The rice cake market size foresees its current market valuation at USD 12.34 billion in 2024 and is predominantly considered to rise at a valuation of USD 16.04 billion by 2034, projected at a CAGR of 2.7%.
With heightened concerns about obesity, diabetes, and other health issues related to poor dietary habits, individuals are actively seeking snacks that are witnessed as healthier choices and raise the market demand.
The gluten-free nature of rice cakes attracts consumers with dietary restrictions or preferences, inclusive of those with gluten intolerances or sensitivities. This market has broadened demand for rice cakes, making them suitable for a wider range of consumers.
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The versatility of rice cakes helps in the economic growth of the market. While plain rice cakes are a popular option, manufacturers introduce a variety of flavored rice cakes that provide diverse consumer tastes.
Key Takeaways from the Market Study
- Under nature type, the conventional segment is accounted to hold a market share of 89.6% in 2024.
- The United States is predicted to register at a CAGR of 1.8% by 2034.
- Germany experiences significant growth, projected at a CAGR of 2% by 2034.
- Based on sales channel, the hypermarket/supermarket segment is accounted to hold a market share of 34.6% in 2024.
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“The augmenting demand for healthier snack options as consumers tend to become more health-conscious seeking low-calorie, gluten-free substitutes is considered one significant reason for the rice cake market,” comments a Future Market Insights analyst.
Competitive Landscape
The features in the competitive landscape of the rice cake market are established brands and emerging players competing for market share.
Key factors include product quality, flavor variety, pricing, and marketing strategies targeting health-conscious consumers seeking convenient, nutritious snack options. Some of the key developments are:
- In February 2023, Element Snacks introduced Sea Salt Caramel Crispy Rice Minis. The thin, puffed rice cakes are coated with caramel and sprinkled with kosher sea salt. They are labeled gluten-free and made with non-genetically modified ingredients.
- In January 2023, Drizzilicious recalled multiple units of mini rice cake bites and drizzled popcorn products due to undeclared peanut residue.
Key Players:
- Quaker Oats Company
- Mars Incorporated
- Element Snacks Inc
- Lundberg
- Tastemorr Snacks
- Riso Gallo
- Wangwang
- General Mills Inc
- Kellogg Co
- Ricegrowers Ltd
More Valuable Insights Available
Future Market Insights offers an unbiased global rice cake market analysis, providing historical data from 2018 to 2023 and forecast statistics from 2024 to 2034
To understand market opportunities, the rice cake market is segmented based on Type (Mochi, Puffed Rice Cakes), Flavour [Chocolate, Apple Cinnamon, Caramel, Vanilla, Others (beetroot, etc.)], Nature (Organic, Conventional), Distribution Channel (Hypermarket/Supermarket, Convenience Stores, Departmental Stores, Wholesale Stores, Mass Grocery Retailers, Independent Retailers, Specialty Stores, Online Retailers), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa).
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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