The rice milk market is capturing a valuation of USD 0.639 billion in 2023 and is predicted to reach USD 1.3 billion by 2033. The market is registering a CAGR of 6% during the forecast period.
Rice milk contains unsaturated fats, which help lower cholesterol levels in the blood. Vitamin B6 is also beneficial to heart health. Rice milk contains a high concentration of antioxidants, which aid in preventing various infections and diseases. Backed by these factors, consumer demand for rice milk is projected to gain traction.
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Rice milk is an excellent substitute for those who are allergic to dairy, vegan, or lactose intolerant. Dairy-free rice milk provides a fat-free option for health-conscious individuals. Regarding forming, rice milk is available in powder and liquid forms, with the powder milk segment dominating the market. Rice milk powder is primarily used in the food processing industry for various applications. It is also used in bakeries, snacks, confectioneries, and beverages.
Non-GMO and organic food products are gaining popularity worldwide due to their health benefits. As a result, food manufacturers are expanding their portfolios to include organic and non-GMO products. This trend has boosted demand for organic rice milk, and manufacturers are frequently launching new offerings to cater to the growing demand.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 6% |
| Market Valuation (2023) | USD 0.639 billion |
| Market Valuation (2033) | USD 1.3 billion |
Sales of rice milk are projected to record a 6% CAGR over the forecast period, compared with the 2.4% CAGR registered between 2018 to 2022.
Rice milk has a flavor, taste, and texture similar to cow's milk. It is regarded as one of the better plant-based substitutes for dairy milk. Increasing preference for dairy alternatives among lactose-intolerant and nut-intolerant consumers is estimated to drive sales of rice milk in the forthcoming years.
In recent years, the incidence of lactose intolerance has increased among consumers. Lactose-free milk and milk products are in high demand across the globe.
Rice milk is naturally lactose-free, has comparable levels of vitamins, calcium, and fats, and contains fewer calories and carbohydrates. Rising demand for lactose-free products is estimated to fuel the growth of the rice milk market in the forthcoming years.
Increasing Demand for Rice Milk Powder in the Bakery Sector boosts Sales
The powder form of rice milk is a convenient method for formulating final products and extracting them from rice grains. The powder from the segment is estimated to capture a share of 8.5% of the global market during the forecast period.
According to various studies, rice milk powders are suitable for glutton-free and non-GMO diets. Digestive enzymes present in powdered rice milk help create a higher rate of work and absorption well for vegan diet lifestyles.
Demand for Rice Milk in the food & Beverage Sector Remain High Worldwide
Regarding end use, the food & beverage segment is expected to account for the lion's market share in the forthcoming years. Increasing the incorporation of rice milk powder in baked goods and functional beverages is estimated to continue driving sales in this segment.
Surging demand for dairy alternatives among the vegan population is estimated to augment growth in this segment over the forecast period. Food & beverages are estimated to secure a share of 21.5% in the global market during the forecast period.
Growing Trend of Digital Retail is estimated to Propel Sales of Rice Milk Online
By distribution channel, sales in the online store's segment continue gaining traction over the assessment period. Growth can be attributed to the wide availability of various alternative dairy products at reduced prices. Cost-effectiveness, quick accessibility, and expansion in the e-commerce sector are estimated to fuel sales in this segment in the forthcoming years.
Increasing Preference for Organic Rice Milk is estimated to Fuel Growth
Sales in the United States are slated to register a CAGR of 4.2% over the forecast period. Owing to a rising consumer preference for non-dairy or cereal milk products. The presence of a robust food and beverage sector in the country is estimated to push total sales past USD 157.2 million by 2032.
The key companies in the United States are continuously innovating new products to expand the market size. These companies are presenting unique products to change consumers' preferences and demands. The rising concerns about health and promoting sustainability are fueling the market in the country.
