What is the global market size of the Rice-Based Products Market?

Global Rice-Based Products Market size was valued at USD 198.04 billion in 2021 and is poised to grow from USD 210.32 billion in 2022 to USD 340.31 billion by 2030, growing at a CAGR of 6.2% in the forecast period (2023-2030).

Global Rice-Based Products Market Size, Share, Growth Analysis, By Product Type(Rice Flour and Rice Bran), By Distribution Channel(Online retail, and Offline retail) - Industry Forecast 2024-2031

Report ID: SQMIG30C2073 | Region: Global | Published Date: April, 2024
Pages: 198 | Tables: 60 | Figures: 80

Global Rice-Based Products Market Dynamics

Rice-Based Products Market Drivers

Increasing demand for gluten-free products

One of the driver of the global rice-based products market is the increasing demand for gluten-free products. Rice-based products are a popular substitute for wheat-based products, which contain gluten and are not suitable for people with celiac disease or gluten intolerance. The rising prevalence of celiac disease and gluten intolerance, coupled with the growing awareness of gluten-free diets, is driving the demand for rice-based products. In addition, the health benefits associated with rice-based products, such as being low in fat and a good source of carbohydrates and fiber, are also contributing to their popularity.

Rice-Based Products Market Restraints

Fluctuating prices of raw materials

One significant restraint in the global rice-based products market is the fluctuating prices of raw materials. Rice is the primary raw material used in the production of rice-based products, and its prices are subject to fluctuations due to various factors, such as climate change, crop failures, and geopolitical issues. These fluctuations can impact the cost of production and ultimately the pricing of rice-based products, which may affect their demand. In addition, the availability of alternative gluten-free products, such as corn-based products, may also restrain the growth of the rice-based products market.

Global Rice-Based Products Market Report Snapshots

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Global Rice-Based Products Market size was valued at USD 210.32 billion in 2022 and is poised to grow from USD 226.36 billion in 2023 to USD 361.41 billion by 2031, at a CAGR of 6.20% during the forecast period (2024-2031).

The global rice-based products market is highly fragmented, with the presence of several small and large players. The market is characterized by intense competition, with players focusing on product innovation, expanding their distribution networks, and strategic collaborations and partnerships. The competition is also driven by factors such as pricing, quality, and brand recognition. Additionally, the increasing demand for rice-based products has led to the entry of new players, which has further intensified the competition in the market. 'Kellogg's', 'PepsiCo', 'General Mills', 'Nestle S.A.', 'Mars, Inc.', 'Ajinomoto Co. Inc.', 'Ebro Foods, S.A.', 'The Hain Celestial Group, Inc.', 'ConAgra Foods, Inc.', 'The Kraft Heinz Company', 'The Procter & Gamble Company', 'McCormick & Company, Inc.', 'B&G Foods Holdings Corp.', 'Riviana Foods Inc.', 'The SunRice Group', 'LT Foods Ltd.', 'Mars Food', 'ITC Limited', 'Hainan Golden Rice Industry Co., Ltd.', 'Capital Rice Group Co., Ltd.', 'In March 2023, the global rice flour market was estimated to reach $1.2 billion by 2028, driven by increasing demand for gluten-free food products.', 'In February 2023, PepsiCo announced plans to launch a new line of rice-based snacks and beverages in India.', 'In August 2022, Thai Union announced plans to enter the rice-based products market with the launch of a new line of ready-to-eat rice meals.', 'In June 2022, Unilever announced the launch of a new line of rice-based meal kits under its Knorr brand.', 'In April 2022, Nishimoto Trading Co. Ltd. announced the acquisition of the rice business of SunFoods LLC, a leading producer of rice-based products in the United States.'

One of the driver of the global rice-based products market is the increasing demand for gluten-free products. Rice-based products are a popular substitute for wheat-based products, which contain gluten and are not suitable for people with celiac disease or gluten intolerance. The rising prevalence of celiac disease and gluten intolerance, coupled with the growing awareness of gluten-free diets, is driving the demand for rice-based products. In addition, the health benefits associated with rice-based products, such as being low in fat and a good source of carbohydrates and fiber, are also contributing to their popularity.

One key market trend in the global rice-based products market is the growing popularity of organic and non-GMO rice-based products. Consumers are becoming more health-conscious and are looking for products that are free from harmful chemicals and additives. This has led to a surge in demand for organic and non-GMO rice-based products. Manufacturers are responding to this trend by introducing a wide range of organic and non-GMO rice-based products, including rice noodles, rice cakes, and rice snacks, among others. Additionally, the rising trend of plant-based diets is also driving the demand for rice-based products as a healthy and sustainable alternative to animal-based products.

APAC is the dominant region in the global rice-based products market, with over 50% market share. The region is a major producer and consumer of rice, with countries like China, India, Japan, and Thailand being major players in the market. The demand for rice-based products in the region is driven by the popularity of rice as a staple food and the increasing demand for gluten-free products. In addition, the region has a rich culinary tradition that uses rice-based products, such as rice noodles, sushi, and rice crackers. The region's growing population and rising disposable income levels are driving the demand for rice-based products. The increasing trend of adopting a healthy lifestyle is also contributing to the growth of the market in the region.

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Global Rice-Based Products Market Size, Share, Growth Analysis, By Product Type(Rice Flour and Rice Bran), By Distribution Channel(Online retail, and Offline retail) - Industry Forecast 2024-2031

Global Rice-Based Products Market Dynamics

Global Rice-Based Products Market Report Snapshots

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