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Rice Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global rice products market was valued at USD 221.5 billion in 2021 and is projected to expand at a CAGR of 5.2% from 2022 to 2029. Rice is a staple food in many countries, and its consumption has been increasing due to the increasing population, rising health consciousness, and changing dietary patterns. The growing demand for convenience foods has also driven the demand for rice products. Furthermore, the rising demand for packaged rice and rice-based snacks is expected to further boost the growth of the market.
The market for rice products is mainly driven by increasing health awareness among consumers, which has led to an increase in the demand for healthy and nutritious food. Rice and its products are a rich source of carbohydrates, proteins, and essential amino acids. The demand for functional and nutritious food is expected to propel the growth of the market in the coming years. Furthermore, the increasing popularity of ready-to-eat meals is also expected to drive the demand for rice products.
The demand for organic rice is also increasing due to the rising awareness of its health benefits, such as its high nutrient content, low-fat content, and low glycemic index. The organic rice segment is expected to register the fastest growth during the forecast period. Additionally, the growing popularity of brown rice is also expected to contribute to the market growth.
The increasing number of foodservice outlets, such as restaurants and hotels, is expected to augment the demand for rice. Furthermore, the increasing demand for rice-based snacks, such as chips, puffs, and biscuits, is expected to drive the market growth. The rising awareness about the benefits of rice puffs and their increasing availability in retail stores is expected to drive the growth of the market.
In addition, the increasing demand for convenience foods is expected to further drive the market growth. Consumers are now opting for ready-to-eat meals, which are easy to prepare and consume. This has led to an increase in the demand for processed and packaged rice products. Furthermore, the increasing popularity of frozen and microwaveable meals is expected to drive the growth of the market.
Product Insights
The white rice segment dominated the market and accounted for a share of over 54% in 2020. Growing demand for white rice due to its low cost, higher nutrient levels, and longer shelf life is the primary factor driving the segment growth. Additionally, increasing health consciousness among consumers and rising demand for healthier diets are boosting the demand for white rice. According to an article published by the International Rice Research Institute, in March 2020, white rice is the most widely consumed rice variety and the most important cereal crop in the world.
Organic rice products are expected to register the highest CAGR of 7.6% over the forecast period. Growing consumer awareness regarding the health benefits of organic products and increasing consumer inclination toward organic foods are some of the factors driving the segment growth. In addition, growing consumer preference for food products with natural ingredients and increasing demand for organic rice due to its high nutritional value are contributing to the segment growth.
Distribution Channel Insights
The supermarkets and hypermarkets segment accounted for the largest share of 57.0% in 2022. Supermarkets and hypermarkets are the major contributors to the growth of the segment, as they offer a wide variety of rice products. These stores also provide convenience to customers, as they are easily available and offer discounts on purchase. In addition, supermarkets and hypermarkets also offer ready-to-eat rice meals, which is driving the growth of the segment.
The online segment is anticipated to expand at the highest CAGR of 12.9% over the forecast period. The rising popularity of e-commerce platforms and the convenience of online shopping are driving the growth of the segment. Online retailers offer a wide variety of rice products and discounts on purchase. Also, they provide free shipping and doorstep delivery of the products.
Type Insights
The white rice segment is estimated to account for the largest revenue share of 54.1% in the year 2022, owing to the increasing consumer preference for white rice. The white rice segment is further sub-divided into categories such as long grain, short grain, fragrant, parboiled, and others. Among these categories, long grain rice is the most popular and accounts for the highest revenue share in the market due to its various health benefits. Furthermore, the rising demand for ready-to-eat meals, snacks, and other food items made with white rice is also driving the growth of the segment.
The brown rice segment is expected to expand at the highest CAGR of 6.2% over the forecast period. This is attributed to the increasing awareness among consumers regarding the health benefits of brown rice, such as it is rich in fiber and protein. Furthermore, the increasing inclination toward organic products is also driving the demand for brown rice. For instance, in May 2022, Lundberg Family Farms, a major U.S. supplier of organic, specialty, and gluten-free rice products, launched a new line of organic brown rice.
Regional Insights
Asia Pacific dominated the global rice products market and accounted for the largest revenue share of over 50% in 2021. The rising demand for rice products in countries such as India, Indonesia, Japan, China, and South Korea is driving the growth of the market in the region. Moreover, the increasing preference for convenience foods and the rising trend of ready-to-cook/eat products are further expected to spur the demand for rice products in the near future.
Europe is expected to witness significant growth in the coming years, owing to the increasing demand for convenience foods and increasing disposable income of consumers. Moreover, the presence of prominent players such as Nestle SA and Unilever plc in the region is expected to further drive the growth of the regional market. For instance, in March 2021, Nestle SA introduced its range of ready-to-eat rice products, which are expected to boost the demand for these products in the near future.
Financial Projections
In this part of the rice 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 product business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a rice products business comes from the sales of rice, as well as other related products, such as rice flour, rice noodles, and other products. Here you will find a list with a description of each of them and other possible sources of profit such as online sales, delivery services, and catering services.
Projecting Expenses
In this section, all the regular expenses related to keeping the rice products business running will be described. The list of operating expenses includes rent, wages, utilities, insurance policies, advertising, packaging and delivery costs, and others.
Key companies & market share insights
Some of the key companies operating in the Rice Products 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, SunRice launched new varieties of ready-to-eat rice meals, such as ‘Coconut Rice’ and ‘Spicy Tomato Rice’.
– In August 2022, Nissin Foods launched a new range of ‘Fried Rice’ with various flavors, such as ‘Teriyaki Chicken’, ‘Beef Curry’, ‘Tomato Curry’ and ‘Vegetable Curry’.
– In October 2022, Tohato launched new varieties of ‘Flavored Rice Crackers’, such as ‘Seaweed’, ‘Soy Sauce’, ‘Teriyaki’, and ‘Wasabi’.
Some of the prominent players in the Rice Products market include:
– SunRice
– Nissin Foods
– Marubeni Corporation
– Oryza
– Tohato
– Nongshim Co., Ltd.
– Daesang Corporation
– Nippon Flour Mills Co., Ltd.
– KAGOME Co., Ltd.
– Lianhuaqingwen Co., Ltd.
Global Rice 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 products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Basmati Rice
– Non-Basmati Rice
– Rice Flour
– Rice Bran
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Organic
– Conventional
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Major Drivers of the Global Rice Products Market?
[A]: The major drivers of the global rice products market are rising health awareness among consumers, increasing demand for convenience and ready-to-eat food products, and growing population in emerging markets. Furthermore, the rise in demand for healthy, organic, and gluten-free rice products is expected to fuel market growth.
[Q]: Which Regions Have the Highest Consumption of Rice Products?
[A]: Asia-Pacific is the leading region in terms of rice consumption, followed by North America and Europe. Asia-Pacific is expected to remain the largest market for rice products, as the region is a major producer and consumer of rice.
[Q]: What are the Different Types of Rice Products?
[A]: The different types of rice products include white rice, parboiled rice, brown rice, jasmine rice, basmati rice, and wild rice.
[Q]: What are the Different End-Use Industries of Rice Products?
[A]: The different end-use industries of rice products include food & beverage, bakery & confectionery, pharmaceuticals, and animal feed.
[Q]: What are the Key Strategies Adopted by Market Players?
[A]: Key strategies adopted by market players include product innovation and new product launches, strategic mergers & acquisitions, and strategic collaborations & partnerships. These strategies help market players to increase their presence in the global rice products 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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