Surging Trend of Veganism in Malaysia is Boosting Sales of Unsweetened Rice Milk
Demand for rice milk in Malaysia is expected to thrive at a CAGR of 9.8% during the forecast period. The growing popularity of functional diets such as vegan and gluten-free are spurring demand for dairy alternatives. This is estimated to continue boosting sales of rice milk in the country in the forthcoming years.
| Country | United States |
|---|---|
| CAGR % From 2017 to 2022 | 6.2% |
| CAGR % 2033 to End of Forecast (2033) | 7.8% |
India is one of the significant countries in the global market that secure a CAGR of 7.8% during the forecast period. The rising demand for plant-based beverages, sustainability, and promoting non-toxic beverages is increasing the adoption of rice milk. India is high in producing rice and related food & beverages around the globe.
The rising lactose intolerance, dietary preferences, and vegan and plant-based supplements fuel the Indian rice milk market growth. The rising consumer awareness of health, increasing vegetarian population, and dairy alternatives are expanding the market in the country.
Several domestic and international brands are entered the Indian market by the rising popularity of plant-based beverages. The rising e-commerce, online, and offline retailers stores attract consumers and increase sales volume.
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Manufacturers expand the global market in several ways are:
These are a few steps and ways to expand the global market by manufacturers.
The global market offers numerous opportunities for small manufacturers and start-ups to develop cost-effective solutions for producing rice milk products. Mergers, acquisitions, and collaborations aimed at product portfolio expansion are estimated to remain the prominent strategies key market players adopt.
The market is highly competitive, with these prominent players investing millions in research and development activities. They are launching improved and advanced products to carry out maximum revenue.
A Few of the Key Companies in the Global Market are:
Recent Developments in the Global Market are:
In 2022, Ebro Foods launched its plant-based rice milk with 100% natural ingredients. The company offers 16% of rice content in the beverage and is free from artificial sugar and ingredients.
In 2021, Linda McCartney announced its newly launched plant-based rice milk product. The company offers plant-based rice milk beverages with a wide range of varieties, including organic soya, barista style organic coconut, and organic rice.
Danone announced in December 2019 that it had participated in a funding round for the plant-based company Halsa Foods. Halsa Foods manufactures a wide range of dairy substitute products in the United States.
In 2019, Nutra Organics Pty Ltd announced its adoption of sustainable beverage packaging methods. This packaging system enhances the quality of beverages and maintains over 26 weeks.
In 2020, Danone Group announced its new investment deal of USD 35.51 million with Alpro. This investment increases the business portfolio of plant-based beverages and reaches new markets.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | United States, United Kingdom, Japan, India, China, Australia, Germany |
| Key Segments Covered | Solution, End Use, Region |
| Key Companies Profiled | Stremicks Heritage FoodsTM, LLC; Essona Organics, Inc; Nutra Organics; Danone; The Hain Celestial Group, Inc; Campbell Soup Company; Nature's Choice; PANOS brands; VitaRice Australia Products Pty Ltd; Pureharvest Pty ltd; freedom foods group Ltd; OKF Corporation; The Italian Way; RITA FOOD and DRINK CO., LTD; Fine Japan Co. Ltd.; Nutriops S.L; BSCM Foods Co., Ltd.; RISO SCOTTI S.p.A.; Dinavedic; Axiom foods inc |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
North America to retain its top position with 61.2% of the total consumption in 2022.
The global market is forecasted to develop at a promising 6% CAGR through 2033.
The total demand in 2023, in terms of market value, maybe around USD 0.639 billion.
Growing cholesterol reducing products is expected to drive the rice milk demand.
The powdered form of rice milk is in high demand and could exhibit an 8.5% CAGR through 2033.
| Valuation for 2024 | USD 20.1 billion |
|---|---|
| Valuation for 2034 | USD 47.9 billion |
| CAGR from 2024 to 2034 | 9.1% |
| Market Valuation (2023) | USD 3,511.20 million |
|---|---|
| Market Valuation (2033) | USD 6,529.38 million |
| Market CAGR (2023 to 2033) | 6.4% |
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