According to a recent report by Future Market Insights, total sales of the rice milk market are estimated to reach a valuation of US$ 614.3 Mn in 2022, surging at a 6.2% CAGR over the assessment period.
Rice milk has a flavor, taste, and texture that is very similar to cow’s milk, emerging as one of the most preferred plant-based milk substitutes. Increasing demand for dairy alternatives among lactose-intolerant and nut-intolerant consumer’s individuals will drive the market in the forthcoming years.
In addition to this, increasing adoption of functional diets such as keto, vegan, and gluten-free will continue boosting sales of rice milk over the forecast period.
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Rice milk is an excellent substitute for those who are allergic to dairy, vegan, or are lactose intolerant. It is also a fat-free option for health-conscious consumers. Rice milk powder is also being incorporated into baked goods, snacks, confectioneries, and beverages. Backed by the aforementioned factors, sales of rice milk will remain high over the assessment period.
“Rising awareness regarding the functional benefits of rice milk, along with increasing incorporation of rice milk powder in infant food and nutraceuticals will continue augmenting the growth in the market,” says an FMI analyst.
Key Takeaways:
- Demand in the U.S. rice milk market is poised to surge at a 4.2% CAGR over the forecast period.
- Malaysia will emerge as a lucrative pocket in the South Asia rice milk market, with sales growing at a 9,8% CAGR through 2032.
- Based on form, demand for rice milk powder will continue gaining momentum.
- In terms of end use, the food & beverage segment will account for a dominant share in the global market.
- By distribution channel, sales of rice milk through online channels will remain high.
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Competition Landscape
Key players operating in the global rice milk market are investing in partnerships and collaborations to improve their global presence. They are also launching clean-label and non-GMO products to gain a competitive edge in the market. For instance:
Vinamilk, a popular dairy company based in Vietnam, launched a plant-based drink with rice as the main ingredient in August 2019.
Who is Winning?
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
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Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of rice milk presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the rice milk is based on form (powder and liquid), source (organic and conventional), end use (food & beverages, nutraceuticals and baby food, personal care, and pharmaceuticals), and distribution channel (supermarket/hypermarket, convenience stores, food specialty stores, online retailers, and Others) across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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