Rice Milk Market Size was valued at USD 2.1 billion in 2022. The Rice Milk market industry is projected to grow from USD 2.37951 Billion in 2023 to USD 6.4659 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.31% during the forecast period (2023 - 2032). Increasing awareness about benefits and increasing application areas are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Increasing dairy alternative food demand and raising awareness of the rice milk benefits are expected to drive the rice milk market. Due to changes in lifestyle patterns and environmental effects, consumers are shifting towards low calories and healthy food. Dairy alternatives like rice milk help in easy digestion. Additionally, rice milk is mild in taste and naturally sweet. It has a slightly watery consistency and is great for smoothies, desserts, and cereals. Rice milk contains the most carbohydrates of all the non-dairy milk alternatives, around three times as many as almond milk or soy milk. Many and regional market players are preparing different products using rice milk. These factors are fuelling the growth of the rice milk market CAGR.
Furthermore, the rising number of lactose-intolerant people worldwide is driving the market. Lactose-intolerant people opt for plant-based milk products for their daily usage. Rice milk can be more nutritious than regular cow milk, and the side effects can be avoided by using it as an alternative.
Additionally, the vegan population is increasing. Vegan consumers avoid any food made or extracted from animals. Hence, they depend only on plant-based products for their nutritional supplements. Veganism is trending in most emerging markets as well. Hence, the demand for plant-based products and plant-based milk is increasing. This rapidly increasing vegan population is expected to drive demand for rice protein globally, thereby aiding the Rice Milk market revenue growth.
Based on the form, the Rice Milk market segmentation includes powder and liquid. The powder segment dominated the market. The powder form of rice milk is the most convenient method for formulating final products and extracting them from rice grains. Rice milk powders are suitable for glutton-free and non-GMO diets. Digestive enzymes present in powdered rice milk help create a higher rate of work and absorption well for vegan diet lifestyles.
The Rice Milk market segmentation, based on category, includes organic and conventional. The organic segment dominated the market, owing to increased consumer inclination toward organic and natural ingredients. The total volume is expected to reach 87,943.05 Tons in 2033. Organic and non-GMO food products are rapidly gaining traction across the world, owing to the health benefits associated with them. Hence, food manufacturers also add organic and non-GMO products to their portfolios. This trend has positively impacted demand for organic rice milk, and manufacturers in the rice milk market space are frequently launching organic rice milk offerings to meet rising customer demand.
August 2019:Vinamilk, a popular dairy company based in Vietnam, launched a plant-based drink with rice as the main ingredient. The new Vinamilk Zori is roasted rice milk with less sugar that contains 49% rice extract, water, sugar, and other ingredients. Vinamilk Zori contains less sugar and less fat. The drink is said to be beneficial to the body and skin.
The Rice Milk market segmentation, based on distribution channels, includes store- and Non- store based. The Non-store-based distribution channel category generated the most income. Growth can be attributed to the wide availability of various dairy alternative products at reduced prices. Cost-effectiveness, quick accessibility, and expansion in the e-commerce sector will fuel sales in this segment in the forthcoming years.
Figure1: Rice Milk Market, by Distribution Channel, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American rice milk market area will dominate this market due to the expansion at a rapid pace during the forecast period due to the increasing population of lactose intolerant in the 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.
Figure2: RICE MILK MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Rice Milk market accounts for the second-largest market share due to the increasing trend of veganism and the rapidly rising vegan population in the Region. Further, the German Rice Milk market held the largest market share, and the UK Rice Milk market was the fastest-growing market in the European Region.
The Asia-Pacific Rice Milk Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due tothe rising awareness among consumers concerning the unmatched benefits offered by rice milk, such as Vitamin B and Vitamin A, and rich sources of calcium fueling the market growth in the Region. Moreover, China’s Rice Milk market held the largest market share, and the Indian Rice Milk market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the rice milk market grow even more. Market participants are also undertaking various 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. The rice milk industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Rice Milk industry to benefit clients and increase the market sector. The Rice Milk industry has offered some of the most significant advantages in recent years.Major players in the Rice Milk market, including Vitasoy Australia Products Pty Ltd (Australia), Campbell Soup Company (US),The Hain Celestial Group (US), Pureharvest (Australia), Nature's Choice Pty Ltd (South Africa),Panos Brands LLC (US), WhiteWave Foods (US),SunOpta Inc. (Canda), The Bridge S.R.L (Italy),Fine Japan Co. Ltd. (Japan), and others, are attempting to increase market demand by investing in research and development operations.
Nestlé S.A. is a Swiss multinational food and drink processing conglomerate corporation headquartered in Vevey, Vaud, Switzerland. It has been the world's largest publicly held food company, measured by revenue and other metrics, since 2014.Nestlé introduced a plant-based KitKat V made with rice milk in February 2021. KitKat V is vegan and made with responsibly sourced cocoa. This innovation aided the company in targeting the vegan sector, and as of 2022, they are looking to launch the product in additional countries.
Vinamilk, formally the Vietnam Dairy Products Joint Stock Company, is the largest dairy company in Vietnam. Based on the UNDP 2007 Top 200 largest firms in Vietnam report, it was also the 15th largest company in Vietnam and formerly the most valuable public company listed in Vietnam.Vinamilk, a popular dairy company based in Vietnam, launched a plant-based drink with rice as the main ingredient. The new Vinamilk Zori is roasted rice milk with less sugar that contains 49% rice extract, water, sugar, and other ingredients. Vinamilk Zori contains less sugar and less fat. The drink is said to be beneficial to the body and skin.
Rice Milk Industry Developments
February 2022: Ebro Foods subsidiary Tilda Rice launched plant-based sweet rice milk. The rice milk is made with natural and organic ingredients with 16% rice content. The company claims that this product includes more percentage of rice than any other brand and it is free from artificial sweeteners and added sugar.
May 2021: Linda McCartney expands into dairy alternatives by launching a new range of four plant-based milk drinks. The company offers a wide range of plant-based milk like Barista Style Organic Oat, Barista Style Organic Coconut, Organic Soya, and Organic Rice.
April 2021:Â SunOpta completed an acquisition of Hain Celestial Group's North American non-dairy beverages brands. SunOpta bought two plant-based brands, i.e., Dream and WestSoy.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 2.1 billion |
| Market Size 2023 | USD 2.37951 billion |
| Market Size2032 | USD 6.465966billion |
| Compound Annual Growth Rate (CAGR) | 13.31%(2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Form, Category, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Vitasoy Australia Products Pty Ltd (Australia), Campbell Soup Company (US),The Hain Celestial Group (US), Pureharvest (Australia), Nature's Choice Pty Ltd (South Africa),Panos Brands LLC (US), WhiteWave Foods (US),SunOpta Inc. (Canda), The Bridge S.R.L (Italy),Fine Japan Co. Ltd. (Japan). |
| Key Market Opportunities | Increasing Awareness about Benefits |
| Key Market Dynamics | Increasing Application Areas |
Rice Milk Market Highlights:
Frequently Asked Questions (FAQ) :
The Rice Milk market was valued at USD 2.1 Billion in 2022.
The market is projected to grow at a CAGR of 13.31% during 2023-2032.
North America had the largest share of the market
The key players in the market areVitasoy Australia Products Pty Ltd (Australia), Campbell Soup Company (US),The Hain Celestial Group (US), Pureharvest (Australia), Nature’s Choice Pty Ltd (South Africa),Panos Brands LLC (US), WhiteWave Foods (US).
The Powder Rice Milk category dominated the market in 2022.
The non-store-based channel had the largest share of the market.
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