The rice milk market size is registering a valuation of US$ 0.639 billion in 2023 and is projected to reach US$ 1.3 billion by 2033. The market is capturing a CAGR of 6% during the forecast period.
How is the Popularity of Rice Milk Growing Among Consumers?
The popularity of rice milk is rapidly growing among consumers due to several factors, including:
- Plant-based Trend: The increasing demand for plant-based and vegan trends is advancing the global market. The demand for rice milk is growing due to lactose intolerance and rising allergies to milk.
- Digestive Benefits: Adopting rice milk among consumers improves the digestion system with its natural ingredients. It is one of the suitable alternatives for the stomach as compared to milk.
- Allergen-free: Rice milk is made up of natural and organic flavor ingredients. It is sustainable without allergens such as soy, lactose, and nuts.
- Mild Flavor: The demand for rice milk is rising due to its sweet, mild, natural flavor. Rice milk is a standalone beverage with versatile ingredients.
- Nutritional Profile: Rice milk is lower in fat than other milk. It provides better nutrition, vitamins and minerals, and essential nutrients such as vitamins B and D.
- Sustainable Option: The demand for rice milk is increasing due to its sustainability and lower greenhouse gas emissions than dairy milk, such as cow’s milk.
- Variety: Rice milk is popular plant-based and is available in oat, soy, and almond milk varieties.
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Key Takeaways:
- The rice milk market is predicted to register a CAGR of 6% with a valuation of US$ 1.3 billion in 2033.
- In the historical period, the market secured a CAGR of 2.4% between 2018 and 2022.
- India is estimated to lead the global market by securing a CAGR of 7.8% by 2033.
- Based on end use, the food & beverages sector is estimated to register a share of 21.5% during the forecast period.
- The market is anticipated to capture a valuation of US$ 0.639 billion in 2023.
How Key Players Are helping surge the Global Market?
Key players focus on developing sustainable, lactose-free rice milk to expand the global market. These key players are adopting marketing tactics, including collaborations, mergers, acquisitions, product launches, and agreements.
Key players are launching new products in the global market with exotic flavors and organic ingredients additions. A few of the prominent players in the market are as follows:
- Dream Plant-based: The company offers dairy-free alternatives to their customers with a clean label and eco-friendly sourcing.
- Vitasoy: The company provides soy-based products to their customers with the high-quality and wide availability of beverages.
- Earth’s Own: This company provides plant-based and vegan beverages to its consumers. They are promoting their brand with distribution channels.
Recent Developments in the Global Market:
- In 2022, Ebro Foods announced its newly launched rice milk product with 100% organic ingredients. They offer non-toxic, artificial sugar-free rice milk containing 16% of rice content.
- In 2021, Linda McCartney launched its plant-based rice milk with different types of varieties, including organic rice and organic soya.
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