingredients for Rice Milk”

Plant-based milk market is witnessing a growth owing to the high demand for healthy and nutritional products. Manufacturers are focusing on the use of innovative ingredients to increase their product portfolio by launching different types of rice milk products in different forms.

The key players are focusing on the utilization of special flavor ingredients such as vanilla extract, cocoa, carob powder and natural sweeteners such as dates to offer versatility in their products. They are also offering healthy, unsweetened rice milk to gain traction in the growing health-conscious demographic, who try to avoid sugar in their diet.

“Rising Demand for Lactose-free Products Boosting Demand”

With increasing population, demand for milk is rising across the world, as it is considered a highly nutritious and healthy beverage. However, there has also been a substantial rise in the lactose-intolerant population in recent years. These consumers are seeking milk and milk products that are lactose-free. Rice milk is naturally lactose-free, and contains similar levels of calcium, vitamins, and fats, and fewer carbohydrates and calories. This increasing demand for lactose-free products is expected to boost the growth of the rice milk market over the years to come.

“Nutritious Nature of Fortified Rice Milk to Drive Demand”

When Compared with cow’s milk, rice milk is certainly lower in protein and higher in carbohydrate content. However, fortified rice milk helps in providing similar amounts of calcium and vitamins as cow’s milk. Rice milk also contains no saturated fat or cholesterol. It constitutes 120 calories per serving, which is less than cow’s milk, which provides 150 calories per serving. On the back of these factors, the demand for rice milk is increasing across the globe, which is further improving the growth prospects of the global rice milk market.

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Country-wise insights

Which Regions Account for the Highest Sales in the Rice Milk Market?

Europe and East Asia together account for more than 60% of the global rice milk market share, and are the largest consumers of rice milk across the globe. Europe is identified as the largest consumer of rice milk in the global market. Increasing trend of veganism and rapidly rising vegan population are directly impacting the growth of the global rice milk market.

Why is the South Asian Region Expected to Witness High Growth in the Rice Milk Market?

South Asia is anticipated to experience exponential growth in the global rice milk market over the forecast period of 2023 to 2033. High growth of this regional market makes it the next target market for key players in the global rice milk market. ‘Being Vegan’ is also gaining traction in South Asia, which is further expected to boost the growth of the rice milk market in the region.

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Category-wise insights

Why is the Nature Segment in the Rice Milk Market Projected to Register High Growth?

The organic segment, by nature, is projected to register a high volume growth rate of 9% over the forecast period, owing to increased consumer inclination toward organic and natural ingredients. The total volume is expected to reach 87,943.05 Tons in 2033. Organic and non-GMO food products are rapidly gaining traction across the world, owing to the health benefits associated with them. Hence, food manufacturers are also adding organic and non-GMO products to their portfolios. This trend has positively impacted demand for organic rice milk, and manufacturers in the rice milk market space are frequently launching organic rice milk offerings to meet rising customer demand.

How is the Business-to-Consumer Segment of the Rice Milk Market Expected to Grow in the Forecast Duration?

The business to consumer segment is expected to witness the highest CAGR of 9.4% over the forecast period and value at US$ 1200.1 Million in 2033, owing to increased usage of online retail channels and higher brand availability for consumers to choose from. An absolute opportunity of US$ 711.39 Million over the forecast (2033 to 2033) will be offered by the segment.

Competitive Dashboard

The global market for rice milk is primarily characterized by a large number of players operating multi-nationally. Approximately 35-40% of the market share in the country is held by companies with a wide presence. Players in the global rice milk market are specifically producing products towards foodservice and retail/households providers, due to the rising demand of vegan food products among consumers across the world. Companies such as Hain Celestial Group Inc., Danone Group, Campbell Soup Company, Vitasoy International Holdings Limited, The and Panos Brands LLC are some of the major players operating in the rice milk market. Region specific multinational players account for around 25-35% of the market share, while 10-20% is accounted for by local players. These companies are engaged in the business of proving rice milk, operate at small and medium scale, and are more export-oriented.

