PUBLISHER: DataM Intelligence | PRODUCT CODE: 1247370
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1247370
Rice is a low-fiber and rich caloric food providing one-fifth of the calories consumed by the world's human population. Rice is a rich source of energy. It plays an important role in holding product shape when prepared as sweet dishes, steamed products, cooked preparations, savory dishes, rice puddings and various products in various regions. The increasing demand for the rice products such as rice snacks, rice noodles, rice puddings, rice cakes, and rice balls from others across the globe is driving the growth of rice-based products. An increase in rice production across the globe is anticipated to grow the market. The consumers growing focus on healthy eating also boost the market growth.
The global rice-based products market was valued at USD YY million in 2022. It is forecasted to reach USD YY million by 2030, growing at a CAGR of 5.67% during the forecast period (2023-2030).
The growing demand for ready-to-eat food products, such as rice-based products owing to the rising consumer awareness of the health risks associated with junk food consumption, such as heart disease, diabetes, and other chronic diseases. The major trend in the market is an increase in customer preference for healthy eating habits and a healthy lifestyle. An increase in the global working women population also leads to increased sales of ready-to-eat products like rice-based products. The busy lifestyles and increase in consumers' disposable income also help boost the market growth. Consumers are spending more money on rice-based products. Also, the availability of healthy options in ready-to-eat products, such as rice-based products, helps to boost market growth.
Furthermore, an increase in the consumer's awareness about the benefits of non-GMO, organic, vegan, and gluten-free increases the demand for rice-based products in the market. Also, an increase in the trend of healthy snacking in the region further boosts the market growth. An increase in the health benefits awareness of consuming rice-based products helps to boost segment growth. Rice is good for diabetes control and blood sugar. The fiber in the rice lowers cholesterol and reduces the risk of heart disease and stroke. Insoluble fibers in the rice promote regular bowel movements.
Rice noodles are prepared with rice flour and water as the principal ingredients. The availability of frozen, fresh, and dried rice noodles in various shapes and excellent texture features make them suitable for all age's peoples. Noodles are free from wheat flour, so it is gluten-free, which makes them suitable for people with gluten intolerance and celiac disease. Rice noodles are healthy alternatives to yellow egg noodles, and that's why vegans prefer them. Rice noodle is popular among consumers who want to reduce weight. Major key players in rice-based products such as Thai President Foods Public Company Limited, Nongshim Co., Ltd., Toyo Suisan Kaisha, Ltd., Nasoya Foods USA, LLC, Nona Lim, LLC., McCormick & Company, Inc., Lotus Foods, Inc., Annie Chun's, Inc. are focused on merger and acquisition strategy as well as new product launches in the market. For instance, in October 2021, Nissin Foods launched New Cup Noodles Stir Fry Rice with Noodles. They are available in different varieties, such as Japanese Teriyaki Chicken, Korean Spicy Beef, and Thai Yellow Curry. They are available in the ready-to-cook form.
On the other hand, the market for rice cakes is projected at USD YY million in 2022 and is estimated to grow at a CAGR YY% during the forecast period (2023-2030) to reach USD YY million by 2030. The versatile nature of rice cakes helps consumers create different recipes using the product as an ingredient, helping boost segment growth in the forecast period. Major key players in the market focused on manufacturing good quality ingredients due to increased consumer demand. The rise in the consumer's demand for snacks during the meal and avoiding the consumption of unhealthy snacks that disturb a balanced diet is anticipated to drive the sales of products. Also, an increase in the trend of ready-to-eat food products helps to boost segment growth in the forecast period. Also, increasing product launches by the major manufacturers help boost segment growth. For instance, in March 2022, Lundberg Family Farms, a national leader in organic rice products, launched a new rice cake flavor named Salted Caramel. The company now offers nine large cake flavors, six Thin Stackers, five Chocolate Thin Stackers, and five Rice Cake Minis, for 25 rice cake products.
In 2022, Asia-Pacific had the highest revenue share of almost YY percent. India and China are the major shareholding countries in the region owing to the increased consumer demand for healthy eating. China and India are the major producers and exporters of rice across the globe. The culinary sector has been experimenting with new rice-based products in the region. Increase in consumer awareness of the health benefits of non-GMO, organic food products such as rice cakes. The availability of different rice products in different flavors helps to attract consumers to buy rice-based products. An increase in the region's product launches helps boost the regional market growth in the forecast period. For instance, in January 2020, LT Foods JV launched Kari Kari' a premium rice snack for the Indian market. The newly launched snacks are made from rice and peanuts. It is rich in protein and is available in 4 different flavors, Chilli Garlic, Wasabi, Salt & Pepper and Spice Mania, to excite the Indian palate. It is best for consumers who prefer healthier, non-fried, ingredient-based snacking options.
The global rice-based products market is competitive in nature, with the leading players capturing a whopping share in revenues. Thai President Foods Plc, Nona Lim, LLC., Lotus Foods Inc., Annie Chun's, Inc., Element Snacks, The Quaker Oats Company, Ricegrowers Limited, KAMEDA SEIKA CO., LTD., Sanorice and Ottogi Corporation., Ltd are focused on technology advances for new launches at affordable prices. The major players are utilizing strategies including acquisitions & mergers, regional expansion, and partnerships to stand out as strong competitors in the market. Increased focus on R&D and new product launches are additional ways the key players improve their market presence. In March 2022, Lundberg family farms launched salted caramel rice cakes in the market. It is vegan and free of additives and artificial flavorings. Also, in July 2022, Foodle Noodle launched its first clean-label instant cup noodle range in Thailand, offering local flavors with organic ingredients as healthier and more convenient options to attract younger consumers. It is available in various markets such as Europe, the UK, the USA, Dubai and Singapore. It has various flavors, such as turmeric, mulberry, and rice berry. Also, in August 2021, Orion launched two products: O'Rice and Custas Cup Cake. These products are imported from the company's manufacturing facility in Vietnam. O'Rice is a 100% vegetarian snack baked and not fried to maintain nutritional goodness. These products launches help to boost the company's revenue.
The COVID-19 pandemic hampered rice production at the initial stage due to the disruption of logistics and labor shortage. This disruption in logistics resulted in an upsurge in rice prices. Also, during the lockdown period, commercial places such as bars, restaurants, and others were shut down temporarily. Additionally, due to government initiatives such as lockdowns, manufacturing plants were also at a standstill due to the limited workforce available. Global companies face challenges in importing and exporting the end products, owing to the limited international trading activities.
After the first wave of COVID-19, consumers have become more aware of the importance of eating nutritious foods. The spread of the Covid virus has increased demand for the rice-based products. During the pandemic, increased use of internet channels to bulk purchase goods and snack alternatives is expected to boost healthy snack demand. The consumers growing awareness of health and nutritional diets helps to boost the market growth. The staggeringly increased sales of rice-based products were observed through online stores during the COVID-19 period, which sustained the demand in the market studied.
The global rice-based products market report would provide an access to approximately 61 market data tables, 53 figures and 200 pages.