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Technavio’s market research analyst predicts the global rice milk market to grow steadily at a CAGR of above 15% by 2021. One of the key drivers contributing to the rice milk market’s growth is the rise in the number of cases of lactose intolerance. Lactose intolerance is the inability of the body to digest significant amounts of lactose present in milk. Certain ethnic groups such as the Asian population are more affected compared to others. Also, in the US and Europe, the sales of lactose-free products doubled in 2014 due to the increase in self-diagnosed cases of lactose intolerance. Rice milk has proved to be a popular dairy-alternative milk in Asia and Europe as it is not only lactose-free but also fortified with essential vitamins and minerals needed for the growth and development of the body. With an increasing number of people adopting rice milk as an alternative for dairy milk, the global rice milk industry is expected to grow during the forecast period.
In terms of geography, Europe accounted for the maximum market share during 2016 and will continue to dominate the rice milk market for the next few years. The increasing lactose intolerance among the consumers is the main impetus for market growth as rice milk is low in fat and is good for people with a sensitive stomach as it is mild and easier to digest in comparison to dairy milk. Many consumers are shifting from dairy milk to non-dairy milk, including rice milk, almond milk, and coconut milk. Due to the above-mentioned advantages, the demand for rice milk in Europe is expected to remain high in the coming years.
The global rice milk market is highly competitive due to the constantly changing consumer demands and preferences in the food and beverage industry. The manufacturers in the global rice milk market may benefit from this overall economic development owing to the rise in the number health-conscious consumers over the globe who prefer non-dairy beverages. With the presence of both established regional and international vendors the competition in the global market is expected to intensify in the coming years.
Leading vendors in the market are –
Other prominent vendors in the rice milk market include Costco Wholesale Corporation, Ecoideas, FINE JAPAN, Freedom Foods, Pureharvest, SunOpta, The Bridge, and Whole Foods Market.
During 2016, the plain rice milk dominated the rice milk market and accounted for a major part of the overall market share. The rapid rise in the number of cases of lactose intolerance or maldigestion is the primary contributor to the dominance of this segment in the global market. Also, owing to the rising health-consciousness among the millennials who prefer natural drinks several cafés and restaurants have started selling rice milk to increase their revenues.
In this market study, analysts have estimated supermarkets and hypermarkets to dominate the rice milk market during the forecast period. The growing organized retail globally and the availability of self-space for stoking multiple brands are the key factors responsible for the growth of this segment in the global market.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product type
PART 07: Geographical segmentation
PART 08: Market segmentation by distribution channel
PART 09: Marketing mix
PART 10: Key leading countries
PART 11: Market drivers
PART 12: Impact of drivers
PART 13: Market challenges
PART 14: Impact of drivers and challenges
PART 15: Market trends
PART 16: Competitor analysis
PART 17: Appendix
PART 18: Explore Technavio
Tags: milk products, organic milk, food ingredients, non alcoholic drinks, food and beverage industry growth, food market analysis,
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