Global Rice-based Products Market Size, Share & Industry Trends Analysis Report By Distribution Channel (Supermarkets/Hypermarkets, Online and Others), By Type (Conventional and Organic), By Product, By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Rice-based Products Market
Market Report Description
The Global Rice-based Products Market size is expected to reach $276.8 billion by 2028, rising at a market growth of 6.0% CAGR during the forecast period.
Rice is made from the seed grains of the grass Oryza sativa, sometimes known as Asian rice or the less common Oryza glaberrima (or African rice). Although the phrase may sometimes be used to refer to wild or uncultivated variants of Oryza, wild rice is typically used to refer to species belonging to the genera Zizania and Porteresia.
Domesticated rice is a popular staple meal consumed by more than half of the world's population. After maize and sugarcane, it is the agricultural product with the third-highest production globally. Rice is the most significant food product with regard to human caloric and nutrition intake, delivering more than one-fifth of the calories consumed by humans globally. Starch makes up a major component of rice.
This starch is insoluble, flavorless and unfit for human ingestion in its natural state. It must be prepared in order to make it palatable and acceptable. Rice breakfast cereals can be categorized into two groups: those that need to be cooked before eating and those that can be consumed right out of the package. The whole rice grain and its milled products can be used to make ready-to-eat rice cereals.
In prepared cereals, rice is precooked, dried, flaked, or made into dough, then stretched or puffed, inflated, and toasted either on its own or in addition to other cereals. The final product's quality is largely influenced by the cooking duration, steam pressure, raw components' temperature, and toasting process. To increase the nutritional value, flouring materials, minerals, vitamin B complex, and protein-containing components may be added.
COVID-19 Impact Analysis
The pandemic had little to no impact on the rice-based product market. The COVID-19 pandemic hindered rice production because it disrupted logistics and caused a manpower shortage. The brief disruption in transportation caused grain prices to rise, ultimately leading to these products' generally high pricing. Additionally, businesses, including pubs and restaurants, as well as others places, were temporarily closed during the lockdown. However, customers all over the world continued to have a steady demand for grains and pulses. In addition, the lockdown decreased the demand for brown rice in the packaged and processed food business as well as the market for dietary supplements. After the pandemic, the purchasing habits and food consumption habits of consumers altered significantly.
Market Growth Factors
Increasing availability of fortified and enriched rice-based products
The restoration of minerals and vitamins lost during processing is referred to as enrichment. In general, fortification refers to adding more minerals and vitamins to food than were initially there. For example, it is very common to fortify ready-to-eat rice-based products like breakfast cereals, cakes, noodles, etc., with vitamins, minerals, and flavoring agents. The basic formula mix is typically supplemented with minerals and more heat-resistant vitamins like riboflavin, niacin, and pyridoxine before being processed and sprayed with vitamin A and thiamin.
Growing use of rice as a major constituent in baby food
Since babies (infants and newborns) have special nutritional needs, babies frequently start eating solid foods with rice cereal. This is due to its simple digestion, lack of allergens, low-fat content, and bland flavor. Many baby foods are made using rice, either in the form of granulated rice or rice flour. Baby foods are made with glutinous rice, rice flour, rice flour, and rice polishing. Baby food products are frequently thickened with rice flour. It doesn't add any strange ingredient categories to the label and combines well with other foods like vegetables and proteins. Therefore, it presents significant growth opportunities for rice-based products in the coming years.
Market Restraining Factors
Increasing awareness of the ill effects of white rice consumption
White rice has extremely little fiber value due to the processing it goes through to increase its shelf life. Therefore, if white rice is consumed more frequently, it may result in constipation. In addition, the GI of white rice is high. The glycemic index, or GI, measures the rate at which the body breaks down and transforms carbohydrates into sugars. These are then carried into the body through the bloodstream. High GI foods induce sharp sugar spikes that can result in diabetes and unhealthful blood sugar swings. Additionally, the association between white rice and obesity is well-established and understood. This is due to the fact that it is a highly refined, high-carb diet. All these factors may prove to be disadvantageous for the rice-based products market in the coming years.
Based on product, the rice-based products market is categorized into rice snacks, rice noodles, rice puddings, rice cakes, rice balls, and others. The rice noodles segment garnered the highest revenue share in the rice-based products market in 2021. The segment's expansion has been greatly aided by the rising appeal of Asian cuisine. Additionally, the wide availability of frozen and fresh noodles, as well as recent product introductions by Asian and multinational companies, are the main drivers of the segment's growth. Furthermore, rice noodles, a common dish whose structure is primarily derived from starch retrogradation and offer the advantages of being gluten-free as well as having a low glycemic index.
Distribution Channel Outlook
On the basis of distribution channel, the rice-based products market is divided into supermarkets/hypermarkets, online, and others. The supermarkets/hypermarkets segment recorded the largest revenue share in the rice-based products market in 2021. Supermarkets and hypermarkets provide a variety of food goods, both conventional and organic, and are conveniently accessible, which serve as the main factors for the segment's growth. Due to their locations in the busiest parts of a city or town, supermarkets and hypermarkets draw a lot of customers. These stores are typically used by customers to buy these items as well as other common household items.
Based on type, the rice-based products market is segmented into conventional and organic. The organic segment garnered a remarkable growth rate in the rice-based products market in 2021. Organically grown ingredients that are harmless to consume make up organic products. Increasing consumer awareness has led to a significant rise in the consumption of organic products and consequently drives the growth of the segment. In addition, a large number of goods are introduced by market players.
|Market size value in 2021||USD 185.5 Billion|
|Market size forecast in 2028||USD 276.8 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 6% from 2022 to 2028|
|Number of Pages||207|
|Number of Tables||369|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Product, Type, Distribution Channel, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
On the basis of region, the rice-based products market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region procured the highest revenue share in the rice-based products market in 2021. According to a Food and Agriculture Organization report, the Asia Pacific region consumes most of the entire amount of rice produced worldwide. This raises the possibility of more penetration of rice-based products in the region in the years to come. Additionally, the region's high levels of production and consumption are another element that contributes to customers' high levels of product demand.
Free Valuable Insights: Global Rice-based Products Market size to reach USD 276.8 Billion by 2028
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.
Scope of the Study
Market Segments Covered in the Report:
By Distribution Channel
- Rice Noodles
- Rice Snacks
- Rice Cakes
- Rice Puddings
- Rice Balls
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- 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.
- SanoRice Holding B.V.
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North America Rice-based Products Market Report 2022-2028
Europe Rice-based Products Market Report 2022-2028
Asia Pacific Rice-based Products Market Report 2022-2028
What would be the size of the Rice-based Products Market by 2028?
The global Rice-based Products Market size is expected to reach $276.8 billion by 2028.
What are the key driving factors and challenges in the Rice-based Products Market?
Increasing availability of fortified and enriched rice-based products are driving the market in coming years, however, Increasing awareness of the ill effects of white rice consumption restraints the growth of the market.
What are the major top companies in the competitive landscape?
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.
At what CAGR is the Rice-based Products Market estimate to grow in the forecast period?
The expected CAGR of the Rice-based Products Market is 6.0% from 2022 to 2028.
Which segment shows a high revenue share of the Rice-based Products Market in 2021?
The Conventional segment acquired maximum revenue share in the Global Rice-based Products Market by Type in 2021 thereby, achieving a market value of $227.4 billion by 2028.
Which region dominated the Rice-based Products Market in 2021?
The Asia Pacific market dominated the Global Rice-based Products Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $100.9 billion by 2028.