Rice-based Products Market Size, Share & Trends Analysis Report By Product (Rice Snacks, Rice Noodles, Rice Puddings, Rice Cakes, Rice Balls, Others), By Distribution Channel, By Type, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global rice-based products market size was valued at USD 198.04 billion in 2022 and is expected to register a compound annual growth rate (CAGR) of 6.2% from 2023 to 2030. The significant increase in the demand for rice-based products such as cakes, noodles, and others all across the globe is driving the growth of the global market. Various key manufacturers operating in the market are constantly launching and offering new product variants, which is anticipated to be beneficiary for the market growth. For instance, in March 2022 Lundberg Family Farms announced the launch of Salted Caramel Rice Cakes made with real caramel which is free from artificial flavoring, and additives, and vegan-friendly.

The global rice-based products market remained unaffected by the pandemic. The outbreak of the COVID-19 pandemic hampered the production of rice due to the disruption of logistics and shortage of labor. The temporary disruption in logistics resulted in an upsurge in grain prices eventually resulting in overall high prices of these goods. Moreover, during the period of lockdown, commercial places such as bars, restaurants, and others were shut down for a temporary period. However, the demand for pulses and grains remained constant among consumers across the globe.

Increased production of rice across the globe is anticipated to integrate well with the growth of the market. According to a report published by the Food and Agriculture Organization of the United Nations, 502.9 million tons of rice were produced in 2019/20 across the globe. Moreover, key players are experimenting with various flavors that can be integrated well with the taste of the consumers, to help broaden product appeal. Moreover, international players are offering their brands across the globe through various distribution channels such as offline such as supermarkets/hypermarkets, and online to increase their consumer base in the coming years.

The rising demand for brands manufactured in aromatic rice and the continued introduction of new product development have contributed to the growth of the market worldwide. Consumer demand for brands with aromatic specialty has steadily increased in recent decades due to changes in demographics and evolution in staple food preferences thus driving the market growth. In addition, the high consumption of rice across the globe is driving the demand for such goods during the forecast period. According to an article published by Preferredbynature.org in 2021 approximately 500 million tons of rice were consumed worldwide in 2020/21.

The growing focus of consumers worldwide on healthy eating and the increasing demand for low-calorie snacks among health-conscious consumers are factors likely to fuel market growth. Rice is a good source of energy and manufacturers use certified & quality ingredients for such goods. As a result, products such as rice-based snacks, puddings, noodles, and others are gaining traction among consumers, which is further driving product penetration through offline and online channels. For instance, in January 2021, Kellogg introduced its Rice Krispies Squares product range in the U.K. The line-up is inspired by American flavors, with variants such as cookies & cream and salted caramel pretzel, and is available at Asda stores across the country.

Countries such as China and India are the leading producer and exporters of rice across the globe. Adverse weather conditions in India and China can also hamper the production process by extending the time taken to produce the final product for export. This can limit the market growth in the coming years. According to Fitch Ratings, Inc. in September 2022, China’s output for rice saw a 10-20% loss rate in the same year due to bad weather, which eventually drove up the average selling price for all the regions.

Product Insights

The rice noodles segment dominated the market with a share of over 30% in 2022. The growing popularity of Asian cuisine across the globe has been playing a vital role in the growth of the segment. Moreover, the availability of fresh and frozen noodles, as well as new launches in the market by Asian brands/international brands, are the key factors propelling the segment’s growth. For instance, in January 2021, Thai Dragon, a food service/retail distributor of rice products, launched an authentic rice noodle product range in the U.K. These gluten-free noodles were made available to independent retailers such as Tesco and Aldi via Surya Foods, a U.K.-based wholesaler.

The rice cakes segment is anticipated to grow with the fastest CAGR of 7.2% over the forecast period from 2023 to 2030. Increasing product penetration and launches by various brands in this segment are likely to complement the growing popularity of and demand for rice cakes. In July 2019, Wessanen U.K. launched Kallø honey rice and corn cakes, which is available in a 125g pack containing 13 cakes at Waitrose, Sainsbury’s, Ocado, and other retailers in the U.K. Such launches bode well for future segmental growth. Moreover, such snacks are versatile and are used in various dishes as well as consumed as snacks in between meals which is resulting in their increasing consumption thus driving the segment growth over the forecast period.  

Distribution Channel Insights

The supermarkets/Hypermarkets segment led the market with a share of over 50% in 2022. A wide range of food products including both conventional and organic are easily available through supermarkets/hypermarkets. Supermarkets/hypermarkets attract a large number of consumers as these stores are situated in the most populated areas of a city/town. Consumers generally purchase such goods and other general household goods through these stores. In addition, a wide variety of products is available in hypermarkets/ supermarkets through which customers can choose from as per their needs and requirement. Some of the major retailers operating in the market offer such products through brick & mortar and through their online websites including Walmart, Target Brands, Inc., and others.

The online segment is estimated to attain the highest CAGR of 10.3% over the forecast period. High convenience is provided by online distribution channels resulting in its rising popularity. The use of online platforms has been increasing among consumers for purchasing goods of daily necessities including food & beverages. The outbreak of COVID-19 also resulted in a shift of consumer preference towards online shopping owing to increased consciousness to avoid contact with other consumers thus driving the segment growth. Moreover, other various benefits are offered by online channels such as on-time and doorstep delivery, high discounts, and others owing to which its usage is increasing further driving the segment growth.  

Type Insights

The conventional segment dominated the market and held a share of over 90% in 2022. The conventional segment is expected to witness a considerable CAGR of 5.5% over the forecast period. Conventional goods are comparatively lower in price than organic products and are easily available, which is a significant factor attributable to a higher share of the segment. Moreover, various advantages are associated with conventional products such as higher shelf life and others that contribute to their high usage among consumers thus contributing to the higher share of the segment.

The organic segment is anticipated to attain a faster CAGR of 11.3% over the forecast period from 2023 to 2030. Organic products consist of naturally or organically sourced ingredients that are safe to consume. The adoption of organic goods has been rapidly increasing among consumers owing to rising awareness among consumers. Additionally, a high number of products are launched by manufacturers operating in the market, which is anticipated to surge the growth of the segment in the coming years.

Regional Insights

Asia Pacific dominated the market with a share of over 35% in 2022 and is anticipated to grow with the fastest CAGR of 6.7% over the forecast period from 2023 to 2030. According to an article by the Food and Agriculture Organization, Asia Pacific consumes more than 90% of the total rice produced which depicts higher penetration of such goods in the region, leading to market growth in the coming years. Moreover, the high production and consumption in the region is another factor resulting in high product demand among consumers. As per the article published by the U.S. Department of Agriculture in 2022, China and India are the top producers and consumers of rice between 207/18- 2021/22 and 2019/20-2021/22 respectively.

Europe is anticipated to exhibit a high CAGR of 5.8% over the forecast period from 2023 to 2030. Ready-to-eat rice products include snacks, noodles, puddings, and cakes among others. The growing popularity of ready-to-eat meals and the snacking trend in European countries is likely to favor the overall segment’s growth. Moreover, increasing penetration of such goods through retail distribution channels, including offline and online, will bode well with the growing demand for ready-to-eat- products. 

Key Companies & Market Share Insights

Key players operating in the market are adopting various steps to increase their presence in the market. These steps include strategies such as partnerships, mergers & acquisitions, development & launch of new products, global expansion, and others. Some of the initiatives include:

• In May 2022, PICCOLO FOODS LIMITED launched rice pasta to boost its lineup of gluten-free products.

• In April 2019, Unilever through its brand Pot Noodle launched Street Style, a range of instant meals made with rice noodles that are available in four different flavors including Malaysian Laksa, Thai red curry, Japanese miso noodle soup, and Vietnamese beef pho.

• In March 2019, Lotus Foods Inc. launched the microwaveable cup design of its popular Rice Ramen Noodle Soup Cups.

Some of the prominent players in the global rice-based products market include: 

• 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.

• Sanorice

• OTTOGI CORPORATION., Ltd

Rice-based Products Market Report Scope

Global Rice-based Products Market Segmentation

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segment from 2017 to 2030. For this study, Grand View Research has segmented the global rice-based products market report based on product, distribution channel, type, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Rice Snacks

  • Rice Noodles

  • Rice Puddings

  • Rice Cakes

  • Rice Balls

  • Others

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

  • Supermarkets/Hypermarkets

  • Online

  • Others

• Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Conventional

  • Organic

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

  • Europe

    • Germany

    • France

    • U.K.

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa