Rice Milk Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The rice milk market is expected to grow at a CAGR of 7.6% from 2024 to 2032, and is expected to reach $ 6.46 billion by 2032. The annual growth rate is expected to reach 11.55% in the forecast period. The main driving force is the growing demand for plant-based foods, which is mainly driven by health awareness and environmental protection. Secondly, new rice milk varieties are also expected to be available, and rice milk is expected to be more popular with the general public. In terms of competition, the major rice milk manufacturers, such as Pacific Foods, Alpro, and Rice Dream, have been active in market share and product development. The main measures include: establishing long-term cooperative relations with major retailers to form a complete sales network; strengthening the investment in advertising to increase the popularity of rice milk; launching new products that meet the needs of different groups of consumers. The demand for dairy-free products is expected to continue to grow, and rice milk is expected to become the new trend of the beverage industry.

Regional Market Size

Regional Deep Dive

The rice milk market has grown considerably in recent years. The demand for plant-based products and dairy-free products is growing, which is causing the rice milk market to grow. In North America, the market is characterized by a strong trend towards health-conscious consumption. In Europe, the trend is towards organic and sustainably cultivated products. The Asia-Pacific region is the home of rice cultivation, and rice-based products are a popular part of the culture, which is a great opportunity for the market. The Middle East and Africa are gradually becoming aware of and accepting rice milk as a result of changing dietary preferences. Latin America is beginning to take an interest in rice milk as an alternative, especially in the cities, where the trend towards health-conscious consumption is gaining momentum.

Europe

• European consumers are increasingly prioritizing organic and non-GMO products, prompting brands like Alpro and Rude Health to launch organic rice milk options that align with these preferences.
• The European Union's Green Deal and sustainability initiatives are influencing rice milk production practices, encouraging companies to adopt eco-friendly sourcing and packaging solutions.

Asia Pacific

• In Asia-Pacific, traditional rice milk has been a staple in many cultures, and recent innovations by companies like Vitasoy are modernizing these products to appeal to younger consumers with new flavors and fortified options.
• Government programs promoting plant-based diets for health and environmental reasons are gaining traction, particularly in countries like Japan and Australia, which is expected to further boost rice milk consumption.

Latin America

• In Latin America, urbanization and rising health awareness are driving interest in rice milk, with companies like La Fama introducing rice milk products to cater to health-conscious consumers.
• The region's diverse culinary traditions are being leveraged by brands to create unique rice milk-based beverages, appealing to local tastes and preferences.

North America

• The rise of veganism and plant-based diets in North America has led to increased demand for rice milk, with companies like Rice Dream and Pacific Foods expanding their product lines to cater to this trend.
• Recent regulatory changes, such as the FDA's clarification on labeling for plant-based milk alternatives, have encouraged innovation and transparency in the rice milk sector, allowing brands to better communicate their health benefits.

Middle East And Africa

• In the Middle East, the growing trend of health and wellness is leading to increased interest in rice milk, with local brands like Al Ain Food and Almarai exploring rice milk products to meet consumer demand.
• Cultural shifts towards vegetarianism and veganism, particularly among younger populations, are influencing the acceptance of rice milk as a dairy alternative in various African countries.

Did You Know?

“Rice milk is one of the least allergenic plant-based milk alternatives, making it a popular choice for individuals with nut or soy allergies.” — Food Allergy Research & Education (FARE)

Segmental Market Size

Rice milk is an important part of the plant-based beverage market, which is currently growing steadily due to the rising demand for dairy alternatives. This is mainly due to the increase in lactose intolerance, but also to the growing trend towards veganism. In addition, the promotion of plant-based diets by the authorities also plays a role in the development of the sector, especially in regions such as North America and Europe where consumers are more conscious of health. Rice milk is now in the growth stage, and well-known brands such as Rice Dream and Pacific Foods are leading the way. The main application is in the form of cereals, drinks, and cooking and baking. The emergence of the COV19 epidemic has also led to an increase in the consumption of plant-based diets, which are mainly concerned with health and well-being. In addition, the development of rice milk has also been influenced by the trend towards green consumption and the improvement of processing and preservation methods.

Future Outlook

From 2024 to 2032, the rice milk market is expected to increase from $2.69 billion to $6.46 billion, with a strong compound annual growth rate (CAGR) of 11.47%. It is driven by the popularity of plant-based alternatives to dairy products. This is mainly due to the health consciousness of consumers, the increasing number of people with lactose intolerance and nut allergies, and the increasing number of consumers with health issues. The rice milk market is expected to increase, and by 2032 rice milk will have a share of 15% of the milk alternatives. However, the development of technology, especially in the field of production and flavor improvement, will have a significant impact on the popularity of rice milk. Also, the fortification of rice milk with vitamins and minerals, and the improvement of its shelf life, will also meet the needs of health-conscious consumers and promote the development of rice milk. The trend of promoting sustainable agriculture and a vegetarian diet will also create a good environment for innovation and development. The development of rice milk is also expected to lead to the development of organic and non-GMO rice milk. This trend will be in line with the trend of consumers demanding transparency and sustainability in food production.