Global Rice-Based Products Market Size, Share, Growth Analysis, By Product Type(Rice Flour and Rice Bran), By Distribution Channel(Online retail, and Offline retail) - Industry Forecast 2024-2031

Global Rice-Based Products Market size was valued at USD 210.32 billion in 2022 and is poised to grow from USD 226.36 billion in 2023 to USD 361.41 billion by 2031, at a CAGR of 6.20% during the forecast period (2024-2031).

Rice-based products have gained traction in gluten-free diets as alternatives to wheat-based ones, with rice flour commonly used in baking and rice noodles in various Asian dishes. Their adaptability has entrenched them as kitchen essentials globally. As of 2020, the Asia-Pacific region dominated the global rice-based products market, holding over 50% of its share, mainly due to rice's prevalence as a dietary staple in countries like China, India, and Japan, alongside being major rice producers. North America and Europe are projected to experience significant market growth, fueled by the escalating demand for gluten-free options and the burgeoning appeal of Asian cuisine.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Rice-Based Products Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Rice-Based Products Market Segmental Analysis

Global Rice-Based Products market is segmented by product type, distribution channel, and region. Based on type, the Rice-Based Products Market can be segmented into rice-flour, and rice bran. Based on distribution channel, the Rice-Based Products Market is segmented into online retail, and offline retail. Based on region, the Rice-Based Products Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Rice-Based Products Market

One key factor propelling the global market for rice-based products is the surging interest in gluten-free alternatives. With rice-based items serving as a favored replacement for their gluten-containing wheat counterparts, they cater to individuals with celiac disease or gluten sensitivity. The increasing incidence of these conditions, alongside heightened awareness of gluten-free eating habits, fuels the demand for rice-based options. Moreover, the perceived health advantages of rice-based products, including their low-fat content and richness in carbohydrates and fiber, further bolster their appeal.

Restraints in the Global Rice-Based Products Market

One major challenge facing the global market for rice-based products is the instability of raw material prices. Rice serves as the primary ingredient in these products, and its cost can vary significantly due to factors like climate change, crop failures, and geopolitical tensions. These fluctuations directly influence production expenses and, consequently, the pricing of rice-based items, potentially impacting their market demand. Furthermore, the presence of alternative gluten-free options, like corn-based products, could further impede the expansion of the rice-based products market.

Market Trends of the Global Rice-Based Products Market

A prominent trend in the global market for rice-based products is the increasing preference for organic and non-GMO options, driven by consumers' heightened focus on health and avoidance of harmful additives. This shift has spurred a notable uptick in demand for such products, prompting manufacturers to diversify their offerings with a variety of organic and non-GMO choices like rice noodles, cakes, and snacks. Furthermore, the growing popularity of plant-based diets further amplifies the demand for rice-based products, positioning them as a wholesome and environmentally friendly substitute for animal-derived counterparts.