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Rice Bran Oil Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global rice bran oil products market was valued at USD 3.3 billion in 2021 and is expected to register a CAGR of 7.5% from 2022 to 2030. Rice bran oil is a popular cooking oil that is gaining traction due to its numerous health benefits. It is rich in antioxidants and omega-3 fatty acids, and is also known to reduce cholesterol levels. This is driving its demand among health-conscious consumers and is expected to support the market growth over the forecast period.
Rice bran oil is widely used in various cuisines across the world. It is a preferred cooking oil due to its neutral flavor and mild aroma. Moreover, the oil is also used in cosmetics and personal care products like soaps and skin care creams, owing to its moisturizing and anti-aging properties. Furthermore, the increasing demand for organic and natural products is driving the demand for rice bran oil products.
The rising demand for convenience food is driving the demand for ready-to-eat food products, which in turn is projected to propel the market growth over the forecast period. Moreover, the growing health-consciousness among consumers is leading to an increased demand for healthy cooking oils, such as rice bran oil. Furthermore, the increasing awareness regarding the health implications of consuming trans fatty acids is encouraging consumers to switch to healthier alternatives. This is further expected to support the market growth.
Key players in the market are focusing on launching new products to cater to the increasing demand from consumers. For instance, in January 2021, Cargill’s NatureSeal rice bran oil was launched in the United States. The product is a blend of rice bran oil and sunflower oil and is a healthier alternative to other cooking oils. Furthermore, the manufacturers are focusing on product packaging to make it more appealing to consumers. For instance, in December 2020, Marico India launched a new packaging for its Saffola Gold Rice Bran Oil, which is in the form of an easy-to-pour dispenser. This allows consumers to measure the amount of oil accurately and prevents wastage.
Product Insights
Rice bran oil is anticipated to witness the highest CAGR of 4.2% over the forecast period. The oil is extracted from the outer layer of brown rice, which is the outermost layer of the grain. Rice bran oil is highly preferred in the food industry due to its rich nutrient properties, such as omega-6 and omega-9 fatty acids. It is also used for various applications, such as skin and hair care products, due to its high vitamin E content. According to an article published by Medical News Today, in May 2019, rice bran oil has anti-inflammatory properties, which makes it a great ingredient for various skin care products. Furthermore, the growing popularity of the product in various food applications such as baking, deep-frying, and sautéing is further driving the market growth.
Distribution Channel Insights
The offline segment accounted for the largest share of the rice bran oil products market in 2022. The segment is estimated to dominate the market throughout the forecast period. The offline distribution channel has a large share in the rice bran oil products market, as it provides consumers with a vast range of product selection, attractive prices, and convenience. Supermarkets & hypermarkets, convenience stores, and specialty stores are major distribution channels in the offline segment.
The online segment is estimated to register the highest CAGR during the forecast period. The trend of online shopping is increasing, due to the increasing penetration of the internet, particularly in developing countries. Online platforms such as Amazon, Flipkart, and Alibaba are the major online retail channels for rice bran oil products. Moreover, the availability of discounts, offers, and free delivery services provides convenience to the customers, thus driving the segment’s growth.
Type Insights
The refined segment accounted for the largest share of more than 75.0% in the year 2022. The refined rice bran oil is widely used in cooking and is also used as a base oil in personal care products. The refined rice bran oil is also used in the production of bio-diesel, as it is a non-edible oil. The growing demand for bio-diesel for various applications such as in the automotive and industrial segments is driving the demand for refined rice bran oil. The biodiesel industry is expected to witness significant growth over the forecast period, owing to the increasing government support for the development of bio-fuel.
The unrefined segment is anticipated to register the highest CAGR of 9.5% over the forecast period. Unrefined rice bran oil is gaining significant traction in the market, owing to its health benefits such as high antioxidant content, high smoke point, and low cholesterol. It is also used as a moisturizing agent in the personal care industry. In addition, the growing demand for natural ingredients in the personal care industry is expected to drive the unrefined segment of the rice bran oil market.
