The rice bran oil market is projected to be worth US$ 18.95 billion by 2033, from an anticipated 2023 valuation of US$ 7.94 billion. Over the Sales of rice bran oil are predicted to increase at a CAGR of 9.09% over the projected period.
The use of rice bran oil has increased dramatically due to its numerous health benefits. As a result, the market is expanding more quickly and the demand for nutrient-dense, low-fat meals and beverages is rising.
WHO and the American Heart Association do not advise using rice bran oil since it is higher in saturated, polyunsaturated, and monounsaturated fats than other vegetable oils.
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Because it contains oryzanol, a substance that slows the effects of aging, protects the skin from UV rays, and encourages hair formation, this oil has become an essential component in the pharmaceutical and cosmetic industries.
Other significant factors propelling the market’s growth include rapidly increasing urbanization, rising disposable incomes, changing lifestyles, aggressive marketing campaigns by manufacturers, and growing penetration in both developed and developing nations.
Key Takeaways
- Due to several emerging rice-producing nations including Japan, India, and China, the Asia Pacific region is predicted to hold a significant share of the global rice bran oil market. In 2020, the market in Asia Pacific was valued at US$ 4.68 billion, and in the years to come, it is anticipated to take a commanding share of the market.
- North America is anticipated to experience rapid growth during the forecast period. Key manufacturers are also increasing their investments in expanding areas like Europe and North America by releasing new products, which may fuel the industry’s expansion.
- Over the projection period, the online segment is anticipated to register a CAGR of 5.59%. The expansion of this market is being driven by the popularity of e-commerce websites and surging manufacturers creating their websites. Additionally, higher consumer disposable income and higher living standards, particularly in developing regions, are likely to increase product sales via online channels.
- Market growth is anticipated to be aided by the increased demand for nutrient-dense food components and changing dietary habits, driving the market share of the food and beverage segment.
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Competitive Landscape
The market for rice bran oil has a highly fragmented competitive environment, with numerous regional and local competitors vying to gain market share. The top producers in the international market are Adani Wilmar and Cargill, Inc. To expand their market position, top corporations are forming joint ventures. For instance, to expand their footprint in other nations like Singapore and promote their products to a wider client base, Adani Group formed a 50-50 joint venture with Wilmar International. As a result, the market share of these oil producers has grown recently in both developed and emerging nations.
Latest Developments
N.K. Proteins Pvt Ltd., an Indian business, announced in June 2021 to introduce the brand ‘Tirupati’ to the market to appeal to health-conscious consumers.
August 2019 – The United States-based corporation Cargill, Incorporated announced the expansion of Gemini’s current rice bran oil product line. Gamma oryzanol is claimed to be 40% more abundant in the product than in other standard oils.
Key Players
- Adani Wilmar
- Modi Naturals
- Marico
- Conagra Foods
- BCL Industries Limited
- King Rice Oil Group
- California Rice Oil Company
Given Below are the Rice Bran Oil Market Segments
By Type:
- Organic
- Non-organic
End User:
- Food and Beverages
- Industrial Application
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
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