Market Overview
Rice milk is grain milk produced by pressing the rice between several rolls for extracting the milk. Brown rice is usually preferred due to its high carbohydrate content. Rice milk has gained traction due to being fortified with ample and balanced amount of minerals and vitamins. Its low-fat content as well as negligible amount of lactose can find many takers. The global rice milk market report by Market Research Future (MRFR) outlines a detailed and comprehensive overview keeping in mind the various factors, drivers, and challenges. This can assist investors as well as new entrants in making a wise decision.
Market Outlook
The global rice milk market is poised to reach a value of USD 1,219 million by 2023. It can exhibit a CAGR of 5.9% from 2018 to 2023 (forecast period). It stood at USD 868 million in 2017. Increasing cases of lactose intolerance is one of the primary drivers of the market. Certain ethnic groups are unable to digest milk and other dairy products prompting the need for dairy-free items. The self-diagnosis of lactose intolerance cases can drive the market volume till the end of the forecast period.
The onset of veganism as well as its inclination by various customers is likely to spark market demand due to rice milk being a dairy substitute. Entry of various brands offering rice milk in different flavors can spark sales and drive the overall market revenue.
Segmental Analysis
The global rice milk market is segmented by form, category, and distribution channel.
By form, it is segmented into liquid and powder. The liquid segment had accounted for the lion’s share of the global rice milk market due to its use in cereals, desserts, and smoothies. The inherent characteristics of rice milk in eliminating waste and lowering cholesterol levels in the body can drive the global rice milk market demand during the forecast period.
By category, it is segmented into conventional and organic. The conventional segment is predicted to continue dominating the market till 2023 due to the continuous use of conventionally produced rice milk in desserts and beverages. However, the organic segment may experience a windfall and contribute greatly to the overall rice milk market revenue. Awareness of the product as well as inclination towards organic products can drive the segment growth over the forecast timespan.
By distribution channel, it is segmented into store-based and non-store based. Convenience stores, hypermarkets & supermarkets, and others are segments subsumed within the store-based segment. On the other hand, the non-store-based segment consists e-commerce. The store-based segment is expected to be dominant due to the wide distribution network of supermarket and hypermarket chains across countries. On the other hand, the non-store-based segment is projected to register a stellar CAGR during the forecast period due to the successful proliferation of ecommerce stores. The inclination for shopping online by customers can be a potential driver of the segment.
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Regional Analysis
Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW) are regions taken into consideration in the compilation of the global rice milk market report.
North America is likely to retain the top position in the global market till 2023 due to increasing preference for vegan food and beverages and rising numbers of lactose intolerant customers. Europe, on the other hand, is projected to capture a significant market share due to rising adoption of vegan diets among customers.
The APAC region is likely to register the highest CAGR during the forecast period due to the large potential in China and India. The use of rice milk as viable substitutes for dairy milk in beverages, foods, and desserts can drive the regional market growth. Awareness of the products can facilitate regional rice milk market growth.
Competitive Analysis
Major industry participants in the global rice milk market include Nature's Choice Pty Ltd, Panos Brands, LLC, SunOpta, Inc., The Bridge S.R.L., Fine Japan Co., Ltd., Campbell Soup Company, The Hain Celestial Group, Pureharvest, Vitasoy Australia Products Pty Ltd, WhiteWave Foods, and others.
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