The rice-based products market is expected to expand its roots at an average CAGR of 6.1% during the forecast period. The market is likely to hold a revenue of USD 210.12 billion in 2023 while it is anticipated to cross a value of USD 379.86 billion by 2033.
The research report on the rice-based products market states that the increasing consumption of raw grain along with the restoration of FMCG and restaurant spaces are garnering market growth. Rice-based products such as rice cakes, noodles, and others are in high demand as the multi-cuisine outlet as a concept gets popular across the region. A long range of food chains uses rice as their primary source of food while rice-based products are also mixed and consumed separately.
The rising awareness among people about rice’s benefits such as low calorie, moderate carbs, and easy-to-digest properties are making it the first choice for a gym diet. Other than this, companies launching rice bowl meals mixed with non-veg and veg elements are also fuelling the demand for rice-based products. Some products such as corn rice cakes with different flavors are gaining traction for other rice-based products as well. With gluten-free diets in demand, rice-based noodles are becoming popular.
Rice-based products market analysis explains that the addition of different elements such as tapioca or maize starch in the formation of rice cakes and rice noodles and pasta is transforming the market. Furthermore, rice noodles are also considered a healthier option that is famous for their lightweight qualities. Majorly depending on rice meals, expanding economic activities in Asian economies are garnering market growth. Additionally, the e-commerce space expanding its boundaries also brings new opportunities for the market.
| Attributes | Details |
|---|---|
| Rice-based Products Market CAGR (2023 to 2033) | 6.1% |
| Rice-based Products Market Size (2023) | USD 210.12 billion |
| Rice-based Products Market Size (2033) | USD 379.86 billion |
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Some key restraints for the rice-based products market include
The Increase in Chinese Restaurants along with the People’s Developed Taste for Authentic Chinese Food is flourishing the Regional Growth
The United States is a dominant country in the North American rice-based products market. The growth is attributed to the surge in people developing taste for authentic Chinese cuisine. Moreover, plenty of Chinese nationals shifting to the United States are influencing local food. It involves Chinese elements such as salad, rice cakes, rice-based noodles, etc. The increase in manufacturers in the region for rice-based products also pushes market growth.
Being the Home of Rice-based Products, China along with Asia Consumes a Massive Share of the World’s Rice
Asia Pacific region leads the market as it held a share of 35% in 2022. The Asia Pacific region thrives at a CAGR of 6.6% between 2023 and 2033. The boom in the demand is attributed to the expanding Chinese population and higher consumption. Rice is the main crop of China, and it is consumed at a higher rate in different neighboring countries like India, Nepal, and Southeast nations. The higher penetration of highly advanced food tactics such as the fixation of different products with a certain way of processing is monopolizing the competitive landscape. This favors the tremendous growth rate of the regional market during the forecast period.
Europe with its Leading Tourism Business along with the Higher Sales of Ready-to-eat Rice Products is Propelling the Market Growth
People choosing healthier products for snacks and meals are putting rice-based products as an option in the United Kingdom. Furthermore, the higher demand for ready-to-eat meals and snacking trends involving higher sales of pudding, cakes, noodles, and snacks are transforming the regional market. Frozen bakery products such as frozen pasta and other elements are propelling the market growth of the European region.
| Category | By Product |
|---|---|
| Leading Segment | Rice Noodles |
| Market Share (2022) | 30% |
| Category | By Distribution Channel |
|---|---|
| Leading Segment | Supermarket/Hypermarket |
| Market Share (2022) | 50% |
Based on product type, the rice noodles segment leads as it held a market share of 30% in 2022. The growth of this segment is attributed to rice noodles being a healthy alternative. Alongside this, its higher availability and cheaper rates are making it preferable for consumers. However, noodles hold a huge market share but the rice cake segment leads in terms of CAGR with 7.2% between 2023 and 2033. Increased CAGR is attributed to the popularity of Chinese authentic cuisine around the globe.
Based on the distribution channel, the supermarket/hypermarket segment held a share of 50% in 2022. The growth is attributed to the higher penetration of urbanization and discounted rates. Easy display, different brands, and instant buy options also work as a growth drivers for the segmental growth
The key players focus on introducing new local flavors. Furthermore, the key players try to portray their products as authentic Asian products. This comes with approvals, certification of originality, etc. However, the mergers between brands to expand their sales channels and distribution funnel is a part of the strategy competitors follow.
Market Developments
The market is valued at USD210.12 million in 2023.
Nona Lim LLC, Lotus Foods Inc, and Element Snacks are key rice-based products market players.
Rice noodles is likely to remain preferred through 2033.
Players opt for mergers and acquisitions.
India, Japan, and China dominate the Asian market.
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Rice-based Products Market
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