Rice Cake Market

Rice Cake Market Outlook

As per the updated reports of Future Market Insights, our lead analyst gives a detailed analysis of the food and beverage market. As per the analysis, sales of rice cakes hold a current valuation of USD 12.34 billion in 2024.

Reflecting on consumers’ expectations, rice cake players work on simpler labels with understandable ingredients, reinforcing continuous demand. Going by this pattern, demand could rise and equate to a market valuation of USD 16.04 billion, with a sluggish CAGR of 2.70% by 2034.

Attributes	Details
Rice Cake Market Value for 2024	USD 12.34 billion
Rice Cake Market Value for 2034	USD 16.04 billion
Rice Cake Market Forecast CAGR for 2024 to 2034	2.7%

Historical Performance and Future Growth of the Rice Cake Market

In 2019, the global rice cake market showed a potential worth of USD 10.92 billion, according to a report from Future Market Insights (FMI). The rice cake market witnessed significant growth, registering a CAGR of 2.7% during the historical period 2019 to 2023.

Historical CAGR	2.30%
Forecast CAGR	2.70%

The path of economic growth highlights the enduring popularity of rice cakes as a convenient and nutritious snack option among consumers worldwide.

Rice cakes, made primarily from rice grains, are often related to health-conscious consumers substituting them with their traditional snack foods that are rich in calories and have processed ingredients. The low-calorie content, gluten-free nature, and versatility in flavorings have contributed to their widespread acceptance across diverse demographic groups.

The future growth prospects of the rice cake market remain positive, with a CAGR of 2.70% expected from 2019 to 2023. The predicted growth reflects the continued demand of consumers for convenient and healthy snack options and ongoing innovation and diversification efforts for the products within the industry.

Manufacturers widely capitalize on new trends such as clean labeling, organic ingredients, and exotic flavor profiles to attract new consumers and expand market share.

Key Factors Accelerating the Rice Cake Market

• A boom in prioritizing health-conscious eating habits is a significant factor in boosting the rice cake market. As consumers seek healthier snacks as their substitute, rice cakes, known for their low-calorie content and gluten-free nature, have become a nutritious option.
• Continuous innovation in rice cake flavors, textures, and formulations contributes to market acceleration.
• The introduction of new varieties of rice cakes, such as multigrain, organic, and flavored options, cater to the evolving needs of consumers and the taste preferences of the manufacturers.
• The enlargement of rice cake product lines to include functional ingredients like chia seeds, quinoa, and ancient grains that complement the economic growth by entreating health-conscious consumers seeking added nutritional benefits.

Key Factors Hindering the Rice Cake Market

• Consumers substitute rice cakes for trendy and innovative snack options, seeking variety and novelty in their snacking choices.
• Manufacturers address the challenge by discriminating their rice cake products through unique flavors, textures, and nutritional profiles to maintain consumer interest and loyalty.
• The perception of rice cakes as dry or lacking in texture may hinder market growth, particularly among consumers who prioritize taste and indulgence in their snack choices.
• Manufacturers analyze innovative flavor combinations, seasoning blends, and enhancement of textures and appeal to a broader consumer base and heighten the sensory experience of rice cakes.

Category-wise Insights

The below section shows the leading segment. Based on the nature, the conventional segment is accounted to hold a market share of 89.6% in 2024. Based on sales channels, the hypermarket/supermarket segment is accounted to hold a market share of 34.6% in 2024.

Conventional rice cakes are often produced using traditional methods and ingredients without the obligation for specialized processing or certification.

Hypermarkets and supermarkets offer a one-stop shopping destination for consumers and produce a diverse selection of rice cake brands, flavors, and packaging sizes.

Category	Market Share in 2024
Conventional	89.6%
Hypermarket/Supermarket	34.6%

Conventional Segment to Hold a Significant Share in the Market

Based on nature, the conventional segment is accounted to hold a market share of 89.6% in 2024. Conventional rice cakes refer to products produced using traditional methods and ingredients without specialized processing or organic certification.

The rice cakes are ordinarily available and are frequently priced competitively, making them accessible to a broad consumer base. The conventional segment appeals to consumers and seeks affordable and convenient snack options without specific dietary preferences or requirements.

Due to its large market share, the conventional segment pushes the economic growth and penetration of the rice cake market, catering to the demand of consumers for nutritious and tasty snacks.

Hypermarket/Supermarket Segment to Hold a Dominant Share in the Market

Based on sales channels, the hypermarket/supermarket segment is accounted to hold a market share of 34.6% in 2024. Hypermarkets and supermarkets are channels for rice cakes, offering consumers a broad array of brands and varieties under one roof.

The retail outlets provide a convenient shopping experience and captivate a large volume of foot traffic, enabling rice cake manufacturers to reach a broad audience of consumers. Hypermarkets and supermarkets often categorize promotional activities, discounts, and product displays that boost impulse purchases and boost sales of rice cakes.

With extensive reach and consumer appeal, hypermarkets and supermarkets are pivotal in distributing and marketing rice cakes, contributing significantly to market growth and visibility.

Country-wise Insights

The table mentions the top five countries ranked by revenue, with India holding the top position. The rice cake market holds a pivotal position in this section as it is considered a versatile snack option deeply ingrained in the culinary culture of the country.

Rice cakes are broadly enjoyed as street food snacks and are key ingredients in traditional sweets that cater to diverse tastes and dietary preferences across the nation.

Forecast CAGRs from 2024 to 2034

Countries	CAGR
United States	1.8%
Germany	2%
China	3.2%
Japan	4.1%
India	5.2%

Boost in Demand for Rice Cakes in the United States

The rice cake market is primarily used as a healthy snack that caters to consumers seeking convenient, low-calorie substitutes for traditional snacks. Rice cakes are popular as health-conscious individuals manage their weight or adopt a healthier lifestyle.

Rice cakes are often consumed as a guilt-free snack between meals or as a base for toppings such as nut butter, avocado, or hummus.

A Boom in Dietary Preference Lifestyle Upgrades the Market for Rice Cakes in Germany

The rice cake market in Germany is a versatile snack option suitable for different dietary preferences and lifestyles. Rice cakes are equally enjoyed as a light, crispy snack or paired with toppings such as cheese, jam, or vegetables.

Rice cakes are incorporated into savory dishes as a substitute for bread or crackers, adding crunch and texture to salads, soups, and appetizers. With their neutral flavor profile, rice cakes complement various ingredients, making them popular cuisine and snack culture in Germany.

Rice Cakes in China Intensify the Festive Culture of the Population

The rice cake market in China is majorly used as a traditional and cultural snack with deep-rooted significance. Rice cakes are symbolic as they are often associated with festivals, celebrations, and auspicious occasions.

For example- traditional rice cakes of China, such as nian gao (sticky rice cake) and bai tang gao (steamed rice cake), are heavily enjoyed during Lunar New Year festivities and other important holidays as symbols of prosperity, longevity, and good fortune.

Traditional and Contemporary Culinary Applications Impresses the Market in Japan

The rice cake market in Japan is used in various traditional and contemporary culinary applications, reflecting the rich cultural heritage and culinary diversity of the country.

For example- Conventional rice cakes of Japan, known as mochi, are used as a staple in their cuisine and are consumed year-round in various forms, broadly in sweet or savory dishes, soups, and confections. Mochi is often enjoyed during seasonal festivals and ceremonies, symbolizing purity, unity, and good luck.

Need for Rice Cakes as a Snack Option has pushed the Economic Growth in India

The market is utilized as a versatile snack option suitable for the diverse tastes of consumers and dietary preferences across the country. Rice cakes, are a popular street food snack enjoyed in various regional cuisines. They are often seasoned with spices, herbs, and condiments to create flavorful snacks such as bhel puri, chivda, and jhalmuri.

Competitive Landscape

Major manufacturers leverage brand recognition and extensive distribution networks in the rice cake market, while smaller brands focus on innovation and niche marketing strategies.

Key competitive factors are inclusive of product quality, flavor variety, pricing, and marketing efforts and target health-conscious consumers rooting for convenient and nutritious snack options. Some of the key developments are:

• In 2022, SanoRice Group disclosed a €30 million investment for addressing the global demand for popped rice, corn, and multi-grain cakes. The strategic move aimed to bolster production capacity and meet the market needs for healthy and convenient snack options.
• In 2020, Kellogg Company launched Rice Krispies Treats HOMESTYLE, which featured original and chocolate flavors, free from AI-generated content, aligned with consumer preferences for natural and wholesome snacks.

Key Coverage in the Rice Cake Industry Report

• Adjacent Study on Rice Cake Market
• India Rice Cake Market
• Rice Cake Market Size, Current Insights, and Demographic Trends
• Global Rice Cake Sales Market Opportunities
• Key Strategies in the Global Rice Cake Market

Report Scope

Attributes	Details
Estimated Market Size in 2024	USD 12.34 billion
Projected Market Valuation in 2034	USD 16.04 billion
Value-based CAGR 2024 to 2034	2.7%
Forecast Period	2024 to 2034
Historical Data Available for	2019 to 2023
Market Analysis	Value in USD billion
Key Regions Covered	North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa
Key Market Segments Covered	Type, Flavour, Nature, Distribution Channel, Region
Key Countries Profiled	The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel
Key Companies Profiled	Quaker Oats Company; Mars Incorporated; Element Snacks Inc; Lundberg; Tastemorr Snacks; Riso Gallo; Wangwang; General Mills Inc; Kellogg Co; Ricegrowers Ltd

Key Segments

By Type:

• Mochi
• Puffed Rice Cakes

By Flavor:

• Chocolate
• Apple Cinnamon
• Caramel
• Vanilla
• Others (beetroot, etc.)

By Nature:

• Organic
• Conventional

By Distribution Channel:

• Hypermarket/Supermarket
• Convenience Stores
• Departmental Stores
• Wholesale Stores
• Mass Grocery Retailers
• Independent Retailers
• Specialty Stores
• Online Retailers

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• East Asia
• Middle East and Africa

Frequently Asked Questions

What is the expected worth of the rice cake market in 2024?

As of 2024, the market for rice cakes is expected to be valued at USD 12.34 billion.

What is the market potential for rice cakes?

The rice cake market is projected to expand at a CAGR of 2.7% between 2024 and 2034.

Which nature type segment dominates the rice cake market?

The conventional segment is projected to dominate the industry.

What is the anticipated market value for rice cake in 2034?

By 2034, the market value of the rice cake is expected to reach USD 16.04 billion.

Which country is likely to dominate the rice cake market?

India is likely the top-performing market, with a CAGR of 5.2%.