The rice bran oil market is likely to be valued at US$ 7.94 billion in 2023 and is expected to be worth US$ 18.95 billion by 2033. The sales of rice bran oil are expected to register a CAGR of 9.09% during the forecast period.
The consumption of rice bran oil has increased as a result of its numerous health advantages. This is accelerating the market’s expansion in tandem with the growing demand for foods and beverages that are high in nutrients and low in fat.
Since rice bran oil contains more monounsaturated, polyunsaturated, and saturated fats compared to other vegetable oils, the World Health Organization (WHO) and the American Heart Association have recommended its use.
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This oil has become a crucial ingredient in the cosmetics and pharmaceutical sectors because it includes oryzanol, which promotes hair development, shields the skin from UV radiation, and delays the signs of aging.
Rapid urbanization, rising disposable incomes, shifting lifestyles, active marketing campaigns by manufacturers, and expanding penetration in both established and emerging economies are further important drivers driving the market’s expansion.
Key Takeaways
- Due to several emerging rice-producing nations including Japan, India, and China, the Asia Pacific region is predicted to hold a significant share of the global rice bran oil market. In 2020, the market in Asia Pacific was valued at US$ 4.68 billion, and in the years to come, it is anticipated to take a commanding share of the market.
- North America is anticipated to experience rapid growth during the forecast period. Key manufacturers are also increasing their investments in expanding areas like Europe and North America by releasing new products, which may fuel the industry’s expansion.
- Over the projection period, the online segment is anticipated to register a CAGR of 5.59%. The expansion of this market is being driven by the popularity of e-commerce websites and surging manufacturers creating their websites. Additionally, higher consumer disposable income and higher living standards, particularly in developing regions, are likely to increase product sales via online channels.
- Market growth is anticipated to be aided by the increased demand for nutrient-dense food components and changing dietary habits, driving the market share of the food and beverage segment.
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Competitive Landscape
The market for rice bran oil has a highly fragmented competitive environment, with numerous regional and local competitors vying to gain market share. The top producers in the international market are Adani Wilmar and Cargill, Inc. To expand their market position, top corporations are forming joint ventures. For instance, to expand their footprint in other nations like Singapore and promote their products to a wider client base, Adani Group formed a 50-50 joint venture with Wilmar International. As a result, the market share of these oil producers has grown recently in both developed and emerging nations.
Latest Developments
N.K. Proteins Pvt Ltd., an Indian business, announced in June 2021 to introduce the brand ‘Tirupati’ to the market to appeal to health-conscious consumers.
August 2019 – The United States-based corporation Cargill, Incorporated announced the expansion of Gemini’s current rice bran oil product line. Gamma oryzanol is claimed to be 40% more abundant in the product than in other standard oils.
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Key Segments
By Type:
- Organic
- Non-organic
End User:
- Food and Beverages
- Industrial Application
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- The Middle East & Africa (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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