Rising awareness regarding the functional benefits of rice milk, along with increasing incorporation of rice milk powder in infant food and nutraceuticals will continue augmenting the growth in the market
The rice milk market is anticipated to grow at a CAGR of 6.2% over the forecast period, with sales likely to expand to US$ 614.3 Mn in 2022.
Rice milk has a flavor, taste, and texture that is very similar to cow’s milk, emerging as one of the most preferred plant-based milk substitutes. Increasing demand for dairy alternatives among lactose-intolerant and nut-intolerant consumer’s individuals will drive the market in the forthcoming years.
In addition to this, increasing adoption of functional diets such as keto, vegan and gluten-free will continue boosting sales of rice milk over the forecast period.
Rice milk is an excellent substitute for those who are allergic to dairy, are vegan, or lactose intolerant. It is also a fat-free option for health-conscious consumers. Rice milk powder is also being incorporated in baked goods, snacks, confectioneries, and beverages. Backed by the aforementioned factors, sales of rice milk will remain high over the assessment period.
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“Rising awareness regarding the functional benefits of rice milk, along with increasing incorporation of rice milk powder in infant food and nutraceuticals will continue augmenting the growth in the market,” says an FMI analyst.
Key Takeaways:
Competition Landscape
Key players operating in the global rice milk market are investing in partnerships and collaborations to improve their global presence. They are also launching clean-label and non-GMO products to gain a competitive edge in the market. For instance:
Ø Vinamilk, a popular dairy company based in Vietnam, launched a plant-based drink with rice as the main ingredient in August 2019.
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Future Market Insights, in its new offering, provides an unbiased analysis of rice milk presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the rice milk is based on form (powder and liquid), source (organic and conventional), end use (food & beverages, nutraceuticals and baby food, personal care, and pharmaceuticals), and distribution channel (supermarket/hypermarket, convenience stores, food specialty stores, online retailers, and Others) across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jan 30, 2023