Global Rice Crackers Market - 2023-2030

Global Rice Crackers Market - 2023-2030

Global Rice Crackers Market reached US$ 5.7 billion in 2022 and is expected to reach US$ 8.8 billion by 2030, growing with a CAGR of 5.6% during the forecast period 2023-2030.

As consumers become more health-conscious, there is an opportunity to position rice crackers as a healthier snack option. Emphasizing low-fat, gluten-free, and non-GMO qualities can attract health-focused consumers. Major key players in the market offer unique and exotic flavors of the rice crackers which helps to boost market growth over the forecast period.

Rapid growth in the import and export activities by the major key players further helps to boost market growth. According to the data published in an Asia article in 2023, Japan’s rice crackers exports have been rising due to the increase in the consumers demand for healthier snacks. Echigo Seika Co., Ltd., increased its exports which are now sold in 18 countries.

Exports of rice crackers in 2021 increased by 22% by volume from the previous year to 5,141 tonnes and 24% by value to an all-time high of $40.18 million due to the COVID-19 pandemic, people are staying at home. Production of rice crackers is around 210,000 tonnes per year, according to the Food Marketing Research and Information Center.

Dynamics

Rising Demand for Convenient and On-The-Go Snacks

The rising demand for convenient and on-the-go snacking options is expected to drive the global rice crackers market. With increasing urbanization, busy lifestyles, and changing dietary habits, consumers are seeking snacks that offer convenience and portability. The market is witnessing a shift in consumer preferences towards snacks that are consumed anytime, anywhere. This trend is fueled by factors like long commutes, hectic work schedules, and the need for quick and satisfying snack options.

In response to the demand for convenience and on-the-go snacking options, market players are focusing on product innovation and packaging formats that enhance portability and ease of consumption. Rice crackers are a popular choice for school and office snacks. Their mess-free and non-perishable nature makes them suitable for lunch boxes, desk drawers, and backpacks.

Growing Health Consciousness among the Consumers

One of the key factors driving demand for rice crackers is the rise in health issues brought on by the consumption of synthetic products, which has altered consumer perception of plant-based, and healthful rice crackers. Consumption of rice crackers has multiple health benefits, such as reducing high blood pressure. The demand for healthier snack options, like rice crackers is rising as snacking becomes more common and become a growth opportunity for the sales of rice crackers.

During the forecast period, the rising number of vegans worldwide favor the market for rice crackers. A vegan diet is becoming more popular among consumers due to its health benifits. According to the WorldAnimalFoundation, there are around 88 million vegans in the world. Almost 1-2% of the world’s population is vegan. Due to the growing vegan population demand for vegan snacks such as rice crackers increased.

Price Sensitivity

Price-sensitive consumers are deterred by the cost of certain rice cracker products. If these snacks are perceived as too expensive, it limits their affordability for a significant portion of the market. In highly competitive snack markets, rice crackers face tough competition from lower-priced alternatives such as potato chips or generic crackers. Consumers looking for budget-friendly snacks choose these options over more expensive rice crackers.

Some rice cracker brands position themselves as premium or specialty products, offering unique flavors or ingredients. While this can attractive to some consumers, it leads to higher price points that price-sensitive consumers find less appealing. Private-label or store-brand rice crackers, which are often priced lower than name-brand options, can attract price-sensitive consumers.

Segment Analysis

The global rice crackers market is segmented based on type, flavor, texture, packaging type, distribution channel and region.

Increasing Consumer’s Demand for Plain Rice Crackers

The plain rice cracker segment in the global rice cracker market held 26.15 % of the market share due to an increase in the consumers demand for healthy snacks. Plain rice crackers serve as a neutral or blank canvas for various flavor profiles and toppings. Consumers can enjoy them with a wide range of accompanying ingredients, such as dips, spreads, cheeses, and proteins. This versatility makes plain rice crackers suitable for diverse culinary applications and preferences.

Increase in the product launches by major key players helps to boost market growth over forecast period. For instance, on August 17, 2021, Orion, a largest food producer in South Korea started a festive celebration in India by launching O’Rice and custas cup cake products in the market. The snacks are imported from its production site in Vietnam. The company is targeting new-age Indian consumers. O’Rice is a 100% vegetarian baked snack and has a larger shelf life of 9 months. It is available in the pack size of 14 Packets of 2 rice crackers.

Geographical Penetration

Asia Pacific Region Accounted Largest Market Share due to the Increase in Rice Production

Asia Pacific region accounted for 35.25% of the share in the global rice crackers market. Asia Pacific is the largest producer of rice in the world. According to the data given by the Food and Agriculture Organization, rice is the staple food in the region, and over 90% of the world's rice is consumed and produced in the Asia Pacific. This increase in the production of rice in the region attracts consumers to start production of rice crackers due to the increase in the consumer’s demand for healthy snacks.

Rice crackers have deep roots in many Asian countries. They are considered traditional snacks, often associated with festivals, celebrations, and daily snacks. This cultural significance drives steady demand in the region. Rapid urbanization in China and India led to changes in consumer’s lifestyles. Consumers living in urban areas are looking for ready-to-eat snacks like rice crackers due to their long shelf life.

Competitive Landscape

The major global players in the market include Echigo Seika Co., Ltd., TH Foods, Kuriyamabeika Co., Ltd., Mochikichi Co.,Ltd., Well Come Asian Market, Kanom Sakol Co., Ltd. , Bourbon Corporation Japan, Want Want., Iwatsuka Confectionery Co.,Ltd. and Kameda Seika Co., Ltd.

COVID-19 Impact Analysis

The pandemic disrupted supply chains, leading to shortages and price fluctuations in raw materials. Rice, a primary ingredient in rice crackers, saw price and supply fluctuations, impacting production costs. Lockdowns, travel restrictions, and health concerns led to logistical challenges, affecting the timely transportation of raw materials and finished products. This disrupted the supply chain and increased transportation costs.

On the other hand, the pandemic influenced consumer eating habits. With more people working from home and reducing restaurant dining, there was an increased demand for snacks like rice crackers as convenient, shelf-stable options. Consumers became more health-conscious during the pandemic, seeking snacks perceived as healthier alternatives. Some rice cracker manufacturers capitalized on this trend by promoting their products as gluten-free, non-GMO, and low in fat.

Russia-Ukraine War Impact Analysis

Rice crackers are made primarily from rice and various seasonings. Ukraine is a significant exporter of grains, including rice. Disruption in Ukrainian agriculture due to the war led to fluctuations in rice prices and availability, affecting production costs for rice cracker manufacturers. The conflict disrupts transportation routes, impacting the timely delivery of raw materials and finished products. This led to supply shortages and increased transportation costs.

Economic turmoil in Russia and Ukraine influences exchange rates and causes fluctuations in currency values. These fluctuations affect the profitability of international rice cracker manufacturers. In response to geopolitical tensions, governments impose trade restrictions or tariffs on goods imported from Russia and Ukraine, potentially affecting the cost and availability of rice crackers in certain markets.

By Type
• Non-Glutinous Rice Base
• Glutinous Rice Base

By Flavor
• Plain
• Soy Sauce
• Seaweed
• Wasabi
• Others

By Texture
• Thin and crispy
• Thick and crunchy
• Soft and puffed

By Packaging Type
• Individual
• Multipack

By Distribution Channel
• Supermarkets and Hypermarkets
• Convenience Stores
• E-Commerce
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• On April 07, 2022, Chao Sua, launched the chao sua mini rice cracker in the market and unveiled the 2022 strategy for 20% of the growth. The newly launched product is available in three flavors. The company launched products in Hong Kong, China, Europe, Australia, and the USA.
• On May 03, 2021, LT Foods expanded Kari Kari rice-based snacks in Australia. The newly launched product is inspired by the famous Kameda Crisp a leader in Japanese rice crackers. The newly launched brand is now available in Perth, Sydney and Dubai.
• On June 08, 2020, LT Foods Limited, a Delhi-based food company collaborated with Kameda Seika, Japan’s largest food cracker company to launch rice crackers in the market. Currently, products are available in online and modern trade stores.

Why Purchase the Report?
• To visualize the global rice crackers market segmentation based on type, flavor, texture, packaging type, distribution channel and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of rice crackers market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global rice crackers market report would provide approximately 77 tables, 80 figures and 190 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies