Rice Milk Market to Reach $1.3 Billion by 2033 at a CAGR of 6% – Antioxidant Benefits and Cholesterol Reduction Drive Demand

The rice milk market registers a valuation of US$0.639 billion in 2023 and is expected to reach US$1.3 billion by 2033. The market is witnessing a CAGR of 6% during the forecast period.

How is the popularity of rice milk growing among consumers?

The popularity of rice milk is growing rapidly among consumers due to several factors, including:

• Vegetable trend: The increasing demand for plant-based and vegan trends is driving the global market. The demand for rice milk is growing due to lactose intolerance and increasing allergies to milk.
• Digestive Benefits: Adopting rice milk among consumers improves the digestive system with its natural ingredients. It is one of the suitable alternatives for the stomach compared to milk.
• Allergen free: Rice milk is composed of natural and organic flavor ingredients. It is sustainable without allergens such as soy, lactose and nuts.
• Mild taste: The demand for rice milk is increasing because of its sweet, mild, natural taste. Rice milk is a standalone drink with versatile ingredients.
• Nutritional profile: Rice milk contains less fat than other milk. It provides better nutrition, vitamins and minerals, and essential nutrients such as vitamins B and D.
• Sustainable option: Demand for rice milk is increasing due to its sustainability and lower greenhouse gas emissions than dairy milk, such as cow’s milk.
• Variety: Rice milk is popular plant-based and is available in oat, soy and almond milk varieties.

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Key learning points:

• The rice milk market is forecast to register a CAGR of 6% with a valuation of US$1.3 billion by 2033.
• In the historical period, the market achieved a CAGR of 2.4% between 2018 and 2022.
• It is estimated that India will lead the global market at a CAGR of 7.8% by 2033.
• On an end-use basis, the food and beverage sector is estimated to register a share of 21.5% during the forecast period.
• The market is expected to reach a valuation of $0.639 billion by 2023.

How key players help the global market rise?

Key players are focusing on developing sustainable, lactose-free rice milk to expand the global market. These key players employ marketing tactics including partnerships, mergers, acquisitions, product launches and agreements.

Major players are launching new products on the global market with exotic flavors and additions of organic ingredients. Some of the prominent players in the market are:

• Dream Vegetable: The company offers its customers dairy-free alternatives with a clean label and environmentally friendly sourcing.
• Vitasoy: The company provides soy-based products to its customers with the high-quality and wide availability of beverages.
• Property of the Earth: This company supplies plant-based and vegan drinks to its consumers. They promote their brand through distribution channels.

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Recent developments on the global market:

• In 2022, Ebro Foods announced its newly launched rice milk product with 100% organic ingredients. They offer non-toxic, artificial sugar-free rice milk with a rice content of 16%.
• In 2021, Linda McCartney launched her plant-based rice milk with several varieties, including organic rice and organic soy.

Market Categorization:

By distribution channel:

• Supermarket and hypermarket
• Online retail
• Others

By shape:

By source:

By end use:

• Food and drink
• Nutraceuticals and baby food
• Personal care
• Pharmaceutical products
• Others

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