Rising Demand for Authentic Rice-based Products, Higher Penetration of Chinese Cuisine are Propelling the Market Growth | FMI Taps an average CAGR of 6.1%

CITY, Country, 2024-Jun-10 — /EPR Network/ —

The rice-based products market is anticipated to expand its roots at an average CAGR of 6.1% between 2023 and 2033. The market is expected to cross a market share of US$ 379.86 billion by 2033 while it is likely to be valued at US$ 210.12 billion in 2023

• The restoration of the food and beverages industry along with the expansion of packaged food and ready-to-eat food items is flourishing the market growth. Furthermore, the search for authentic Asian rice cakes and rice ramen is transforming marketing tactics.
• The penetration of Chinese or Asian restaurants in the Western part of the world along with Europe adopting multi-cuisine café culture is anticipated to fuel the market growth. Alongside this, the food delivery companies introducing rice ramen meal bowls are flourishing in the market.
• New companies are mixing rice with other grains like maize and corn to make the food more nutritional and easy to digest. Thus, the other market elements are flourishing in the overall demand for rice-based products.
• Different authenticity tags along with vegan and organic tags are helping products find their potential consumer base. Furthermore, the addition of packaged rice ramen with added flavor is likely to transform the market during the forecast period.

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Key Points

1. The United States market leads the rice-based products market in terms of market share in North America. The growth in this region is promoted by new Asian restaurants, the craze for multi-cuisine foods, and the higher migration of Asians into the food culture.
2. The United Kingdom rice-based products market is another significant market from the European region. Europe with high tourist footfall welcomes visitors with its multi-cuisine restaurants.
3. The Chinese rice-based products market is anticipated to thrive at a healthy CAGR during the forecast period. The growth is attributed to it being the home of these food products.
4. Asia Pacific region leads the market as it held a share of 35% in 2022. The Asia Pacific region thrives at a CAGR of 6.6% between 2023 and 2033
5. The rice noodles product type segment is leading the segment as it held a market share of 30% in 2022. It’s due to its higher consumption and ready-to-eat byproducts.
6. Based on the distribution channel, the supermarket/hypermarket segment leads as it held a global share of 50% in 2022.

The key vendors work on delivering high authenticity, better packaging, and enhanced taste & texture. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.

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Recent Market Developments

• Ottogi Corporation, a South Korea-based food manufacturer introduced a new range of rice-based products. The products include rice ramen with added flavors, rice-based plain noodles, and classic/authentic rice cakes.
• Ricegrowers Limited has launched their authentic and organic rice cake that is available for shipping and comes in different pouch sizes.

Key Players

Thai President Foods Public Company Limited.

Nona Lim, LLC.

Lotus Foods Inc.

Annie Chun’s, Inc.

Element Snacks

The Quaker Oats Company

Ricegrowers Limited

KAMEDA SEIKA CO., LTD.

Rice-based Products Market: Segmentation

Product Outlook:

• Rice Snacks
• Rice Noodles
• Rice Puddings
• Rice Cakes
• Rice Balls
• Others

Distribution Channel Outlook:

• Supermarkets/Hypermarkets
• Online
• Others

Type Outlook:

• Conventional
• Organic

Key Regions Covered:

• North America
  • The United States
  • Canada
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Europe
  • Germany
  • The United Kingdom
  • France
  • Spain
  • Russia
  • Rest of Europe
• Japan
• Asia Pacific Excluding Japan
  • China
  • India
  • Malaysia
  • Singapore
  • Australia
  • Rest of Asia Pacific Excluding Japan (APEJ)
• The Middle East and Africa
  • GCC Countries
  • Israel
  • South Africa
  • Rest of the MEA

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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