Flavored milk is among the most consumed milk beverage, worldwide, and consumers are keen to try different variants of it. Rice milk manufacturers are thus offering flavored rice milk, which is widely accepted across regions. Rice milk is also the least likely of all milk products to cause allergies. This makes it a good choice for people with lactose intolerance or who have allergies to milk, soy, or nuts.
On the back of these factors, the global rice milk market is expected to witness substantial growth at a CAGR of around 9%, and top a valuation of US$ 1.8 Bn by 2030.
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Key Takeaways from Rice Milk Market Study
- The organic segment, by nature, is projected to register a high volume growth rate of 9% over the forecast period, owing to increased consumer inclination toward organic and natural ingredients.
- Europe accounts for the largest value share of 401% in the global rice milk market, as the plant-based movement is getting traction among European consumers.
- The rice milk market in South Asia is anticipated to register the highest growth of nearly 11% over the forecast period. Easy availability of raw material for the production of rice milk, and this milk being a fortified source of calcium, vitamin A, and vitamin D, are boosting the growth of this regional market.
- The business to consumer segment is expected to witness the highest CAGR over the forecast period, owing to increased usage of online retail channels and higher brand availability for consumers to choose from.
- The COVID-19 pandemic is expected to have a moderate impact on the progress of the global rice milk market.
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Global Rice Milk Market: Competitive Landscape
Key players in the global rice milk market are continuously developing and expanding their product portfolios. They are also aiming to convert their product range into organic and dairy-free products by merging with various other market players.
- In April 2017 Danone Group joined hands with WhiteWave under the terms of a merger agreement. These two companies are working together in North America under the name ‘DanoneWave’, using the Alpro brand to provide plant-based food and beverages to their customers. This acquisition was one of the biggest steps for Danone Group to strengthen its position in the plant-based segment in the North American market.
Key manufacturers in the rice milk landscape are emphasizing on collaborating with various distributors and retailers to increase their product reach in the international market. These collaborations are increasing product penetration in various potential countries across the globe.
- Nutra Organics Pty Ltd has collaborated with various distributors and retailers to expand its distribution channels internationally. The company is expanding its distribution in regions such as New Zealand, Singapore, and Hong Kong. It has also tied up with local retailers and wholesalers to increase its reach across regions.