“Global Rice Milk Market to reach a market value of 1.88 Billion by 2031 growing at a CAGR of 13.9%”
The Global Rice Milk Market size is expected to reach $1.88 billion by 2031, rising at a market growth of 13.9% CAGR during the forecast period. In the year 2023, the market attained a volume of 215,002.7 tonnes, experiencing a growth of 12.4% (2020-2023).
Additionally, the trend towards vegetarian diets and the presence of many health-conscious consumers further support the strong market performance of rice milk in North America. Thus, the North America region witnessed 39% revenue share in the market in 2023. In terms of volume, the North America region is expected to utilize 157,580.6 tonnes of rice milk by the year 2031. This substantial share is driven by the high consumer demand for plant-based milk alternatives due to increasing health awareness and dietary restrictions, such as lactose intolerance and dairy allergies. The region’s well-established retail infrastructure, including supermarkets, health food stores, and online platforms, ensures widespread availability and accessibility of rice milk products.
As consumers become more conscious about their food choices' environmental, ethical, and health implications, plant-based diets, including veganism, have gained significant popularity. Concerns over animal welfare, sustainability, and health benefits drive this growing trend toward plant-based living. Rice milk, as a plant-based alternative, is increasingly being chosen by consumers who are either fully vegan or looking to reduce their animal product consumption.
Additionally, the foodservice industry, including cafes, restaurants, and bars, is increasingly responding to the demand for dairy-free alternatives to cater to a diverse customer base. Rice milk, with its mild flavor and smooth texture, is becoming popular in preparing beverages like lattes, smoothies, and milkshakes. Hence, increased demand for dairy-free beverages in the foodservice industry propels the market's growth.
However, one major challenge the rice milk market faces is the high production cost associated with producing rice milk compared to traditional cow’s milk or other plant-based milk alternatives. Extracting milk from rice, which involves soaking, blending, and refining, can be labor-intensive and requires specialized equipment. In conclusion, high production costs and price sensitivity impacting market expansion are hampering the market's growth.
Based on source, the market is divided into conventional and organic. In 2023, the conventional segment garnered 64% revenue share in the market. In terms of volume, 341,005.4 tonnes of conventional rice milk is expected to be utilized by the year 2031. This dominance can be attributed to conventional rice milk products' widespread availability and affordability. Conventional rice milk is often produced using traditional farming methods, which tend to have lower production costs.
On the basis of distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, online retailers, and others. The supermarkets/hypermarkets segment recorded 39% revenue share in the market in 2023. In terms of volume, 178,776.4 tonnes of rice milk are expected to be sold by the year 2031. This can be attributed to the widespread presence and convenience of supermarkets and hypermarkets, which offer various products under one roof.
By form, the market is divided into liquid and powder. The powder segment procured 19% revenue share in the market in 2023. In terms of volume, 99,722.5 tonnes of powder rice milk are expected to utilize by the year 2031. Rice milk powder is valued for its longer shelf life and ease of storage, as it does not require refrigeration until it is reconstituted with water.
Free Valuable Insights: Global Rice Milk Market size to reach USD 1.88 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region generated 27% revenue share in the market. In terms of volume, the Asia Pacific region is expected to utilize 190,220.6 tonnes of rice milk by the year 2031. The growing adoption of plant-based diets and the increasing awareness of the health benefits of rice milk contribute to this significant market share. The region’s large population and the rising disposable incomes of consumers enhance the market potential for rice milk products.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 712.8 Million |
| Market size forecast in 2031 | USD 1.88 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 13.9% from 2024 to 2031 |
| Quantitative Data | Volume in Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 281 |
| Tables | 669 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Source, Form, Distribution Channel, Region |
| Country scope |
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| Companies Included | The Hain Celestial Group, Inc., SunOpta, Inc., Campbell Soup Company (Pacific Foods of Oregon, Inc.), Brands, LLC, OKF Corporation, Vitasoy International Holdings Ltd., Axiom Foods, Inc., Califia Farms LLC and Pureharvest Pty Ltd. |
By Source (Volume, Tonnes, USD Billion, 2020-2031)
By Distribution Channel (Volume, Tonnes, USD Billion, 2020-2031)
By Form (Volume, Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Tonnes, USD Billion, 2020-2031)
The Market size is projected to reach USD 1.88 billion by 2031.
Growing Adoption of Vegan and Plant-Based Diets are driving the Market in coming years, however, High Production Costs and Price Sensitivity Impacting Market Expansion restraints the growth of the Market.
The Hain Celestial Group, Inc., SunOpta, Inc., Campbell Soup Company (Pacific Foods of Oregon, Inc.), Brands, LLC, OKF Corporation, Vitasoy International Holdings Ltd., Axiom Foods, Inc., Califia Farms LLC and Pureharvest Pty Ltd.
In the year 2023, the market attained a volume of 215,002.7 tonnes, experiencing a growth of 12.4% (2020-2023).
The Liquid segment is leading the Market by Form in 2023; thereby, achieving a market value of $1.4 billion by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $711.5 Million by 2031.
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