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The rice cakes market size is forecast to increase by USD 2.32 billion at a CAGR of 6.68% between 2023 and 2028. The market is experiencing significant growth due to the increasing demand for healthier snack alternatives. Consumers are increasingly opting for rice cakes as they are low in calories and fat, making them an ideal choice for those following dietary restrictions or seeking to maintain health and wellness. Additionally, the market is witnessing innovation in rice cake formats, including spreads, crisps, slices, shapes, rounds, and squares, catering to diverse consumer preferences. The growing prominence of online shopping is also driving market growth, as consumers can easily access a wide range of rice cake brands and varieties from the comfort of their homes. However, natural disasters and adverse weather conditions pose challenges to the market, disrupting supply chains and impacting production and distribution. Overall, the market is expected to continue its growth trajectory, driven by consumer health consciousness and innovative product offerings.
The market is witnessing significant growth due to the increasing demand for healthier snack options. Puffed snacks made from rice cakes are a popular choice for consumers looking for low-calorie alternatives to traditional chips and crackers. The market encompasses a wide range of rice cake variants, including multigrain snacks, brown rice snacks, quinoa snacks, and corn snacks. Additionally, chocolate snacks, caramel treats, salted bites, and seaweed treats cater to consumers with a sweet tooth or savory palate. Sesame crackers, spicy delights, BBQ flavors, cheese treats, sweet bites, honey delicacies, coconut treats, and gluten-free snacks are other popular rice cake variants.
Moreover, organic treats and natural treats are also gaining traction as consumers become more health-conscious. Rice cakes come in various forms such as snack bites, snack bars, snack thins, snack packs, multipacks, mini treats, and giant snacks. Toppings, dips, spreads, crisps, slices, shapes, rounds, and squares add to the versatility of rice cakes, making them a convenient and delicious snacking option for consumers.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The offline segment is estimated to witness significant growth during the forecast period. The market encompasses departmental stores, supermarkets, hypermarkets, and convenience stores as key sales channels. companies employ promotional strategies, including branding through signages and discounted product packaging, to boost sales. Notable retailers in China, such as Walmart and Carrefour China Inc., have long offered rice cakes in their stores. Operators in this sector consider factors like geographical reach, production ease, inventory management, and logistics for their business. Supermarkets and hypermarkets allocate dedicated aisles to rice cakes, thereby enhancing their exposure. These retail initiatives have piqued consumer interest and significantly increased rice cake sales through supermarkets and hypermarkets in China. Key product offerings include Seaweed Treats, Sesame Crackers, Spicy Delights, BBQ Flavors, Cheese Treats, Sweet Bites, and Honey Delicacies, as well as Coconut Treats.
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The offline segment was valued at USD 3.70 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 55% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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In the market, APAC emerged as the leading region in 2023, driven by the increasing preference for rice-based snacks. Factors such as the growing trend of snacking between meals, changing lifestyles, and the widespread availability of rice cakes have significantly influenced the market's growth in this region. Furthermore, the penetration of packaged foods and the subsequent decline in the demand for homemade snacks have also contributed to the market's expansion. Rice, being the primary source of income and staple food for many farmers and consumers in APAC, has fueled the growing consumer inclination towards rice-based food products. The market in APAC offers a diverse range of options, including Seaweed Treats, Sesame Crackers, Spicy Delights, BBQ Flavors, Cheese Treats, Sweet Bites, and Honey Delicacies, among others. Coconut Treats are also gaining popularity due to their unique taste and nutritional benefits.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing demand for healthier snack varieties is the key driver of the market. The market is experiencing significant growth due to the rising consumer preference for healthier snacking options. These snacks, which include Puffed Snacks made from rice, Multigrain Snacks, Brown Rice Snacks, Quinoa Snacks, Corn Snacks, and even Chocolate Snacks with Caramel Treats and Salted Bites, are increasingly popular as they are made from natural ingredients, free from artificial flavors and gluten.
Moreover, the global trend towards healthier eating habits is fueling the demand for rice cakes as they provide consumers with a guilt-free snacking experience. Moreover, the growing preference for snacking in between meals is driving the market growth. Manufacturers are responding to consumer demands by reformulating their products to reduce unhealthy ingredients and add nutritious ones, making rice cakes a more attractive choice for health-conscious consumers.
The growing prominence of online shopping is the upcoming trend in the market. The market has experienced substantial growth in recent years, with e-commerce playing a pivotal role in its expansion. Consumers can now easily access a wide range of rice cakes, including puffed snacks made from multigrain, brown rice, quinoa, corn, and other grains, as well as chocolate-covered and caramel treats. The proliferation of e-commerce companies worldwide, driven by the widespread use of smartphones, has facilitated the online sale of rice cakes. Also, packaged rice cakes are also available on brand-owned online formats and pure-play e-retailers. The convenience and accessibility offered by e-commerce have made rice cakes a preferred snack choice for consumers worldwide.
Natural disasters and adverse weather conditions is a key challenge affecting the market growth. The market faces challenges due to natural disasters and adverse weather conditions that impact rice production. Rice, a primary ingredient in rice cakes, is susceptible to damage from floods, earthquakes, droughts, frost, and pestilence. In recent years, several countries have experienced significant crop losses due to these factors. For instance, India lost approximately 5.04 million hectares of agricultural land due to cyclonic storms, flash floods, floods, landslides, and cloudbursts by November 25, 2021.
Similarly, China's rice crop was negatively affected by floods that destroyed paddy fields in various regions. These natural calamities can hamper the growth of the market during the forecast period. The market for Puffed Snacks, Multigrain Snacks, Brown Rice Snacks, Quinoa Snacks, Corn Snacks, Chocolate Snacks, and Caramel Treats may experience volatility due to the unpredictable nature of these weather events.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AAAS Foods and Natures Soul Pvt Ltd: The company offers products such as turmeric and black pepper rice-cakes, lentils and flaxseed rice cakes, and classic plain rice cakes.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to the increasing consumer preference for healthy snacking options. Rice cakes, available in various flavors such as multigrain, brown rice, quinoa, and plain, cater to the demands of consumers seeking gluten-free and organic snacks. The market offers a wide range of product varieties, including puffed snacks, crispy snacks, snack bars, snack thins, snack packs, and mini treats, among others. Consumption of rice cakes is driven by health consciousness and changing consumption habits. The snack industry is witnessing a shift towards natural and low-calorie options, making rice cakes an attractive choice for health-conscious consumers.
Moreover, the distribution channels for rice cakes include retailers, supermarkets, and online platforms. Rice cakes are often paired with toppings, dips, spreads, crisps, slices, shapes, rounds, squares, and other complementary snacks, expanding the market's product offerings. The market for rice cakes is expected to continue its growth trajectory, driven by the increasing demand for healthy snacking options and the expanding product portfolio.
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Market Scope |
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Report Coverage |
Details |
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Page number |
158 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.68% |
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Market growth 2024-2028 |
USD 2.32 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.19 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 55% |
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Key countries |
US, Japan, China, South Korea, and India |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AAAS Foods and Natures Soul Pvt Ltd., Ambrosia Organic Farm Pvt. Ltd., Bok Rice Bakery, Das Foodtech Pvt. Ltd., De Katjang BV, Element Snacks Inc, Holland and Barrett Ltd., Madon Pure Food Pvt. Ltd., Nishimoto Co. Ltd., Ottogi Co. Ltd., PepsiCo Inc., RACIO sro, Ricegrowers Ltd., Riso Gallo SpA, SanoRice Holding BV, Umeya Inc., Van Rice Products, Vital Health Foods, Gourmet Egypt S.A.E, and Lundberg Family Farms |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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