Rice Milk Market Size, Share, Industry, Forecast and outlook (2024-2031)

Rice Milk Market is segmented By Nature (Organic, Conventional), By Form (Powder, Liquid), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Sales, Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Rice Milk Market Size

Global Rice Milk Market reached USD 750.3 million in 2022 and is expected to reach USD 1,223.2 million by 2030 growing with a CAGR of 6.3% during the forecast period 2024-2031. The increasing consumer demand for plant-based milk alternatives is driving the rice milk market. As consumers become more health-conscious and seek alternatives to traditional dairy products, the demand for plant-based milk options is witnessed substantial growth.

Rice milk, being a natural and lactose-free alternative, is gaining traction among health-conscious individuals, contributing to its market expansion.

The convenience factor also plays a role in the growth of the rice milk market. Ready-to-drink rice milk products and the availability of powdered or shelf-stable options are making it a convenient choice for consumers. With busy lifestyles and increasing demand for on-the-go products, the convenience offered by rice milk is contributing to its market expansion.

Rice Milk Market Scope

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Rice Milk Market Dynamics

Growing Awareness About the Health Benefits Associated with Plant-Based Diets Drives Market Growth

Rice milk is gaining popularity recognizing its potential health benefits among health-conscious consumers. Rice milk is naturally free from lactose, and saturated fats, making it a healthier choice compared to dairy milk. It is lower in calories and often fortified with vitamins and minerals, providing additional nutritional value. The growing emphasis on wellness and the increasing demand for healthier beverage options are expected to fuel the market growth of rice milk. 

The shift towards plant-based diets, influenced by concerns over animal welfare, environmental impact, and personal health, is creating a favorable market environment for the rice milk market. Manufacturers are also offering flavored rice milk options, such as chocolate, vanilla, and matcha, to enhance the taste and appeal to a broader consumer base. 

For instance, in February 2022, Tilda Rice, a subsidiary of Ebro Foods introduced a new plant-based sweet rice milk to the market. This rice milk is crafted using natural and organic ingredients, with a substantial 16% rice content. Tilda Rice proudly claims that its product contains a higher percentage of rice compared to other brands available. Importantly, this rice milk is free from artificial sweeteners and added sugar, aligning with consumer preferences for healthier and more natural alternatives.

Increasing Adoption of Vegan Diets Drives Market Growth

Rice milk is enriched with essential vitamins and minerals, making it a nutritious choice. It is typically low in fat and cholesterol-free, which appeals to individuals looking for healthier beverage options. The market is capitalizing on the increasing demand for health-conscious products by offering rice milk with added nutritional benefits, further driving the adoption of rice milk.

The food industry is focusing on innovation and product development is also playing a crucial role in driving the rice milk market. Manufacturers are continuously introducing new flavors, variations, and product formulations to cater to diverse consumer preferences. These innovations attract consumers looking for a wider range of options and contribute to the overall growth of the rice milk market.

For instance, in February 2021, Crave, a renowned vegan brand, introduced an exciting new series of rice milk chocolate. Embracing its core mission of delivering flavorful food that "puts the funk in free from," Crave has expanded its bar series in response to the growing demand within the industry. This launch showcases their commitment to providing delicious alternatives while catering to the increasing needs of consumers seeking vegan and dairy-free options. 

Increasing Competition  From Other Non-Dairy Alternatives Hamper the Market Growth

Plant-based milk such as almond milk, soy milk, oat milk, and coconut milk are gaining significant traction and consumer acceptance in recent years. These alternatives offer their unique flavors, nutritional profiles, and functional properties, appealing to different consumer preferences. The broader range of options available to consumers is resulting in increased competition for rice milk within the non-dairy milk market.

The increasing presence of established and renowned brands in the non-dairy milk market adds to the competition for rice milk. Well-known companies are expanding their product portfolios to include non-dairy milk alternatives, leveraging their brand reputation and customer loyalty. These brands often have extensive distribution networks and marketing resources, enabling them to capture a significant market share and compete directly with rice milk offerings, which further restrain market growth.

Rice Milk Market Segmentation Analysis

The global rice milk market is segmented based on nature, form, distribution channel, and region.

Increasing Demand for Natural and Healthy Organic Rice Milk

The organic segment is holding the highest share of the global rice milk market. Consumers are seeking the potential health and environmental benefits associated with organic products. Organic rice milk is free from synthetic pesticides aligning with the growing consumer preference for clean, and sustainable food options, which further drives the organic segment growth in the global rice milk market.

The market for organic rice milk is driven by the perception that organic products are healthier and safer for consumption. Consumers often associate organic certification with higher quality, nutritional value, and better overall product standards. This perception, combined with the rising awareness of potential health risks associated with conventional farming practices and the use of synthetic chemicals, is leading to an increased preference for organic rice milk in the market.

Global Rice Milk Market Geographical Share

Increasing Production of Rice Milk in Asia Pacific

The Asia Pacific region is emerged as the dominant force in the global rice milk market, holding a substantial market share and driving the overall growth of the industry. Asia is a rich heritage and deep-rooted tradition of rice consumption. Rice is a staple food in many Asian countries, and the familiarity and cultural significance of rice are contributing to the region's affinity for rice-based milk. The strong cultural connection to rice is creating a natural market for rice milk in Asia, with consumers readily embracing this alternative non-dairy option. 

The large population in the Asia region is playing a significant role in the market dominance of rice milk. This growing population and increasing consumer demand are propelling the Asia region to the forefront of the global rice milk market. According to the FAO in October 2022, China recorded a rice paddy production of 2,12,843 tonnes in 2021. This abundant production of rice in the region allows market players to offer a diverse range of rice milk options with varying types and nutritional profiles. The growing consumer demand for vegan, functional, and gluten-free food products is further fueling the need for rice milk in the region. As a result, the market for rice milk is experiencing significant growth in response to these changing dietary preferences and requirements.

Rice Milk Market Companies

The global rice milk market players include Stremicks Heritage FoodsTM, LLC, Essona Organics, Inc., Nutra Organics, Danone, The Hain Celestial Group, Inc., Campbell Soup Company, Nature's Choice, PANOS brands, VitaRice Australia Products Pty Ltd., and Pureharvest Pty Ltd.

COVID-19 Impact on Rice Milk Market

The pandemic has disrupted the overall market demand for rice milk. With the implementation of lockdown measures and social distancing guidelines, consumer behavior has shifted significantly. The demand for rice milk, which is often priced at a premium compared to other non-dairy alternatives, has decreased. Consumers have opted for more cost-effective options or prioritized essential purchases, negatively impacting the market. 

However, the pandemic also created opportunities for the rice milk market. There was a growing interest in plant-based diets and non-dairy alternatives as consumers focused on health and wellness. The market witnessed a shift towards healthier and more sustainable choices, with some consumers actively seeking out rice milk as a viable option. 

Artificial Intelligence Impact Analysis

Artificial intelligence (AI) powered data analytics tools enable market players to gather and analyze vast amounts of data from diverse sources such as consumer trends, purchasing behavior, and market dynamics. This helps them gain valuable insights into consumer preferences, emerging market trends, and competitive landscapes. By leveraging AI-powered analytics, businesses can make data-driven decisions, develop targeted marketing strategies, and identify new market opportunities, ultimately enhancing their competitiveness in the rice milk market.

Intelligent automation systems are optimizing production, from ingredient sourcing and quality control to packaging and distribution. These technologies enable manufacturers to streamline operations, improve productivity, and ensure consistent product quality. Businesses can respond to market demands more effectively by implementing AI-driven automation, scaling their production capabilities, and meeting the evolving needs of consumers.

Key Developments

• In February 2021, Nestlé launched a new addition to their product lineup, the plant-based KitKat V, which is crafted using rice milk. This innovative creation caters to the growing demand for vegan options and is manufactured using responsibly sourced cocoa. With the launch of KitKat V, Nestlé successfully tapped into the vegan sector, attracting consumers seeking plant-based alternatives. 
• In April 2021, SunOpta acquired the well-established Dream and WestSoy brands from The Hain Celestial Group. This strategic move strengthens SunOpta's presence in the plant-based beverage market. The acquisition, valued at $33 million, allows SunOpta to expand its portfolio by incorporating these renowned plant-based beverage brands into its offerings. 
• In May 2021, Linda McCartney expanded the dairy alternatives market by introducing a new line of four plant-based milk beverages. With this launch, the company diversified its product offerings to include a variety of plant-based milk options. The range includes Barista Style Organic Oat, Barista Style Organic Coconut, Organic Soya, and Organic Rice milk drinks.

Why Purchase the Report?

• To visualize the global rice milk market segmentation based on nature, form, distribution channel, and region, as well as understand key commercial assets and players.

• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of the rice milk market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global rice milk market report would provide approximately 61 tables, 56 figures, and 117 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies