The rice-based products market is poised for substantial growth, with a projected CAGR of 6.1% during the forecast period, reaching a valuation of US$ 379.86 billion by 2033. This growth is driven by factors such as increasing consumption of rice-based snacks and meals, growing awareness of rice’s health benefits, and expanding food outlets and restaurants.
Rice-based products are witnessing rising demand due to their perceived health benefits, including being low in calories, moderate in carbohydrates, and easy to digest. The popularity of rice-based snacks and meals is further fueled by the emergence of multi-cuisine outlets, increased consumption of Chinese cuisine, and the availability of gluten-free alternatives. Additionally, the convenience and versatility of rice-based products make them appealing to consumers seeking quick and nutritious meal options.
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Growing Factors:
- Advancements in Food Technology: Continuous advancements in food technology and processing techniques are enabling the development of innovative rice-based products with improved taste, texture, and nutritional profiles.
- Expansion of Asian Food Culture: The proliferation of Asian restaurants and the growing popularity of Asian cuisine worldwide are driving the demand for rice-based products, particularly rice noodles and rice cakes.
- Health and Wellness Trends: Rising health consciousness among consumers is driving demand for healthier snack options, including gluten-free and low-calorie alternatives like rice cakes and rice noodles.
- E-commerce Expansion: The expansion of e-commerce platforms is increasing accessibility to rice-based products, allowing consumers to purchase a wide variety of options conveniently from online retailers.
Key Points
- The United States market leads the rice-based products market in terms of market share in North America. The growth in this region is promoted by new Asian restaurants, the craze for multi-cuisine foods, and the higher migration of Asians into the food culture.
- The United Kingdom rice-based products market is another significant market from the European region. Europe with high tourist footfall welcomes visitors with its multi-cuisine restaurants.
- The Chinese rice-based products market is anticipated to thrive at a healthy CAGR during the forecast period. The growth is attributed to it being the home of these food products.
- Asia Pacific region leads the market as it held a share of 35% in 2022. The Asia Pacific region thrives at a CAGR of 6.6% between 2023 and 2033
- The rice noodles product type segment is leading the segment as it held a market share of 30% in 2022. It’s due to its higher consumption and ready-to-eat byproducts.
- Based on the distribution channel, the supermarket/hypermarket segment leads as it held a global share of 50% in 2022.
The key vendors work on delivering high authenticity, better packaging, and enhanced taste & texture. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.
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Recent Market Developments
- Ottogi Corporation, a South Korea-based food manufacturer introduced a new range of rice-based products. The products include rice ramen with added flavors, rice-based plain noodles, and classic/authentic rice cakes.
- Ricegrowers Limited has launched their authentic and organic rice cake that is available for shipping and comes in different pouch sizes.
Key Players
Thai President Foods Public Company Limited.
Nona Lim, LLC.
Lotus Foods Inc.
Annie Chun’s, Inc.
Element Snacks
The Quaker Oats Company
Ricegrowers Limited
KAMEDA SEIKA CO., LTD.
Rice-based Products Market: Segmentation
Product Outlook:
- Rice Snacks
- Rice Noodles
- Rice Puddings
- Rice Cakes
- Rice Balls
- Others
Distribution Channel Outlook:
- Supermarkets/Hypermarkets
- Online
- Others
Type Outlook:
- Conventional
- Organic
Key Regions Covered:
- North America
- The United States
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- The United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
- Asia Pacific Excluding Japan
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
- The Middle East and Africa
- GCC Countries
- Israel
- South Africa
- Rest of the MEA
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