The Latin America, Middle East and Africa Rice-based Products Market would witness market growth of 7.9% CAGR during the forecast period (2022-2028).
The growing awareness of the health benefits of rice-based food products is a key trend driving the market expansion. More people are becoming health-conscious in general. As a result, there is an increasing need for healthy snacks made with premium ingredients. Vendors have launched a variety of snacks made with natural ingredients like rice, which is packed with nutrients.
The need for wholesome snacks among consumers is expanding, which is driving the rapid expansion of rice snacks' demand. Because rice snacks have a high fiber content that helps to reduce inflammation, improve digestive health, and speed up metabolism, consumers having digestion-related disorders frequently use rice snack items. Consumers with diabetes prefer to eat brown rice snacks that help them in controlling blood sugar levels.
Additionally, as all rice snacks are gluten-free, customers with celiac illnesses also appreciate them, which is expected to increase demand for such wholesome rice snacks in the coming years. Rice snacks, which are thought to calm mood, can improve both mental and physical well-being. These elements all play a significant role in market growth.
The demand for rice-based products in LAMEA is expected to expand, with income serving as the primary driver of this market's expansion. The product demand is especially increasing in Latin American nations like Brazil, Chile, and Peru because there are so many local players. Additionally, rice pudding is also regarded as a traditional food in many nations of the region, like Peru. Since ancient times, rice pudding has been a favorite dessert among Peruvians, and it is still consumed today. Frequently, this meal is offered on holidays like Christmas and Easter. The huge likeability of this product has transformed its development into a ready-to-eat meal or snack in the region. Hence, in the coming years, the rice-based products market will expand significantly in the region.
The Brazil market dominated the LAMEA Rice-based Products Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $5,616.5 Million by 2028.The Argentina market is experiencing a CAGR of 8.5% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 7.6% during (2022 - 2028).
Based on Distribution Channel, the market is segmented into Supermarkets/Hypermarkets, Online and Others. Based on Type, the market is segmented into Conventional and Organic. Based on Product, the market is segmented into Rice Noodles, Rice Snacks, Rice Cakes, Rice Puddings, Rice Balls and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Rice-based Products Market is Predict to reach $276.8 Billion by 2028, at a CAGR of 6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include CJ CheilJedang Corporation (Annie Chun’s, Inc.), PepsiCo, Inc. (The Quaker Oats Company), Thai President Foods Plc, Nona Lim, LLC., Lotus Foods Inc., Element Snacks, Ricegrowers Limited, Kameda Seika Co. Ltd., and SanoRice Holding B.V.
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