Rice Milk Market Report, Analysis, Growth, overview and forecast to 2032.
Rice milk is grain milk produced
by pressing the rice between several rolls for extracting the milk. Brown rice
is usually preferred due to its high carbohydrate content. Rice milk has gained
traction due to being fortified with ample and balanced amount of minerals and
vitamins. Its low-fat content as well as negligible amount of lactose can find
many takers. The global rice milk market report by Market Research Future
(MRFR) outlines a detailed and comprehensive overview keeping in mind the
various factors, drivers, and challenges. This can assist investors as well as
new entrants in making a wise decision.
Market Outlook
The global rice
milk market report is poised to reach a value of USD 6.4659 billion by
2032. It can exhibit a CAGR of 13.31% from 2018 to 2023 (forecast period). It
stood at USD 2.37951 Billion in 2023. Increasing cases of lactose intolerance
is one of the primary drivers of the market. Certain ethnic groups are unable
to digest milk and other dairy products prompting the need for dairy-free
items. The self-diagnosis of lactose intolerance cases can drive the market
volume till the end of the forecast period.
The onset of veganism as well as
its inclination by various customers is likely to spark market demand due to
rice milk being a dairy substitute. Entry of various brands offering rice milk
in different flavors can spark sales and drive the overall market revenue.
Segmentation Analysis
The global rice milk market is
segmented by form, category, and distribution channel.
By form, it is segmented into
liquid and powder. The liquid segment had accounted for the lion’s share of the
global rice milk market due to its use in cereals, desserts, and smoothies. The
inherent characteristics of rice milk in eliminating waste and lowering
cholesterol levels in the body can drive the global rice milk market demand
during the forecast period.
By category, it is segmented into
conventional and organic. The conventional segment is predicted to continue
dominating the market till 2023 due to the continuous use of conventionally
produced rice milk in desserts and beverages. However, the organic segment may
experience a windfall and contribute greatly to the overall rice milk market
revenue. Awareness of the product as well as inclination towards organic
products can drive the segment growth over the forecast timespan.
By distribution channel, it is
segmented into store-based and non-store based. Convenience stores,
hypermarkets & supermarkets, and others are segments subsumed within the
store-based segment. On the other hand, the non-store-based segment consists
e-commerce. The store-based segment is expected to be dominant due to the wide
distribution network of supermarket and hypermarket chains across countries. On
the other hand, the non-store-based segment is projected to register a stellar
CAGR during the forecast period due to the successful proliferation of
ecommerce stores. The inclination for shopping online by customers can be a
potential driver of the segment.
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Regional Analysis
Asia Pacific (APAC), North
America, Europe, and Rest-of-the-World (RoW) are regions taken into
consideration in the compilation of the global rice milk market report.
North America is likely to retain
the top position in the global market till 2023 due to increasing preference
for vegan food and beverages and rising numbers of lactose intolerant
customers. Europe, on the other hand, is projected to capture a significant
market share due to rising adoption of vegan diets among customers.
The APAC region is likely to
register the highest CAGR during the forecast period due to the large potential
in China and India. The use of rice milk as viable substitutes for dairy milk
in beverages, foods, and desserts can drive the regional market growth.
Awareness of the products can facilitate regional rice milk market growth.
The Rice
Milk market trend is experiencing a surge in popularity as consumers
increasingly seek dairy-free and plant-based alternatives.
Competitive Analysis
Major industry participants in
the global rice milk market include Nature's Choice Pty Ltd, Panos Brands, LLC,
SunOpta, Inc., The Bridge S.R.L., Fine Japan Co., Ltd., Campbell Soup Company,
The Hain Celestial Group, Pureharvest, Vitasoy Australia Products Pty Ltd,
WhiteWave Foods, and others.
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required we will be considering Covid19 Footprints for Better Analysis of
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