The global rice milk market is projected to grow at a CAGR of 14% during the forecast period (2020-2025).
- Rice Milk is a great alternative for consumers who are lactose intolerant and cannot consume any dairy product. It is primarily produced from the rice whole grains of brown rice. It is an alternative to conventional milk with benefits such as free-from cholesterol and lactose.
- The increasing prevalence of non-dairy milk products and rising adoption of vegan diets are resulting in manufacturers substituting ingredients high in lactose content with rice milk which is driving the rice milk market.
Key Market Trends
Increasing Demand for Dairy Alternative Food
Increasing dairy alternative food demand and raising awareness of the benefits of rice milk are expected to drive the global rice milk market. Additionally, rice milk is mild in taste and is naturally sweet in flavor. It has a slightly watery consistency and is great to drink on its own as well as in smoothies, in desserts and with cereals. Of all the non-dairy milk alternatives, rice milk contains the most carbohydrates — around three times as many as almond milk or soy milk. These factors are fuelling the growth of the rice milk market in the economy.
North America Dominates the Global Market
North America dominates the global rice milk market as a high percentage of lactose intolerant population is present with an emerging trend for vegan food preferences. Europe is an attractive market as the shift in consumer preference has been observed in the last few years. Asia-Pacific is anticipated to grow at a significant growth during the forecast period owing to the high lactose intolerant population is present also the growing awareness among the consumers concerning the unmatched benefits offered by rice milk like vitamin A, rich source of calcium, and vitamin B is spiraling the growth of the product in the Asia Pacific region.
Players operating in the industry have adopted many attractive promotional and cross-selling strategies in order to boost their online sales and capture the maximum market share. Some of the major key players in the rice milk market, globally includes Vitasoy Australia Products Pty Ltd, The Hain Celestial Group, Inc, Nature's Choice, Pureharvest Pty ltd, SunOpta Inc., Fine Japan Co. Ltd., among others.
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