NEWARK, Del, July 29, 2022 (GLOBE NEWSWIRE) -- The global rice cakes market is projected to reach a value of US$786.6 Mn by 2032, with sales growing at a moderate CAGR of 4.2% for the forecast period of 2022-2032. The rice cakes market is supposed to reach a valuation of US$521.3 Mn by the end of 2022. The rising popularity of rice cakes as a healthy snack coupled with a sensitivity toward salicylates are contributing to the market growth of rice cakes.
Rice cakes are rich in dietary fiber, protein, minerals, and vitamins. This high nutritional value makes rice cakes a healthy snack for all age groups. Children, especially, prefer rice cakes due to their chewy texture and sweet and nutty flavor. Additionally, sensitivity to salicylates drives many consumers to opt for rice cakes, specifically those made out of buckwheat, to obtain the fagopyrin that is present in the grain.
Growing health and fitness trends, obsession with eating healthy, as well as the increasing demand for low-calorie snacks among health-conscious consumers are likely to fuel market expansion for rice cakes. A rising shift towards a gluten-free, vegan, plant-based diet with sustainable, regenerative, and immunity-boosting foods and beverages is responsible for the growing popularity of rice cakes. Furthermore, the suitability of rice cake as a snack for diabetics and people with hypertension also contributes to the rice cake market growth.
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The variety of choices offered for rice cakes and the versatile nature of rice cakes that enables consumers to create various recipes with the product as a base ingredient is creating a surge in the demand for rice cakes. In order to cater to consumer demands, manufacturers use certified and high-quality ingredients in the making of rice cakes. All these factors are expected to promote the rice cake market growth.
“Rising popularity of rice cakes as a healthy snack alternative, improved commercial advertisements, and appealing packaging will likely boost the global market growth of rice cakes for the forecast period,” says an FMI analyst.
Key Takeaways:
- A diverse product portfolio, celebrity endorsement, and attractive but sustainable packaging to boost market possibilities.
- Asia Pacific market to account for 41% of the overall market revenue.
- Rice cake market in North America holds 27.3% of market revenue.
- Europe rice cake market to account for 23.5% of global market revenue over the forecast period.
- Start-up culture is expected to boost market growth and expansion over the assessment period.
- Healthy snacking trends and a variety of rice cakes offered in the market to promote growth over the forecast period
Competitive Landscape
Quaker Oats Company, Mars Incorporated, Element Snacks Inc., Lundberg, Tastemorr Snacks, RACIO, s.r.o., Umeya, Riso Gallo, Wangwang, General Mills Inc., Kellogg Co., Ricegrowers Ltd., PepsiCo Inc., Blue Diamond Growers, Topco Associates LLC, KAMEDA SEIKA CO. LTD., Das Foodtech Pvt. Ltd., Nishimoto Co. Ltd., Ottogi Co. Ltd., SanoRice Holding BV, Vital Health Foods, Wise Crack, Ketofy, Ambrosia Organic, Joy Snacks, Katjang, and others are some of the major players in the rice cakes market that are profiled in the full version of the report.
Major organizations in the market are leveraging healthy snacking trends to produce rice cakes that are healthy and palatable. Manufacturers are investing in high-quality and certified ingredients to cater to consumer demands in the market.
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More Insights into the rice cakes Market Report
In its latest report, FMI offers an unbiased analysis of the global rice cakes market, providing historical data from 2015 to 2020 and forecast statistics for the period 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on type (mochi, puffed rice cakes), flavor (chocolate, apple cinnamon, caramel, chicken), packaging (pillow pouches, stick packs, snack-sized), distribution channel (specialty stores, convenience stores, retail, e-commerce) and region.
According to FMI reports, the Asia Pacific region is the largest rice cake market with a market revenue share of 41%. The presence of a massive rice-consuming population coupled with rapid urbanization and a fast-paced lifestyle is propelling market expansion in this region. Further, the high production of rice in India and China is a contributing factor. Shifts in consumer preference also account for the upsurge in the demand for rice cakes. The presence of major traditional snack countries like India, Japan, China, Korea, Vietnam, Malaysia, and others also fosters the market growth
North America, too, shows considerable market opportunities over the forecast period. The region is supposed to account for 27.3% of market share revenue during 2022-2032. The culinary industry of the region is experimenting with innovations and varieties of rice cake. In addition to this, the growing influence of Asian food and culture propels the regional market growth of rice cakes.
Apart from Asia and America, Europe, too, offers many lucrative opportunities as it holds a market share with a revenue of 23.5%. Owing to the increasing influence of Asian food and culture, the consumption of rice cakes is on the rise in this region. Furthermore, growing consumer awareness of the benefits of organic and non-GMO snacks has led to an upsurge in the demand for rice cakes. Healthy snacking trends are also on the rise in countries like the U.K. which boosts the market potential.
Key Segments Profiled in the Rice Cakes Market Survey
By Type:
- Mochi
- Puffed Rice Cakes
By Flavour:
- Chocolate
- Apple Cinnamon
- Caramel
- Chicken
By Packaging:
- Pillow Pouches
- Stick Packs
- Snack-Sized
By Distribution Channel:
- Specialty Stores
- Convenience Stores
- Retail
- E-Commerce
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
4. Global Rice Cakes Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) & Volume (Tons) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) & Volume (Tons) Projections, 2022-2032
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