  • In 2019 Nutra Organics Pty Ltd adopted eco-friendly packaging across the board. This packaging is compostable and degrades in 26 weeks and is plant-based, being harvested from eucalyptus trees. The company also plants a tree for every tree harvested to make the packaging, to maintain the balance.
  • In 2020, Danone Group announced an investment of US$ 35.51 million in Alpro. This investment was used in its production sites at Wevelgem (BE) and Kettering (UK). Owing to fast growth and increased demand for plant-based products, the company is investing to expand production and reach new markets.
  • In 2017 The Hain Celestial Group Inc. acquired Better Bean Co., which offers a wide range of bean products. After this acquisition, the company has increased its investment in its plant-based product portfolio. Products of Better Bean Co. are non-GMO verified, vegan and gluten free, and have a high nutritional value.
  • In 2017 Vitasoy International Holdings and Universal Robina Corporation created a joint venture. This joint venture is made to promote plant-based beverages in the Philippines. This will help the company to produce and market high-quality, nutritious and sustainable food and beverage products.

Rice Milk Industry Report Scope

Attribute

Details

Forecast period

2023 to 2033

Historical data available for

2018 to 2022

Market analysis

USD million for value

Key regions covered

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • Middle East & Africa

Key countries covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC countries
  • Turkey
  • Northern Africa
  • South Africa

Key market segments covered

  • Nature
  • End Use
  • Distribution Channel
  • Region

Key companies profiled

  • Stremicks Heritage FoodsTM, LLC
  • Essona Organics, Inc
  • Nutra Organics
  • Danone
  • The Hain Celestial Group, Inc
  • Campbell Soup Company
  • Nature's Choice
  • PANOS brands
  • Vitasoy Australia Products Pty Ltd
  • Pureharvest Pty ltd
  • freedom foods group Ltd
  • OKF Corporation
  • The Italian Way
  • RITA FOOD and DRINK CO.,LTD
  • Fine Japan Co. Ltd.
  • Nutriops S.L
  • BSCM Foods Co., Ltd.
  • RISO SCOTTI S.p.A.
  • Dinavedic
  • Axiom foods inc

Report coverage

  • Market forecast
  • Company share analysis
  • Competition intelligence
  • DROT analysis
  • Market dynamics and challenges
  • Strategic growth initiatives

Customization & pricing

Available upon request

Rice Milk Industry Research by Category

By Nature:

  • Organic
  • Conventional

By End Use:

  • Food & Beverage Industry
    • Bakery & Confectionery
    • Dairy & Desserts
    • Infant Formula
  • Retail/Household
  • Foodservice Industry

By Distribution Channel:

  • Business to Business
  • Business to Consumer
    • Hypermarkets/Supermarkets
    • Convenience Stores
    • Specialty Retail
    • Online Retail

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • Middle East & Africa

- Companies Covered in This Report -

  • Stremicks Heritage FoodsTM, LLC
  • Essona Organics, Inc
  • Nutra Organics
  • Danone
  • The Hain Celestial Group, Inc
  • Campbell Soup Company
  • Nature's Choice
  • PANOS brands
  • Vitasoy Australia Products Pty Ltd
  • Pureharvest Pty ltd
  • freedom foods group Ltd
  • OKF Corporation
  • The Italian Way
  • RITA FOOD and DRINK CO.,LTD
  • Fine Japan Co. Ltd.
  • Nutriops S.L
  • BSCM Foods Co., Ltd.
  • RISO SCOTTI S.p.A.
  • Dinavedic
  • Axiom foods inc

- Frequently Asked Questions -

The global market for rice milk has a value of US$ 1,075.10 Mn in 2023.

The global market for rice milk has a value CAGR of 7.42% from 2018-2022.

The global market for rice milk has a value of US$ 2,521.8 Mn in 2033.

The global market for rice milk has a value CAGR of 8.90% from 2023-2033.

The top players hold more than 50-60% of the market share. They include Danone Group, Campbell Soup Company, Vitasoy International Holdings Limited, The Hain Celestial Group Inc., Panos Brands LLC.

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