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Rice snacks are the snacks made using rice that includes categories such as rice cakes, rice crisps, rice biscuits, and others. Manufactures use heat, pressure, and milling processes to convert rice grains into rice snacks of different types. With the changing lifestyle and consumer taste preference, the snack segment has seen growth over the years. Rice snacks are often seen as a healthy snack option with its nutritional benefits.
There has been an increase in convenient snacking options as meal replacements in the food industry. This has influenced the snack industry by offering high sales growth in recent years. The growing demand for healthy snacks has compelled food manufacturers to offers snacks with high nutritional value for consumers.
The focus towards choosing certified and good quality ingredients have grown among the manufacturers. With manufacturers offering snacks with low sugar and salt options there is a wide range of target markets.
Consumers nowadays are looking for food products that offer extended health benefits and cater to their nutritional needs. Many consumers face different health problems preventing them from consuming different food products. One of such problems is high blood pressure which is common among consumers.
With manufacturers offering low salty snacks for such consumers these problems have been addressed. There are many rice snack manufacturers offering low salty snack options for their consumers.
According to World Health Organization, consumption of salt less than 5 grams per day helps in reducing blood pressure and risk for cardiovascular diseases, strokes, and heart attack and as many as 1.13 billion people worldwide face high blood pressure problems.
The growing health problem among consumers is contributing to the growth of healthy food products. The changing consumer preference towards healthy eating habits is helping in the growth of the rice snacks market in various regions. Consumers prefer ready to eat snacks that can help them to keep up with the busy lifestyle and work culture. Rice is a good source of energy and fiber that improves digestion and improves immunity.
Manufacturers offering organic rice snack products are attracting health-conscious consumers. New and attractive flavors offered by the manufactures also attracts consumers. The growing awareness among health-conscious consumers and the healthy snacking trend is expected to boost the rice snacks market.
The snacks industry is growing across the globe at a steady rate owing to the busy lifestyle of consumers. This industry has attracted many big players that are offering various options for consumers to choose from. With the availability of many substitutes for rice snacks, it is expected to face tremendous market competition.
The key players operating in the global rice snacks market are
The players operating in the rice snacks market are focused on innovating their products to attract more consumers and offer a unique product portfolio. The rice snack manufacturers are changing their products with the change in the consumer taste and preferences.
In 2020, Kellogg Company a leading player in cereals and snacks offers a variety of rice snacks. The company introduced a new rice snack named Rice Krispies Treats HOMESTYLE with marshmallow in original and chocolate flavor. The company further organized a promotional event to attract more customers and promote their products before hitting the store shelves.
The company positioned it to be consumed by individuals as well as for family gathering that tastes like a homemade snack. The key players also focused on offering a wide product range consisting of various flavors and types of rice snacks.
The Quaker Oats Company part of PepsiCo offers a wide product portfolio of rice snacks including rice cakes, crisps, and chips. The rice cakes offered by the company are available in salt-free, chocolate, caramel corn, butter popcorn, and various other types for consumers to choose from.
The rising millennials' consumption of snacks in developing countries is creating a lot of opportunities for rice snack manufactures. The growing urbanization and high disposable income is contributing to the rising demand for healthy food products. With the rising disposable income, the consumers are willing to pay a high amount for healthy and organic food products creating large revenue for manufacturers operating in the rice snacks market.
Retailers and online retail websites are playing a major role in the distribution of rice snack products by using different sales promotions strategies. These factors are expected to create opportunities for increased sales and expansion for players operating in the rice snacks market.
In Europe, the healthy snacking trend is popular among consumers with consumers looking for tasty and nutritious products. The growing consumer awareness has increased the demand for organic and non-GMO snacks that are easily available at convenience stores, and hypermarkets/supermarkets.
Change in the lifestyle and demand for convenient and portable food products is contributing to the growth in the European countries. The presence of key players in the U.K. is boosting the growth for rice snacks in the country followed by Germany owing to high disposable income among the consumers.
China and India are one of the largest producers of rice grains accounting for around 40% of the world market share. The growing urbanization and fast past lifestyle in these countries are giving rise to the snack industry. With the advancement in technology and change in consumer preference towards healthy snacks the rice snacks industry is expected to grow across the Asia Pacific. The high production of rice in these countries also contributes to the growth of the rice snacks market.
The outbreak of COVID-19 has impacted the business activities across many industries, this has caused economic disruption across the globe. The supply chain industry is also impacted by the lockdown situation observed in many regions across the globe. This pandemic situation has also impacted the food and beverage industry with consumers concerned about safety and health concerns.
This situation has increased the consumption of home-cooked food and also made consumers bulk buy food products to stock. Manufacturers are now focusing on implementing a new supply chain by creating an online presence to increase the sale of their products. This is expected to impact the rice snacks market at a low level for the next two to three quarters.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