Regional Insights
Asia Pacific dominated the market and accounted for the largest revenue share of over 38.6% in 2022. This is mainly attributed to the rising demand for rice bran oil in China, India, and Japan, where the edible oil is largely used in the kitchen due to its high nutritional value. Additionally, the development of the food and beverage sector in the region has further fueled the growth of the market. For instance, in March 2021, China’s food and beverage sector recorded a growth of 11.9% year-on-year.
Europe is expected to witness the second-fastest growth in the coming years. This is mainly owing to the increasing popularity of traditional cooking oils in the region. Additionally, the presence of major players, such as Cargill, Bunge, and DowDuPont, in the region is further expected to drive the demand for rice bran oil. For instance, in December 2020, Bunge launched a food-grade rice bran oil in the UK and Ireland.
Financial Projections
In this part of the Rice Bran Oil Products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your Rice Bran Oil Products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a Rice Bran Oil Products business comes from the sale of products such as oil, ointments, creams, and capsules. Additionally, there is potential for profit through contract manufacturing, export sales, and bulk orders.
Projecting Expenses
In this section, all the regular expenses related to keeping the Rice Bran Oil Products business running will be described. The list of operating expenses includes salaries, raw materials, taxes, marketing expenses, rent and utilities, insurance policies, and other miscellaneous expenses.
Key companies & market share insights
Some of the major companies operating in the Rice Bran Oil market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Cargill Inc. launched the Nature Pure rice bran oil, which is made from high-quality rice bran and is rich in antioxidants.
– In August 2022, Bunge Limited launched the Glorice rice bran oil. This oil is made from 100% natural ingredients and has a high-quality taste.
– In October 2022, Wilmar International launched the Nutri-Plus rice bran oil. This oil is made from 100% pure rice bran and is high in antioxidants.
Some of the prominent players in the Rice Bran Oil market include:
– Cargill Inc.
– Bunge Limited
– Wilmar International
– Adani Wilmar Limited
– K S Oils Limited
– Marico Limited
– Ruchi Soya Industries Limited
– Adani Group
– Godrej Agrovet Limited
– Agrigold Oils Limited
Global Rice Bran Oil Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global rice bran oil products market based on type, application, distribution channel, and region:
1. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Refined Rice Bran Oil
– Unrefined Rice Bran Oil
2. Application Outlook (Revenue, USD Million, 2017 – 2030)
– Food
– Pharmaceuticals
– Cosmetics
– Animal Feed
3. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Retail Stores
– Others
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Outlook for Rice Bran Oil?
[A]: The global market for rice bran oil is projected to witness a significant growth during the forecast period due to its increasing demand in various industries such as food, cosmetics, nutraceuticals, and pharmaceuticals. The increasing demand for natural ingredients in food and cosmetic industries has resulted in the production of various products containing rice bran oil, which is expected to boost the growth of the market. Additionally, the growing number of health conscious consumers is another key factor driving the growth of the market.
[Q]: Who are the Key Players in the Rice Bran Oil Market?
[A]: Major players in the global rice bran oil market include Wilmar International, Cargill, Incorporated, Ruchi Soya Industries Limited, Adani Wilmar Limited, AAK AB, Adani Wilmar Limited, Bunge Limited, and others.
[Q]: What are the factors driving the rice bran oil market?
[A]: Growing demand for natural ingredients, increasing health awareness among consumers, and the growing demand for vegan foods are the key factors driving the growth of the rice bran oil market.
[Q]: Which Region Offers the Largest Opportunity for Sales of Rice Bran Oil?
[A]: Asia Pacific is expected to be the largest market for rice bran oil, due to its large population, increasing health awareness, and growing demand for healthy food products.
[Q]: What is the Potential for Product Innovation?
[A]: The introduction of innovative products is expected to create a lucrative opportunity for the growth of the rice bran oil market. Companies are focusing on introducing new products with health-beneficial components to gain market share and meet customer demands. Furthermore, companies are also investing in research and development activities to introduce new products in the market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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