Rice Cakes Market - 2023-2030

Rice Cakes Market - 2023-2030

Global Rice Cakes Market reached US$ 20.18 billion in 2022 and is expected to reach US$ 32.94 billion by 2030, growing with a CAGR of 6.32% during the forecast period 2023-2030.

The increased health consciousness among people drives rice cakes’ popularity as a healthier food product. The growing awareness among people regarding the benefits of these products positively influences market growth. The greater amounts of dietary fibre and other nutrients in the rice cake make it a good choice for leading a healthy lifestyle.

According to World Animal Foundation stats 2023, there are approximately 88 million vegans worldwide. The rising adoption of a vegan diet demands plant-based food products in the bakery sector, like rice cakes. The growing popularity of rice snacks and the availability of rice cakes in various flavours greatly impact the market expansion.

The growing popularity of food products with natural ingredients and health benefits boost the market for rice cake. According to the American Academy of Allergy, Asthma and Immunology, the gluten intolerance problem is affecting around 4% of the worldwide population. The increased conditions of celiac disease drive the market for gluten-free rice cakes.

Dynamics

Growing Demand for Healthy Products

Bakery products like cakes always have greater demand. They are primarily used in celebrations and special events. The versatile nature of cakes makes them a perfect dessert. With the growing health consciousness among people, the demand for healthy products is rising rapidly. Rice cake forms a healthier option than other conventional products due to their increased health benefits.

People with high blood pressure increasingly adopt rice cakes with low sodium content Low caorie and high fiber content in these products make it healthier. Most children are fond of cakes as they find them delicious. According to NIH, 1 among 100 children is prone to celiac disease. The increased pediatric celiac disease increased the demand for rice cake due to its gluten-free nature.

Various Product Availability

People with various taste preferences may demand various choices of flavours in the food product. Commonly chocolate and caramel flavored rice cakes are preferred. The market has increased demand for savoury and spicy rice cakes. Manufacturers are launching new products to meet the changing consumer preferences. For instance, in May 2023, a global food company, CJ Cheiljedang announced the launch of a new spicy rice cake.

Consumers' changing lifestyles and food preferences to develop new and innovative products driving the market growth. Many manufacturers offer their products in a single-serve range to have a greater portion control among consumers. The manufacturers' adoption of various marketing strategies through aggressive advertising and developing attractive packaging may positively affect the market growth.

Health Concerns

The higher carbohydrate content of this rice cake may contain higher glycemic index levels. These products disturb the body’s metabolism by increasing blood sugar levels due to higher sugars in them. According to the World Health Organization, there are about 422 million people are suffering from diabetes in the world. The increased cases of diabetes may reduce the consumption of sugary products like cakes, retraining the market growth.

The excessive energy provided by the overconsumption of these products may lead to weight gain. In 2022, WHO announced that over 1 billion people worldwide are obese. With the increased prevalence of lifestyle diseases, cake products are losing market sales as consumers opt for healthier alternative products. In addition, the rice cake doesn’t meet consumers' texture and flavour expectations, hindering market growth.

Segment Analysisn

The global rice cakes market is segmented based on raw material, type, product, flavor, category, packaging, distribution channel, application and region.

Higher Demand Among all Age Groups

The global rice cake market is segmented by flavor into chocolate, apple cinnamon, chicken, caramel and others. Due to its higher demand, the chocolate flavor rice cake market is enlisted to possess the largest share. The rich taste of chocolate flavor in the rice cake makes it a heavenly combination to explore. The chocolate flavor is tasty and nutritious at the same time.

This chocolate flavour's smooth texture, sweet taste and health benefits make it ideal for their application in rice cake, driving the segment’s growth. The new and innovative product launches in this segment positively impact the segment’s growth. For instance, a UK-based company, Mountain Joe’s, launched their new product, a high-protein rice cake with chocolate flavour.

Geographical Penetration

Largest Rice Consumers

The Asia-Pacific region held the largest share of the global rice cake market due to the presence of the highest number of rice consumers. India, China and other countries in this region have higher production and consumption of rice grain. According to USDA, China attributed the production of about 145,946 MT of rice in 2022-2023 and has a total harvest attribution of about 7.08 MT/HA. Thus, providing the raw material availability for the product production.

The increased snacking culture in this region is positively affecting the market’s growth. Rice cakes are consumed as traditional cakes in this region. Busy lifestyles and increased demand for healthy snack products by the consumers of this region boost market expansion. The increased health consciousness among people and growing demand for healthy products drive this region’s market growth.

Technological advancements in the food sector expand the opportunity to produce various products. The availability of rice cakes in various boost markets. There are many popular local brands of this product that drive the market. In addition, the extraordinary promotion strategies applied by market players help market expansion. The rising disposable incomes of people and increasing accessibility of e-commerce boost the market growth.

Competitive Landscape

The major global players in the market include Quaker, De KatjangBV, Kellogg's, Sano Rice, Joy Snacks, Ambrosia Organic, Vital Cakes, Lundberg, Topco Associates LLC and Ricegrowers.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic moderately impacted the global rice snacks market. The decreased production and availability of rice and other raw materials impacted product production. In addition, the labour shortages also halted production at the industrial level. The strict regulations from the government resulted in the shutdown of many manufacturing industries.

There was also a disruption in the supply chain activities that reduced economic activity. The import and export restrictions halted production. On the other hand, packed and convenient healthy food products were in demand during the pandemic. People became health conscious and demanded tasty and healthy products. The increased snacking habits during the period positively impacted the market.

The rising consumption of packaged food, in turn, had a positive impact on the rice snacks market. The need for a proper healthy diet increased the product demand. In addition, the increased use, accessibility and popularity of the e-commerce sector and the wide availability of these products in online sales increased the market demand.

Russia- Ukraine War Impact

The Russia-Ukraine war had a negative impact on many industrial sectors, including food. The market growth was affected by the scarcity of raw materials, reduced workforce, and distribution channel disruption. The labor shortage and a lack of resources for production badly impacted the market. The interrupted processes at the industrial level badly impact product production.

Distribution channels were negatively affected, leading to decreased market growth. There was a change in consumer food preferences. The war created import and export trade disruptions, resulting in economic disturbances. The political and economic uncertainty created due to the war had a negative impact on the rice snacks market.

By Type
● Mochi
● Puffed Rice Cakes
● Others

By Raw Material
● White Rice
● Brown Rice

By Product
● Wholemeal Rice Cake
● Corn Rice Cake
● Buckwheat Rice Cake
● Others

By Flavor
● Chocolate
● Apple Cinnamon
● Chicken
● Caramel
● Others

By Nature
● Organic
● Conventional

By Category
● Salted Rice Cakes
● Sweet Rice Cakes

By Packaging
● Pillow Pouches
● Stick Packs
● Snack-sized Portion bags
● Others

By Distribution Channel
● Modern Tade
● Specialty Stores
● Convenience Stores
● Online Stores

By Application
● Commercial
● Residential

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
● In February 2023, U.S.-based organic and gluten-free snack provider, Element Snacks, launched thin puffed rice cakes, Sea Slat Caramel Crispy Rice Minis.
● In May 2022, the world’s largest privately labelled cake producer, SanoRice Group, announced investing in rice and multigrain cakes to expand their product lines.
● In March 2022, a national leader in organic rice products, Lundberg Family Farms, launched a new flavor, Salted Caramel, in their rice cake product.

Why Purchase the Report?
● To visualize the global rice cakes market segmentation based on type, raw material, product, flavor, nature, category, packaging, distribution channel, application 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 cakes 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 cakes market report would provide approximately 118 tables, 109 figures and 229 Pages.

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