Rice Milk Market: Emerging Trends & Growing Popularity | Explosive Growth, Business Development, Industry Expansion Strategies and Future Trends by 2023
Market Overview and Growth Factors:
The global Rice Milk Market is expected to garner a notable CAGR during the forecast period.
The growth of the market can be attributed to factors such as the increasing prevalence of non-dairy-based milk products, rising adoption of veganism, and a high percentage of lactose intolerant population. Add to this, the list of health benefits with the consumption of rice milk is another key factor attracting the attention of the health-conscious consumers.
Leading Players:
The global rice milk market comprises numerous leading players, including Panos brands, LLC, Campbell Soup Company, Vitasoy Australia Products Pty Ltd, SunOpta, Inc., The Bridge S.R.L, Fine Japan Co., Ltd. (Japan), Pureharvest, Nature’s Choice Pty Ltd, The Hain Celestial Group, WhiteWave Foods, and others.
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Competitive Landscape:
April 8th, 2019, Haagen-Dazs announced the launch of its all new vegan ice cream variety, named Non-Dairy Chocolate Fudge Frozen Dessert Bars. The product is made up of Belgian chocolate, cocoa, and chocolate fudge and also contains a chocolate coating of decadent rice milk.
Market Segmentation:
The global rice milk market segmentation is based on the following dynamics: distribution channel, category, form, type, and region.
By type, the market divides into long grains and medium & short grain.
By form, the market segments into powder and liquid form.
By category, the market comprises organic and conventional rice milk categories. Herein, the conventional segment is anticipated to lead the charts during the forthcoming years by attaining the maximum share percentage of the market. The growth of the market can be attributed to the prevalent usage of conventionally produced rice milk in several desserts and beverages. However, it is reported that the organic segment hosts the potential to grow with the highest CAGR during the forecast period due to the rising preference and shifting inclination of the consumers towards organic products.
By distribution channel, the market includes store-based and non-store based sales/distribution channel. The store-based rice milk segment further divides into convenience store, hypermarket & supermarket, and others. While the non-store-based rice milk segment segments into ecommerce and others. The store-based segment is anticipated to attain maximum revenue and growth during the forecast period, with the hypermarket & supermarket sub-segment contributing with the maximum market share. However, the non-store-based segment is expected to attain the higher CAGR among the two due to the advancing technologies, evolving consumer lifestyle, and increasing preference of consumers towards online retailing.
By region, the market includes Asia Pacific, North America, Europe, and the Rest-of-the-World (RoW).
Regional Analysis:
As Per the Mentioned Segmentation of the Rice Milk Market, the North American region holds the dominant position in the global rankings. The region holds the maximum share of the market and is expected to hold on to its standings during the forecast period owing to a number of key and prominent factors. The growing population base of lactose intolerant consumers and increasing preference of vegan food & beverages in this region significantly aids the growth of the North American market.
The growing awareness among the consumers concerning the unmatched benefits offered by rice milk like vitamin A, rich source of calcium, and vitamin B is spiraling the growth of the product in the Asia Pacific region. This is due to the growing willingness among the consumers herein to lead a healthier lifestyle and have proper eating habits. The Asia Pacific region is expected to grow with the highest CAGR during the forecast period. Both China and India are expected to contribute significantly to the overall growth of the Asia Pacific rice milk market.
The European region is anticipated to grab a significant share of the global market due to the massive adoption of vegan diets therein. Countries like the UK and Germany contribute significantly to the overall welfare of the region.
The RoW scene is driven by the increasing preference of rice milk as a substitute for traditional dairy milk for the preparation of numerous products like milk shakes, smoothies, desserts, and ice creams. The region is expected to witness slow and steady growth progress.
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