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.
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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.
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.
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