The rice milk market is valued at US$ 0.639 billion in 2023 and is expected to grow to US$ 1.3 billion by 2033. During the projection period, the market will grow at a CAGR of 6%.
Rice milk has a comparable flavour, taste, and texture to cow’s milk, making it one of the most popular plant-based milk alternatives. In the next years, the market will be driven by rising demand for dairy substitutes among lactose-intolerant and nut-intolerant consumers.
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.
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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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 to 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).
Rice Milk Market by Category
By Distribution Channel:
- Supermarket & Hypermarket
- Online Retails
- Others
By Form:
- Powder
- Liquid
By Source:
- Organic
- Conventional
By End Use:
- Food & Beverages
- Nutraceuticals & Baby Food
- Personal Care
- Pharmaceuticals
- Others
By Region:
- North America
- Europe
- Latin America
- Asia Pacific
- The Middle East and Africa
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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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