The global rice bran oil market size is anticipated to reach USD 5.12 billion by 2025, according to a new report by Grand View Research, Inc. The global market is estimated to expand at a CAGR of 3.44% from 2019 to 2025. This growth is attributed to rising awareness about the health benefits of rice bran oil. Moreover, high product demand as a result of increased health consciousness and consumption of fat-free and nutritious food products will boost the growth further.
Amidst the global pandemic crisis and the indefinite lockdown across nations, the consumer food & beverage industry first witnessed high demand for household staples, healthy food items, and consumables with longer shelf lives. The demand for frozen food products, fruits & vegetables, eggs, flour, and whole grains, among others, witnessed a considerable increase during the early stages of the crisis. Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. The companies are focusing more on altering their supply chains in order to reinforce their online presence and delivery measures, in an attempt to adapt to the present business environment. The changes in consumer buying behavior and the dynamic shifts towards online and D2C distribution channels may have serious implications on the near future growth of the industry. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.
The food & beverage held the largest market share of more than 55% in 2018 and will retain the dominant position throughout the forecast years. This is owing to rising usage of rice bran oil in various food and beverage products. On the other hand, the nutraceutical application segment is expected to witness the fastest CAGR of 5.01% form 2019 to 2025.
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In 2018, the offline distribution channel accounted for the largest market share. The online segment, however, is forecasted to expand at the highest CAGR of 5.59% over the forecast period. Popularity of e-commerce sites and rising number of manufacturers establishing their own websites are driving the growth of this segment. Asia Pacific was the largest regional market in 2018 owing to the high product consumption in countries, such as India, China, and Japan.
Further key findings from the study suggest:
- The online distribution channel segment is projected to register the fastest CAGR over the forecast period
- Nutraceutical application is estimated to be the fastest-growing segment at a CAGR of 5.01% from 2019 to 2025
- Asia Pacific accounts for the highest market share of the global rice bran oil market; while North America is projected to register the maximum growth rate during the forecast years
- Some of the key companies are Ricela Health Foods, BCL Industries & Infrastructure, 3F Industries Ltd., Sethia and A.P. Refineries Pvt. Ltd., Maheshwari Solvent, Malar Solvent, Modi Naturals Ltd., Harwin Agro Enterprises, Vaighai Agro Products Ltd., Adani Wilmar, Marico Ltd., ITC Ltd., and N.K. Proteins Ltd.
According to the World Health Organization (WHO) and the American Heart Association, the presence of polyunsaturated, monounsaturated, and saturated fats in this oil make it safer to consume than other vegetable oils. It is also used as a salad dressing as it is flavorless and odorless.
Based on application, the rice bran oil market is segmented into food & beverage, nutraceutical, animal feed, and others. The food & beverage had the largest market share in 2018 owing to high product usage various foods and beverages. For instance, in Asian countries, such as India, China, and Japan, the oil is used commonly to prepare everyday dishes. Moreover, increasing popularity of beverages made of cereal has resulted in increased use of rice bran oil in functional beverages.
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The nutraceutical segment is expected to register the fastest CAGR of 5.01% form 2019 to 2025. Rising awareness about the product benefits in the treatment of several chronic disorders. Moreover, Gamma Oryzanol, from the rice bran, is commonly used in medicines for protection against several degenerative diseases. These factors are anticipated to drive the demand in the nutraceutical segment.
In addition, it is a rich source of oryzanol, which protects the skin against ultraviolet (UV) rays, stimulates hair growth, and slows down the process of aging. These factors are boosting its demand in the cosmetics and pharmaceutical industries as well.
For instance, Liquid Gold offers premium Rice Bran Oil Hair Skin Care Moisturizer Massage, which can be used as a skin moisturizer as well as for massage. On the other hand, high consumption of the oil can cause intestinal gas, unpredictable bowel movements, and stomach discomfort as the fibers present in it might block the digestive tract, which might hamper the overall demand.
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The global industry is highly competitive. Some of the prominent companies in the market are Ricela Health Foods, BCL Industries & Infrastructure, 3F Industries Ltd., Sethia and A.P. Refineries Pvt. Ltd., Maheshwari Solvent, Malar Solvent, Modi Naturals Ltd., Harwin Agro Enterprises (P) Ltd., Vaighai Agro Products Ltd., Adani Wilmar, Marico Ltd., ITC Ltd., and N.K. Proteins Ltd. Most of the companies have undertaken M&A and product portfolio expansion as part of their business development strategy.
Grand View Research has segmented the global rice bran oil market on the basis of application, distribution channel:
Rice Bran Oil Application Outlook (Revenue, USD Million, 2015 – 2025)
- Food & Beverage
- Animal Feed
Rice Bran Oil Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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