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The rice cakes market size is projected to increase by USD 2.3 billion at a CAGR of 6.68% between 2023 and 2028. The growth of the retail landscape is significantly driven by the proliferation of supermarkets, hypermarkets, and specialty stores, fueling demand for private label brands like Puffed Snacks and Multigrain Snacks. Consumer preferences shift towards these organized retail sectors, favoring their affordability and diverse offerings, including Brown Rice Snacks and Quinoa Snacks.
Notably, supermarket chains like Walmart capitalize on this trend by introducing their own private-label offerings, such as Chocolate Snacks and Caramel Treats, allocating more shelf space and conducting in-store promotions to enhance their popularity. Thus, these factors positively impact the market, driving growth during the forecast period.
The market shows an accelerated CAGR during the forecast period.
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The increasing number of new product launches will fuel the brown rice cakes segment, which will drive market growth. Brown rice-cakes have several health benefits, including lowering cholesterol levels and preventing the formation of blood clots which is significantly contributing to the growth of this segment. In addition, many players are coming up with new products to cater to the increasing demands of consumers. For example, Empire Bespoke Foods offers Rice Up! - a line of brown rice snacks. Hence, such factors are fuelling this segment which in turn will drive the market during the forecast period.
The offline segment is estimated to witness significant growth during the forecast period, as highlighted in the market analysis and report. This segment encompasses departmental stores, supermarkets, hypermarkets, and convenience stores. In addition, many market players utilize promotional and marketing strategies such as branding through signages and discounts on product packages at their stores, reflecting market growth and trends. Furthermore, several retail stores in China, such as Walmart and Carrefour China Inc., have been selling rice-cakes on their shelves for a long time, aligning with market forecasting.
The offline segment was the largest segment and was valued at USD 3.7 billion in 2018.
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Moreover, market players operate in the organized retail sector based on factors including geographical presence, ease of production, inventory management, and goods transportation, as observed in market trends and analysis. In addition, supermarkets and hypermarkets have dedicated aisles for this, which increases their visibility, reflecting market growth analysis. Furthermore, such efforts by retailers have attracted the attention of consumers and have increased the sales of this in China through supermarkets and hypermarkets, contributing to market research and growth.
Hence, such factors are fueling this segment, which in turn drives the market growth during the forecast period, as highlighted in market growth and forecasting.
APAC is estimated to contribute 55% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the factors that are significantly fueling the market in APAC include the growing trend of snacking between regular meals, changes in lifestyles, and widespread availability. Moreover, rice is the staple food for most of the regional population.
Therefore, the increasing consumer inclination toward rice-based food products is positively impacting the market in the region. Some prominent market players in this market in APAC include Wangwang, Ricegrowers Ltd. (trading as SunRice), and PepsiCo. Hence, such factors drive APAC's market growth during the forecast period.
The Rice Cakes Market is propelled by diverse factors, including the rising demand for healthier snack options amid increasing Health Consciousness. Coconut Treats and Flavored Delicacies are driving innovation, offering consumers a variety of choices. Crispy Snacks and Snack Bites cater to the growing trend of on-the-go consumption habits, while Giant Snacks appeal to those seeking larger portions. Plain Options remain a staple, appealing to consumers who prefer simplicity. However, challenges persist in Distribution Channels and Suppliers' ability to meet demand efficiently.
Despite this, the market sees growth potential due to the snack industry's continual evolution. Consumption habits are shifting towards natural treats, emphasizing the importance of quality ingredients. Shapes such as Rounds and Squares add novelty, attracting consumers looking for unique snacking experiences. Overall, the Rice Cakes Market reflects a blend of innovation, consumer preferences, and industry dynamics driving its trajectory.
One of the key factors driving the growth is the growing retail landscape. The growth is fueled by the organized retail sector across the globe due to the proliferation of supermarkets, hypermarkets, and specialty stores.
Moreover, consumer shopping patterns have also shifted toward supermarkets and hypermarkets, further increasing the demand for organized retail sectors for key market players. Hence, such factors are driving the market during the forecast period.
A key factor shaping the trends is the emergence of private label brands. There is a growing popularity for private-label products among budget-conscious consumers as private-label products are priced less than mainstream brands. In addition, various supermarket chains, including Walmart, have come up with their own private-label brands to cash in on the increasing demand for private-label brands among consumers.
Moreover, supermarket chains are allocating more shelf space for their private-label offerings and are also carrying out in-store promotions and campaigns to increase the popularity of their private-label offerings. In addition, rice-based snack products with private labels are becoming popular among consumers, as they are comparatively more affordable than other variants. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
Natural disasters and adverse weather conditions are some of the key challenges hindering the growth. Several natural disasters and adverse weather conditions, including floods, earthquakes, droughts, frost, and pestilence, impact the production of rice, which is a key ingredient used to manufacture this.
Moreover, natural disasters not only hamper the production of rice but also harm the production of other rice-based products. Hence, such factors can negatively impact the market. Therefore, it is expected to hinder the market during the forecast period.
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.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market 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 Rice Cakes Market offers a diverse array of snacks to cater to every taste bud and dietary preference. From Puffed Snacks to Multigrain Snacks, there's a variety for every snacking occasion.
Quinoa Snacks and Corn Snacks provide wholesome alternatives, while Chocolate Snacks and Caramel Treats satisfy sweet cravings. Salted Bites and Seaweed Treats offer savory delights, complemented by options like Sesame Crackers and Spicy Delights.
For those craving bold flavors, BBQ Flavors and Cheese Treats are popular choices, while Sweet Bites and Honey Delicacies cater to those with a sweet tooth. Gluten-Free Snacks and Organic Treats address the growing demand for healthier options, featuring Low-Calorie Options for the health-conscious consumer.
Rice Cakes come in various forms, from Snack Bars to Snack Thins, and are available in convenient Multipacks and Mini Treats. With an emphasis on Innovations and Healthy Snacks, manufacturers and distributors continually expand product varieties to meet evolving Consumer Preferences.
Packaging plays a crucial role in attracting consumers, with options for Toppings, Dips, and Crisps enhancing the snacking experience. As consumers become more health-conscious, the Rice Cakes Market continues to thrive, offering a wide range of delicious and nutritious options for every snacking occasion.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Rice Cakes Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.68% |
Market Growth 2024-2028 |
USD 2.3 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.19 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 55% |
Key countries |
US, Japan, China, South Korea, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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 |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our 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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