PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1427092
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1427092
Rice Milk Market Poised for Remarkable Growth by 2033
Vegan Lifestyle, Innovation, and Health Consciousness Propel Expansion
The global market for rice milk is set to witness substantial growth, with a projected increase in revenue from US$ 1.09 Billion in 2024 to approximately US$ 2.2 Billion by 2031, reflecting a robust Compound Annual Growth Rate (CAGR) of 11.0%. This surge is fueled by several key trends reshaping the industry landscape.
Growing Inclination toward Vegan Products Aiding Growth
The rising popularity of veganism, particularly in established markets like North America and Europe, is a significant driving force behind the expansion of the rice milk market. With an increasing number of consumers opting for plant-based alternatives, demand for rice milk is on the rise, given its suitability for the vegan community and its nutritional benefits.
Utilization of Innovative Ingredients for Rice Milk
Manufacturers are embracing innovation by incorporating unique flavors and natural sweeteners into their rice milk products, catering to diverse consumer preferences. This strategy not only enhances product appeal but also aligns with the growing demand for healthy and nutritional plant-based options.
Rising Demand for Lactose-free Products Boosting Growth
The escalating prevalence of lactose intolerance worldwide is driving the demand for lactose-free alternatives such as rice milk. Its naturally lactose-free composition, coupled with nutritional parity to cow's milk, positions it as an attractive option for health-conscious consumers seeking dairy alternatives.
Nutritious Nature of Fortified Rice Milk to Drive Demand
Fortified rice milk, enriched with essential nutrients like calcium and vitamins, is gaining traction among consumers seeking healthier beverage options. Its lower calorie content and absence of saturated fats and cholesterol further contribute to its appeal, driving global demand.
Country-wise Insights
Europe and East Asia emerge as the primary consumers of rice milk, collectively accounting for over 60% of the global market share. South Asia, propelled by the increasing adoption of veganism, is poised to witness exponential growth, presenting lucrative opportunities for market players.
Category-wise Insights
The organic segment is projected to experience significant growth, driven by consumer preference for organic and natural ingredients. Similarly, the business-to-consumer segment is expected to flourish, supported by the proliferation of online retail channels and expanded brand availability.
Competitive Analysis
The rice milk market is characterized by a diverse mix of multinational and regional players, with companies like Hain Celestial Group Inc., Danone Group, and Vitasoy International Holdings Limited leading the fray. Region-specific players and local manufacturers also play a significant role in meeting consumer demand, particularly in export-oriented markets.
With evolving consumer preferences and a growing emphasis on health and sustainability, the rice milk market is poised for dynamic expansion in the years to come, offering ample opportunities for industry stakeholders to capitalize on emerging trends and market dynamics.
Rice Milk Industry Research by Category