Rice Snacks Market - 2023-2030

Overview

Global Rice Snacks Market reached US$ 6.48 billion in 2022 and is expected to reach US$ 9.72 billion by 2030, growing with a CAGR of 5.2% during the forecast period 2023-2030.

The growing health consciousness among people is resulting in the discovery of various healthy products. With hectic lifestyles, consumers adopt healthy snack products to meet their daily dietary requirements. The use of high-quality and healthy ingredients by consumers and manufacturers in producing various snacks drives market growth.

The gluten-free structure of rice makes it ideal for consumers suffering from celiac disease to consume these products. The rice snacks help satisfy the conditions of dietary restrictions of the health-concerned consumers. Rice snack is a vegan product in the gluten-free and low-carb category. The wider accessibility of these snack products in offline and online sales channel fuel market growth.

The various acquisitions and new product developments from the key market players are positively affecting the market growth. For instance, in February 2023, Pirate's Booty, a kids' snacks brand, announced the launch of its new product, Crunch Attack Rica and Corn Puffs. The launch of these gluten-free kids' puffs increased this product's expansion in the market.

Dynamics

Growing Demand for Healthy Snacks

Rice cakes and rice crackers have increased in popularity among consumers due to their taste and nutritious profile. Using aromatic spices and flavorful herbs makes this product provide a satisfying snacking experience. Healthy snacking is gaining popularity. According to the National Institute of Health, in an adult American diet, snacks are attributed to providing 22% of the total energy intake.

The wide range availability of different shapes and tastes of rice snacks provides customers a healthier option than conventional fried snacks. The innovative and healthy products by the top players of the market increase the demand for rice snacks in the market. Launching low-sugar and low-sodium snacks into the market drives market growth.

Rising Consumer Awareness

Consumers around the world are becoming health-conscious and demanding healthy food products. With the increased demand for nutritious snacks, manufacturers are developing rice-based products to meet the demand for nutrient-rich products. The increased consumer awareness regarding the health benefits of rice-based snack products positively impacts market growth.

Rice snacks are suitable for physical and mental health. The rich fibre and lower inflammation properties of this grain increase its nutritional profile. They enhance digestion and provide health benefits. According to the American Academy of Allergy, Asthma and Immunology, the condition of gluten intolerance is observed to be affecting around 4% of the worldwide population. Rice being gluten-free has a greater demand for people looking for gluten-free products.

High Competition and Price Fluctuations

The global rice snack market faces restraining factors that can impact market growth. The shortage in the rice and other ingredients of the products increase their prices. The price fluctuations of the raw materials used in the preparation of the these product may effect the entire production costs. The use of natural ingredients in product production can be a greater challenge to process due to its delicate properties.

Maintaining standard product taste and quality can be hindering factors then the produced is produced without any chemical additives and artificial preservatives. The use of advanced processing techniques by the manufacturers may result in the high production costs, incresing the price of final product. In addition, the increasing competition in the market with the new entries and expansion of exsiting product lines may decrese the income of the companies.

Segment Analysis

The global rice snacks market is segmented based on type, product, nature, age group, distribution channel and region.

Growing Demand Among all Age Groups

The global rice snacks market is segmented based on the product type into rice cakes, crisps, crackers, biscuits, chips and others. The rice cake segment accounted for the higher share value due to the increased demand for these products as healthy dessert options. Cake is all-time favourite dessert for all age groups. With the increased trend of healthy eating, manufacturers are developing healthy cakes with the help of various nutritious flours like rice.

The wide flavors availability in the segement drives its expansion. The innovative product launches and availability of products with 1 serve along with the incresed adverstitements increase the segment demand. With the incresing demand for these products, many manufacturers are investing in the expansion of this business. For instance, SanoRice Group announced to invest in the rice and multigrain cakes, market, in May 2022, in order to expand the availability of products to meet the growing demand.

Geographical Penetration

Increased Consumption of Conveninece Products

The Asia-Pacific region accounts for the heightened share of the global rice snacks market. High production and consumption of rice and rice-based products in the countries of this region drive market growth. According to USDA, India attributed the production of about 1,36,000 MT of rice in 2022-2023 and has a total harvest attribution of about 4.28 MT/HA.

Rapid urbanization and increasing snacking habits among all age groups drive market growth. Busy lifestyles and increased demand for healthy snack products by the consumers of this region boost market expansion. Increasing production and consumption of convenience rice-based food products fuel the expansion of the market. The rise in working population is demanding more for snacking choices.

Many local brands are famous for traditional rice-based snacks in the Asian market. Rice-based snacks like rice papad, peanut rice cake and rice culet are always popular rice-based snacks in the Indian market. With the improvements in technological advancements, manufacturers are offering several varieties of rice snacks.

Competitive Landscape

The major global players in the market include Pepsico Inc, Kellogg's, Element Snacks Inc, General Mills, Kameda Seika Co. Ltd, Blue Diamond Growers, Lundberg Family Farms, Topco Associates LLC, Nestle S.A. and Ricegrowers.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic moderately impacted the global rice snacks market. The decreased production and availability of rice and other raw materials impacted product production. In addition, the labour shortages also halted production at the industrial level. The strict regulations from the government resulted in the shutdown of many manufacturing industries.

There was also a disruption in the supply chain activities that reduced economic activity. The import and export restrictions halted production. On the other hand, packed and convenient healthy food products were in demand during the pandemic. People became health conscious and demanded tasty and healthy products. The increased snacking habits during the period positively impacted the market.

The rising consumption of packaged food, in turn, had a positive impact on the rice snacks market. The need for a proper healthy diet increased the product demand. In addition, the increased use, accessibility and popularity of the e-commerce sector and the wide availability of these products in online sales increased the market demand.

Russia- Ukraine War Impact

The Russia-Ukraine war had a negative impact on many industrial sectors, including food. The market growth was affected by the scarcity of raw materials, reduced workforce, and distribution channel disruption. The labor shortage and a lack of resources for production badly impacted the market. The interrupted processes at the industrial level badly impact product production.

Distribution channels were negatively affected, leading to decreased market growth. There was a change in consumer food preferences. The war created import and export trade disruptions, resulting in economic disturbances. The political and economic uncertainty created due to the war had a negative impact on the rice snacks market.

By Type

• Glutinous Rice Base
• Non-Glutinous Rice Base

By Product

• Rice Cakes
• Rice Crisps
• Rice Crackers
• Rice Biscuits
• Rice Chips
• Others

By Nature

• Organic
• Conventional

By Age Group

• Children
• Adults
• Elderly

By Distribution Channel

• Supermarket/Hypermarket
• Convenience Stores
• Online Stores

By Application

• Commercial
• Residential

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In February 2023, U.S.-based snack company, Element Snacks, launched a new product Sea Salt Caramel Crispy Rice Minis, in their rice-based snack portfolio.
• In January 2022, a Japanese snack company, Kameda Seika, announced its plans to expand their popular rice crackers in Southeast Asia.
• In May 2021, The No Nasties Project Cereals, a Melbourne-based start-up, introduced 50% lesser sugar naturally sweetened rice pops into the market. This breakfast cereal is claimed to be free from preservatives and colors.

Why Purchase the Report?

• To visualize the global rice snacks market segmentation based on type, product, nature, distribution channel and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of rice snacks market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global rice snacks market report would provide approximately 85 tables, 87 figures and 189 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies