Global Rice Bran Oil Market Overview
Rice Bran Oil Market Size was valued at USD 6.8 billion in 2022. The rice bran oil market industry is projected to grow from USD 7.4 Billion in 2024 to USD 12.4 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.06% during the forecast period (2024 - 2030). Growing health consciousness and preference for fat-free and nutritional foods, as well as growing knowledge of the numerous health benefits of rice bran oil are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Rice Bran Oil Market Trends
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Increased Rice Production Increases Market Growth
The demand for rice has increased as a result of rising production levels. The sales of rice bran oil have increased as a result of the increased rice production. China, India, and Indonesia were the main producers of milled rice in the fiscal year 2020–21, according to the United States Department of Agriculture’s Agricultural Production 2022, with 148.3 million metric tons, 122.27 million metric tons, and 35.3 million metric tons, respectively. Due to this, these nations have a great reputation for producing rice bran oil. A rising number of customers are discovering the value of include heart-healthy oil in their diets, making India one of the world's top producers of rice bran oil.
The Directorate of Economics and Statistics, Government of India, estimates that the yield of rice in India will improve from about 2.6 thousand kilograms per hectare to approximately 2.7 thousand kilograms per hectare in 2021. To balance the supply and demand of edible oils, governments around the world implement a number of policies. The quantitative limitations on organic edible oils have been abolished by various producers and investors, which have caused the market for rice bran oil to expand.
Rice Bran Oil Market Segment Insights
Rice Bran Oil Category Insights
The rice bran oil market segmentation, based on category, includes conventional and organic. Organic foods are leading the sector with a growth rate; Cooking with organic rice bran-based oils has been linked to a number of health benefits, including maintaining healthy cholesterol levels and promoting heart health. Additionally, it lowers blood cholesterol levels, according to the American Heart Association. In order to meet the growing demand for organic food, restaurants in the United States are using more of this oil to develop new dishes. It also contains significant amounts of vitamin E, gamma-oryzanol, and other nutrients that reduce cholesterol and fend off heart disease. New food products with added vitamins and nutrients are being released by manufacturers. For example, the National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) recently announced the launch of an oil-based line of rice bran products that is supplemented with organic ingredients.
Figure 2: Rice Bran Oil Market, by Category, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Rice Bran Oil Packaging Type Insights
The rice bran oil market segmentation, based on packaging type, bottles, pouches and others. The pricing, shelf life, and purpose of the purchase all have a significant role in the size and packaging decisions. Due to their unique suitability for oil storage, plastic bottles, containers, and pouches are significant and leading market segments.
Rice Bran Oil distribution channel Insights
The Rice Bran Oil Market is divided into store based & non-store-based on Distribution Channel. The store-based distribution channel has the biggest market share. Consumers' willingness to try out new products is greatly influenced by the availability of personal store assistants. Due to this, supermarkets and hypermarkets are sought-after locations for product launches. Due to the popularity of e-commerce websites and the expanding number of manufacturers creating their own websites, the non-store-based category is predicted to develop at the greatest CAGR. Moreover, higher consumer disposable income and higher living standards, particularly in developing nations, will increase product sales through online channels.
Rice Bran Oil Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific is likely to lead the rice bran oil market throughout the forecast period, with key rice producing countries such as India, Japan, China, Thailand, and Vietnam, among others. Japan is regarded as the originator of rice bran oil, and the oil has earned widespread acceptability as cooking oil among customers in this region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: RICE BRAN OIL MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe rice bran oil market accounts for the second-largest market share, the rising health-conscious population, together with rising consumer awareness of rice bran oil, is likely to fuel market expansion. Further, the German rice bran oil market held the largest market share, and the UK rice bran oil market was the fastest growing market in the European region.
The North American Rice Bran Oil Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to consumers' growing awareness of their own health. To make sure they are consuming food products that are healthy, consumers are adopting a number of dietary practices. Moreover, China’s rice bran oil market held the largest market share, and the Indian rice bran oil market was the fastest growing market in the North American region.
Rice Bran Oil Key Market Players & Competitive Insights
Leading industry companies are spending a lot of money on R&D to expand their product lines, which will help the rice bran oil market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in an increasingly competitive and rising market climate, competitors in the rice bran oil sector must offer cost-effective products.
One of the key business tactics used by manufacturers in the rice bran oil industry to serve clients and develop the market sector is to manufacture locally to lower operating costs. In recent years, the rice bran oil sector has offered some of the most significant advantages to medicine. Major players in the rice bran oil market, including 3F Industries Ltd (India), Cargill Inc. (US), Ricela Health Foods Ltd. (India), BCL Industries & Infrastructure Limited (India), and others, are aiming to increase market demand by investing in research and development operations.
Emami Group is a multinational conglomerate headquartered in Kolkata, India. This group goes by the moniker Himani. The company has seven production plants in India and one abroad. The Firm serves a variety of niche markets in the personal care and healthcare sectors. In October 2022, Emami Agrotech Ltd will relaunch its edible oil brand Healthy & Delicious in India. Products include rice bran oil, mustard oil, soybean oil, and other edible oils. The corporation is heavily marketing the brand across the country with celebrity endorsements and campaigns.
Cargill, Inc. is a privately held American multinational food conglomerate headquartered in Minnetonka, Minnesota, and incorporated in Wilmington, Delaware. It was founded in 1865 and is the largest privately held firm in the United States by revenue. If it were a public corporation, it would be ranked 15 on the Fortune 500 in 2015, trailing McKesson but ahead of AT&T. Cargill has regularly faced criticism for its environmental, human rights, financial, and other ethical practices. August 2019 - The U.S.-based company 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 conventional oils.
Key Companies in the Rice Bran Oil Market Includes
- 3F Industries Ltd (India)
- Cargill Inc. (US)
- Ricela Health Foods Ltd. (India)
- BCL Industries & Infrastructure Limited (India)
- Adani Wilmar Limited (India)
- Mexiterra LLC (US)
- Riceland Foods (US)
- Sethia Oils Limited (India)
- King Rice Oil Group (Thailand)
- Modi Naturals Ltd. (India) among others.
Rice Bran Oil Industry Developments
In March 2022, Damdam Rice Drops Balanced Oil Serum was just introduced to the market, and its ingredients include botanical oils including hydration-retaining rice bran oil, avocado oil, and acne-friendly jojoba oil that nourishes the face for a noticeable shine.
In September 2021, Gemini Edibles & Fats India Ltd launched a 5-liter jar of physically refined rice bran oil in India under the existing brand Freedom. The goods are sold in supermarkets and convenience stores across the country. The company focuses on promotional tactics to educate people about the benefits of rice bran oil.
In September 2021, TSUNO, a Japanese company, will launch premium rice bran oil, Expeller Pressed Rice Bran Oil, made naturally.
Rice Bran Oil Market Segmentation
Rice Bran Oil category Outlook
Rice Bran Oil packaging type Outlook
Rice Bran Oil distribution channel Outlook
Rice Bran Oil Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
Rice Bran Oil Market Highlights:
