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.
Industry: Food and Beverages
Published Date: February-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 327
Report ID: PMRREP32197
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.
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Rice Milk Market Size (2023E) |
US$ 1,075.10 Million |
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Projected Sales of Rice Milk (2033F) |
US$ 2,521.89 Million |
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Value CAGR (2023 to 2033) |
8.90% |
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Value Share of Top 4 Countries (2022E) |
50% |
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.
“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.
“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.
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.
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.
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.
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Details |
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Forecast period |
2023 to 2033 |
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Historical data available for |
2018 to 2022 |
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Market analysis |
USD million for value |
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Key regions covered |
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Key countries covered |
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Key market segments covered |
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Key companies profiled |
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Report coverage |
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Customization & pricing |
Available upon request |
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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.
