Technavio, a tech-focused market research firm, has published a new report on the global rice milk market, which is expected to grow at a CAGR of close to 15% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global rice milk market into the following key regions: The Americas, APAC, Europe, and ROW.
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Top three contributors for the global rice milk market are elaborated below:
Rice milk market in Europe: The demand for rice milk in Europe is expected to continue the dominance during the forecast period. The UK, Germany, and France are the key markets for rice milk in Europe. Several consumers are shifting from dairy milk to non-dairy milk such as rice milk, almond milk, and coconut milk.
According to Manjunath Reddy, a lead analyst at Technavio, specializing in research on food, “The increasing lactose intolerance among the consumers is the main factor driving the rice milk market growth. As rice milk is low in fat, it is good for people with a sensitive stomach and easier to digest in comparison to dairy milk. There has also been a shift in the consumer base, and more people in the region prefer a vegan diet.”
Rice milk market in APAC: The major growth factor for the rice milk market in APAC is the high level of lactose intolerance among the consumers. Consumers in APAC have some of the highest levels of lactose intolerance rate globally, which is compelling the rice milk manufacturers to cater to the domestic demand for non-dairy milk. For example, Woongjin Foods, a South Korea-based health food and beverages company, offers Morning Rice Drink made from Korean native white and brown rice that can be served with cereal.
Rice milk market in the Americas: The rice milk market in the Americas is driven by the growing consumer preference for non-dairy milk, including rice milk, owing to the rise in the number of people with lactose intolerance. The vendors in the American market are focusing on offering gluten-free variants of rice milk. For instance, Ecoideas offers rice milk products that are not only gluten-free but also suitable for vegan consumers and are prepared with organic ingredients.
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The top vendors operating in the global rice milk market are:
- DREAM
- Pacific Foods
- Vitasoy
- WhiteWave Foods
Other prominent vendors in the market include Costco Wholesale Corporation, Ecoideas, FINE JAPAN, Freedom Foods, Pureharvest, SunOpta, The Bridge, and Whole Foods Market.
A more detailed analysis is available in the Technavio market research report titled, ‘Global Rice Milk Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Ready-To-Drink Green Tea Market 2017-2021
- Global Coconut Water Market 2016-2020
- Global Instant Coffee Market 2016-2020
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