Rice Milk Market Introduction
Rice Milk is sourced from rice whole grains produce through an enzymatic process. The rice milk is produced from whole grains of brown rice. Rice milk is a great alternative to conventional milk with its benefits such as free-from cholesterol and lactose. Rice milk is primarily produced with added fortified elements to overcome the lack of nutrients in it. The rice milk market is targeted towards the vegan and lactose-free population. North America and Asia-Pacific are considered to be the key regions for rice milk market globally.
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Rice Milk Market Segmentation
The rice milk market can be segmented by form, source, application, and distribution channel.
By form, the rice milk market can be segmented into powder rice milk and fluid rice milk. The volume share of the fluid milk is anticipated to dominate over the powder milk segment. The powder rice milk is primarily consumed by food process industry for varied application.
By source, the rice milk market can be segmented into organic and conventional. The organic rice milk segment is anticipated to dominate over the conventional over the forecast period.
By application, the rice milk market can be segmented into snacks, bakery, confectionery, beverages, and others. Beverage to consist a large share in the rice milk market due to high consumptions as fluid milk.
The Rice Milk market can be segmented by distribution channels direct and indirect. The indirect can be sub-segmented into modern trade format, departmental stores, convenience store, e-commerce and other retail formats. The modern trade format and e-commerce are expected to have a larger share regarding volume as targeted consumers are easy to achieve under such formats.
Rice Milk Market: Region-wise Outlook
North America is anticipated to stay strong market for the rice milk as ethnically high percentage of lactose intolerant population is present with emerging trend for flexitarian or vegan food preferences. Europe is going to be an attractive market for the rice milk as a large shift in food preference for vegan food can be observed over last few years. Asia Pacific carries similar characteristics of the high lactose intolerant population and similar traditional drink in Japanese culture can be found which is anticipated to form a strong market for rice milk manufacturers. The Middle East and Africa and the Latin American region are also following the dairy alternative trend and hence will prove to rewarding market for the rice milk manufacturers.
Rice Milk Market: Drivers and Restraints
Rise in dairy alternative food demand and awareness of the benefits of rice milk consumption is expected to drive the global rice milk market. Recent trends in food market such as lactose-free dairy products and vegan food habit are anticipated to further boost the global rice milk market over the forecast period.
Low market penetration of the product and lack of awareness may result in restraint for the global rice milk market. The presence of competitive products like almond and coconut milk can result in further restraint over the rice milk market.
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Rice Milk Market: Key Players
The key players in the rice milk market are 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. Key players are focusing on adopting developmental strategy such as expansions & investments for business development and growth.