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% |
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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.
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% |
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.
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.
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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% |
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.
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.
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.
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.
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.
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:
| 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 |
As of 2024, the market for rice cakes is expected to be valued at USD 12.34 billion.
The rice cake market is projected to expand at a CAGR of 2.7% between 2024 and 2034.
The conventional segment is projected to dominate the industry.
By 2034, the market value of the rice cake is expected to reach USD 16.04 billion.
India is likely the top-performing market, with a CAGR of 5.2%.
| Estimated Industry Size (2024E) | USD 417.5 million |
|---|---|
| Projected Industry Value (2034F) | USD 807.4 million |
| Value-based CAGR (2024 to 2034) | 6.8% |
| Market Valuation (2023) | USD 0.639 billion |
|---|---|
| Market Valuation (2033) | USD 1.3 billion |
| Market CAGR (2023 to 2033) | 6% |
| Market Estimated Size (2023) | USD 7.94 billion |
|---|---|
| Market Forecasted Size (2033) | USD 18.95 billion |
| Market CAGR (2023 to 2033) | 9.09% |
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