Rice Products Market Expected to Reach USD 379.86 Billion by 2033 at a CAGR of 6.1%: Driven by Growth in Packaged Foods and Authentic Asian Cuisine

THE demand for rice products should spread its roots at an average pace CAGR of 6.1% between 2023 and 2033. The market is expected to exceed a market share of 379.86 billion US dollars by 2033 while it is likely to be valued at 210.12 billion US dollars in 2023

• The recovery of the food and beverage industry, along with the expansion of packaged foods and convenience foods, is driving the market growth. Moreover, the search for authentic Asian rice cakes and rice ramen is transforming marketing tactics.
• Penetration of Chinese or Asian restaurants in the western part of the world, along with Europe’s adoption of multi-cuisine cafe culture, is expected to fuel the market growth. Meanwhile, food delivery companies offering ramen rice bowls are thriving in the market.
• New companies are blending rice with other grains like corn to make the food more nutritious and digestible. Thus, other market players are thriving in the overall demand for rice products.
• Various authenticity labels, along with vegan and organic labels, help the products find their potential customer base. Moreover, the addition of rice ramen packed with additional flavor is likely to transform the market during the forecast period.

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Key points

• The United States is the largest North American market for rice products in terms of market share. Growth in this region is driven by the emergence of new Asian restaurants, the craze for multi-cuisine dishes and the increasing migration of Asians to the culinary culture.
• The UK rice market is another important market in the European region. Europe, which is experiencing high tourist numbers, welcomes visitors to its restaurants offering a variety of cuisines.
• The Chinese rice products market is expected to witness a high CAGR during the forecast period. This growth is attributable to the fact that this market is the birthplace of these food products.
• Asia Pacific region leads the market with a share of 35% in 2022. Asia Pacific region is thriving at a CAGR of 6.6% between 2023 and 2033
• The rice noodle type product segment leads the segment as it held a market share of 30% in 2022. This is owing to its higher consumption and ready-to-eat by-products.
• In terms of distribution channel, the supermarket/hypermarket segment leads the way as it held a global share of 50% in 2022.

Major suppliers are striving to offer high authenticity, better packaging, and improved taste and texture. Major competitors are also merging, acquiring, and partnering with other companies to expand their supply chain and distribution channel.

Recent market developments

• Ottogi Corporation, a South Korea-based food manufacturer, has launched a new line of rice products. The products include rice ramen with added flavors, plain rice noodles, and classic/authentic rice cakes.
• Ricegrowers Limited has launched its authentic and organic rice cake, available for dispatch and available in various sachet sizes.

Key players

Thai President Foods Public Company Limited.

Nona Lim, LLC.

Lotus Foods Inc.

Annie Chun’s, Inc.

Basic snacks

Quaker Oats Company

Rice Producers Limited

SEIKA KAMEDA CO., LTD.

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Rice Products Market: Segmentation

Product outlook:

• Rice snacks
• Rice noodles
• Milk rice
• Rice cakes
• Rice balls
• Others

Distribution Channel Outlook:

• Supermarkets/Hypermarkets
• Online
• Others

Type of perspectives:

Main regions covered:

• North America
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Europe
  • Germany
  • The United Kingdom
  • France
  • Spain
  • Russia
  • The 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 MEA

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