The fortified rice market value is experiencing significant growth, projected to reach a valuation of USD 34.50 billion by 2033, up from USD 20.20 billion in 2023, recording a CAGR of 5.5%. Key drivers of this growth include the rising awareness of malnutrition, government initiatives, and increasing rice consumption worldwide.
Demand and Growth Factors:
The demand for fortified rice is on the rise due to increasing malnutrition incidences, particularly in low-income countries, and the adoption of food fortification strategies by international organizations and governments. Fortified rice offers a sustainable and cost-effective solution to address nutrient deficiencies, driving its adoption globally.
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Market Outlook: The future outlook for the fortified rice market is optimistic, with a projected CAGR of 5.5% through 2033. Short-term challenges such as post-pandemic unemployment and rising inflation rates may limit market growth, but long-term prospects are promising. Government initiatives and growing consumer awareness of health issues are expected to drive market expansion.
It is feasible to solve the problem by adding vitamins and minerals to everyday foods like rice, as well as by supplementing micronutrients and changing up diets. This has led to the fortification of rice, which has emerged as a sustainable & cost-effective measure for providing nutrition to people globally. The worldwide food and beverage sector is anticipated to expand as more fortified rice with high acyl levels is used in milk products, plant-based protein drinks, fruit juices, and other beverages. High-acyl-fortified rice is also used as a suspension element for milk products, plant-based protein drinks, and fruit juices.
“Due to the sustainable and cost-effective measures, manufacturers are taking measures to provide nutrition to the population, the global fortified rice market is witnessing vibrant growth.” – says a lead analyst at Future Market Insights.
Key Takeaways from Market Study
- The fortified rice market is expected to record a CAGR of 5.5% over the forecast period.
- According to estimates, the fortified rice market in the China and India remains strong throughout the forecast period.
- By 2033, China is expected to hold a 40% share in Asia Pacific and its market size is expected to be US$ 8.82 billion.
- Conventionally produced cereal grains are readily available, so the non-organic segment accounted for the significant share in 2023.
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Competitive Landscape:
In the fortified rice market, there are numerous international and regional players competing, making it highly competitive. Several prominent companies dominate this market, including Cargill Incorporated, BASF SE, General Mills Inc, Willmar International Ltd, Aroma Fields, KRBL Ltd, Bunge Ltd, REI Agro Ltd, LT Foods, Hain Celestial (Tida Rice), and others.
To gain a dominant market share, companies are focusing on price, quality, ingredients, and promotions. This market is highly consolidated, with these players holding the majority share. To expand their presence and maintain their position in the market, these companies are investing more in research and development to develop consumer-driven fortified rice and ingredients.
Recent Developments:
- An American food company, Cargill, submitted an offer to acquire Sanderson Farms in Mississippi. Sanderson’s stockholders approved the deal. It is estimated that the acquisition is worth around US$ 4.5 billion ($203 per share).
- On January 20, 2021, that “LT Foods,” an Indian rice milling company based in Gurugram, had acquired a 30% stake in Leev.nu, a Dutch packaged food company. Nature Bio Foods BV (a subsidiary of LT) was acquired as part of the transaction to strengthen Nature Bio’s snacking business.
- On August 28, 2019, Ebro Foods, a food processing company based in Madrid, Spain, which produces vast amounts of rice, announced its successful purchase of Tuna Rice from Hain Celestial, a company based in New York. For the acquisition to be completed, Ebro paid $342 million (all cash).
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Fortified Rice Market Segmentation by Category
By Micronutrients:
- Vitamins
- Minerals
- Other Micronutrients
By Technology:
- Drying
- Extrusion
- Coating & Encapsulation
- Other Technologies
By Nature:
- Conventional Farming
- Organic Farming
By Distribution Channel:
- Modern Trade
- Convenience Stores
- Departmental Stores
- Drug Stores
- Online Stores
- Other Distribution Channels
By End-Use:
- Residential
- Commercial
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia