The rice bran oil market size is projected to be valued at USD 7.94 billion in 2023 and is expected to rise to USD 18.95 billion by 2033. The sales of rice bran oil are expected to grow at a significant CAGR of 9.09% during the forecast period. Various factors propelling the demand for rice bran oil are
Numerous health advantages associated with rice bran oil have elevated its widespread adoption. Consumers' changing dietary choices and the increased need for nutrient-dense food ingredients contribute to the market's expansion.
The World Health Organization (WHO) and the American Heart Association recommend the use of rice bran oil, claiming that it is polyunsaturated as well as saturated and that its monosaturated fat content is far healthier than that of most other vegetable oils.
As it encourages hair development, shields the skin from UV radiation, and delays aging, rice bran oil is used as a key component in the cosmetics and pharmaceutical sectors to make soap, moisturizers, lotion, and hair-care products.
Other significant elements supporting expansion are rapid urbanization, inflated supply, altered lifestyles, strong promotional marketing, and increased penetration in both developed and emerging countries.
To balance the supply and demand of edible oils, governments around the world have implemented several policies. The quantitative limitations on organic edible oils have been abolished by various producers and investors, which has caused the market for rice bran oil to flourish.
Growing Trend of Veganism May Spur Market Growth in the Coming Years
Consumers have changed their eating habits significantly in recent years, including embracing novel diets like veganism. According to research papers that were published in the American Journal of Clinical Nutrition, adopting a vegan diet has numerous health advantages, including helping people lose weight and preventing type 2 diabetes.
These oils are becoming more popular among consumers looking for eco-friendly culinary ingredients. Additionally, it serves as a less expensive alternative to other vegetable oils, such as olive oil. As a result, it is anticipated that in the approaching time, the demand for the product is estimated to increase.
| Attribute | Details |
|---|---|
| Rice Bran Oil Market Estimated Size (2023) | USD 7.94 billion |
| Rice Bran Oil Market CAGR (2023 to 2033) | 9.09% |
| Rice Bran Oil Market Forecasted Size (2033) | USD 18.95 billion |
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In 2021, the market for rice bran oil was worth USD 6.67 billion, with a CAGR of 2.74% from 2017 to 2022. The market is anticipated to expand at a CAGR of 9.09% between 2023 and 2033, rising from USD 7.94 billion in 2023 to USD 18.95 billion by 2033. The main drivers of market expansion are the need for nutritious food products and rising health consciousness. Due to its strong antioxidant and low cholesterol content, rice bran oil is expected to become more prominent in the food and beverage segment.
Increased global rice production has resulted in higher market demand. This increase in rice production has boosted sales revenue in the rice bran oil market globally. China, India, and Indonesia were the top producers of milled rice in the fiscal year 2020 to 21, with 148.3 million metric tons, 122.27 million metric tons, and 35.3 million metric tons, respectively, according to the United States Department of Agriculture's World Agricultural Production 2022.
This contributes to these countries' high standing in the production of rice bran oil. India is one of the world's leading producers of rice bran oil, acknowledging the importance of including heart-healthy oil in their diet.
According to the Government of India's Directorate of Economics and Statistics, the rice yield in India is expected to be around 2.7 thousand kilograms per hectare in 2021, up from around 2.6 thousand kilograms per hectare currently. To meet the supply and demand for edible oils, governments around the world take a variety of measures. Different growers and investors have lifted quantitative restrictions on organic edible oils, causing the rice bran oil market to expand.
The usage of organic rice bran-based cooking oils has been linked to several health advantages, including preserving healthy cholesterol levels and enhancing heart health. Additionally, according to the American Heart Association, it helps lower blood cholesterol levels. Restaurants in the United States utilize more of this oil to create new cuisine items to cater growing trend of organic eating.
Additionally, it has a lot of vitamin E, gamma-oryzanol, and other nutrients that help lower cholesterol levels and stave off heart disease. Manufacturers are introducing new food items that have been fortified with extra vitamins and nutrients. For instance, the National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) announced the introduction of an oil-based range on rice bran that is supplemented with organic ingredients in 2021.
Due to the abundant vitamins and antioxidants present in rice bran oil, it is also utilized in the cosmetic and medicinal industries. Additionally, it serves as a basic oil for the production of other creams and oils. Such oils are used in skincare treatments that also offer UV protection from sun rays.
It also nourishes the hair, which is why companies are also introducing rice bran-based hair oils. This oil permeates into the skin due to its high linoleic acid content. In order to enhance the hair coat of animals like horses, it is also widely adopted in the animal feed industries.
Owing to health consciousness among customers, the United States is one of the top regions in terms of rice bran oil usage. To ensure the consumption of healthy food products, consumers are adopting several dietary patterns.
Additionally, it is employed in salad dressing and baked goods including brownies, cakes, and other bakery goods. The demand for vegetable oil is gradually rising due to the rise in veganism in the region. The use of such oil contributes to the maintenance of good cholesterol levels, according to recommendations made by the American Heart Association and World Health Organization (WHO).
The mass population in Germany is health-conscious and spends more on natural foods like rice bran oil. Additionally, compared to other regions of the world, Europe has easier access to raw resources, which lowers costs and increases overall cost-effectiveness.
Furthermore, many European nations have strong laws governing agricultural products that guarantee high standards of quality control. This guarantees that any product made with rice bran implies international safety standards and may be easily sold to other countries.
A significant volume portion belongs to Asia Pacific. The market for rice bran oil is anticipated to expand rapidly due to the region's easy access to raw materials, particularly in India.
India is the second leading rice producer in the world. The potential output of rice bran in the nation is estimated at 9.8 million tons based on the paddy yield. Only 5 million tons are processed in India, while the remainder is used as cattle fodder. In India, rice is grown on around 44 million hectares, with an average yield of 2,400 kg/hectare. 110 million tons of rice were produced in the nation during the 2016 to 17 crop year (July to June).
There are many local and regional competitors in the fiercely competitive market for rice bran oil. The market is highly fragmented, and the top competitors are Ricela Group of Companies, Adani Wilmar Ltd., Emami Agrotech Ltd., Rice King Oil Group, Cargill, Inc., and others.
It is emphasized that new product creation, along with company mergers, expansion, acquisition, and partnerships, serve as strategic tactics used by top firms to increase consumer awareness of their brands. To increase consumer loyalty, eminent businesses feel that certifications can improve the quality of their products.
Zhejiang Delekang Food Limited, for instance, holds several certifications, including the OHSMS18000, CNCA/CTS008-2008, Green Enterprise, QS, and (Good Manufacturing Process) GMP certificate.
Latest Developments
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 9.09% from 2023 to 2033 |
| Base Year of Estimation | 2022 |
| Historical Data | 2017 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and Volume in Units and F-CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis |
| Key Segments Covered | By Type, By End User, By Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; The Middle East & Africa; Oceania |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, Italy, France, United Kingdom, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | Adani Wilmar (Gujarat, India); Modi Naturals (New Delhi, India); Marico (Maharashtra, India); Conagra Foods (Chicago, United States); BCL Industries Limited (Punjab, India); King Rice Oil Group (Bangkok, Thailand); California Rice Oil Company (California, United States); Ricela Health Foods Ltd. (Punjab, India); 3F Industries Ltd (Mumbai, India); Sethia Oils Ltd. (West Bengal, India) |
| Customization & Pricing | Available upon Request |
The market is valued at USD 7.94 billion in 2023.
Adani Wilmar and Modi Naturals are key market players.
The organic segment is likely to remain preferred through 2033.
Players opt for mergers, acquisitions, and collaborations.
India and China dominate the Asian market.
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Rice Bran Oil Market
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