Rice milk is extracted from rice grains produced through an enzymatic procedure. It is fundamentally created with added sustained components to conquer the absence of nutrients in it. The expansion of prevalence of non-dairy milk items, with increase in consumption of vegan diets, is bringing about producers substituting lactose content with rice milk which is driving the growth of the rice milk market.
Market scope and structure analysis:
|Market size available for years||2020–2027|
|Base year considered||2019|
|Forecast units||Value ($US)|
|Segments covered||Type, Application, and Region|
|Regions covered||North America (U.S. and Canada), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand, Indonesia, and Rest of Asia-Pacific), LAMEA (Middle East, Brazil, and Rest of LAMEA)|
|Companies covered||Good Karma Foods, Inc., The Trader Joe’s Company, Vitasoy Australia Products Pty Ltd, Pacific Foods of Oregon, Inc., (Dream) The Hain Celestial Group, Inc., Pureharvest Pty ltd., Nature’s Choice Pty Ltd, and Panos Brands Llc.|
COVID-19 Scenario Analysis:
The plant-based food industry is positively affected by markets during COVID-19 spread. The virus is said to have been originated from an animal source. The meat industry, specifically, is witnessing a significant decrease in demand and sales growth. Because of COVID-19 spread, people are looking for a safer substitute product in every segment, which includes the food & beverage segment. Cow-based milk is being substituted by plant-based milk, which gives similar values as well as taste. People are also stocking these products in their homes in bulk as it has extended shelf life.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rice milk is a dairy alternative that has low fat and low cholesterol when compared to dairy milk. One of the major benefits associated with rice milk is that it does not contain lactose. It is especially good for people who are suffering from lactose intolerance. There is an increase in number of lactose intolerance patients and people having dairy allergies globally, which is helping this market segment to boost the growth of its products. The increase of demand for alternative dairy food products and surge in awareness regarding the advantages of rice milk consumption is relied upon to drive the worldwide rice milk market. Lack of awareness in some parts of the world and the benefits associated with milk consumption restrain the growth of the global rice milk market. There are alternative options available for rice milk such as almond milk, coconut milk, and oats milk which can give high competition to this market.
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New product launches to flourish the market
A company called Rice Dream offers rice milk which can be refrigerated and has a stable shelf option with a number of varieties available which includes organic, and unsweetened rice milk. Another company named, The Vitasoy Rice Milk has come up with rice milk that claims the least number of additives in it and is the closest to the ones which people make at their home by themselves.
Surge in usage in automotive and industrial applications
Rice milk is a perfect alternative for those who have allergies or are vegan or lactose intolerant. The dairy-free milk which is made of rice offers a fat free option for those who are fitness conscious. When segmented on the basis of form, rice milk comes as powder and fluid form, where market dominance is more of a powder milk segment. The food processing industry mainly uses a powder milk form of rice milk for various applications. Other usage areas of rice milk are bakeries, snacks, confectionaries, and beverages.
Key Benefits of the Report:
- This study presents the analytical depiction of the global rice milk market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global rice milk market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global rice milk market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global rice milk market analysis based on competitive intensity and how the competition will take shape in coming years.
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