Global Rice Cakes Market Size, Share, Opportunities, And Trends By Product Type (Mochi (Japanese Rice Cakes), Puffed Rice Cakes, North American Rice Cakes), By Flavour Type (Chocolate, Apple Cinnamon, Chicken, Caramel, With Fruits, Other Flavours), By Raw Material (White Rice, Brown Rice), By Distribution Channel (Modern Trade, Specialty Stores, Convenience Stores, Online Stores, Other), And By Geography - Forecasts From 2024 To 2029

The rice cake industry is expected to witness growth during the forecasted period of 2024-2029. 

Rice cakes are food items created from rice and shaped, condensed, or combined into a single object. Rice cakes come in a wide variety of types and exist in different cultures, which are especially prevalent in Korea and Japan. Rice cakes are often eaten as a substitute for bread and crackers due to the low number of calories, fiber, and protein provided by rice cakes. They provide a wide range of benefits, which include low amounts of calories, contain whole grains, and are gluten-free. They are also known to be eaten together with other sources of protein and fibre, which helps balance out the increased blood sugar caused by rice cakes.

Introduction:

The rice cake industry is home to a variety of different rice cake snack products, which include Mochi. Mochi is known for being a chewy treat that is enjoyed as a New Year’s treat. It is made by pounding steamed Japanese rice over and over using a wooden mallet. Korean rice cakes are considered a delicacy in Korea, among many others.

Drivers:

• Urbanization and increase in national income: one of the major factors that affect the increase in demand for functional and convenience products is the increase in income and urbanization. As per the data provided by the World Bank, the adjusted net national income has been shown to increase in 2020 -2021. As the income of an individual increases, the tastes and preferences of consumers also change. This leads to an increase in demand for more functional and convenient products like packaged rice, rice cakes, snacks, and many others. Another Major factor that influences the growth of the demand for convenience food is the increasing urbanization of the region. Urbanization is the increase in population in urban areas or the people shifting from rural areas to urban areas, which can be due to an increase in individual income and an increase in disposable income. As per the World Bank, over 50% of the global population is said to be urbanized and will be expected to increase to 6 billion, which is 1.5 times, by 2045. This increase in urban population can lead to growth in the snacking industry, which will provide the necessary fuel for growth in the rice cakes industry as well.

Key Players:

Regional Analysis:

Asia Pacific continues to dominate the market and will be expected to grow at a significant pace during the forecasted period of 2024-2029. The factors that lead to the growth of the market in this region are rice production and the cultural significance of rice in Asia. As per the data from the Food and Agriculture Organization, the production of rice accounted for 90% of total cereal production in the world. India and China continue to be the leading producers, which will propel the rice cakes market with an increase in the demand for convenience foods like snacks

Market Developments:

• May 2022: SanoRice Group announced a €30 million investment in a new production facility in Nowa Sol, Poland, to meet the rapid growth in the demand for popped rice, multi-grain cakes, and corn. This provided an expansion of its geographical presence, reduced logistic costs, and improved access to Central and Eastern European markets. This was to increase production capacity and also meet the increased demand for less sugar, fewer calories, less salt, organic, and gluten-free products. The production facility is said to be operational during the third quarter of 2023. This enabled them to strengthen their leading position and to continue the growth of the business.
• March 2022: The Lundberg Family Farms announced the release of a new rice cake flavor, known as Salted Caramel. This is made with real caramel and is vegan-friendly, free of additives and artificial flavouring. Their product also contains freshly milled organic brown rice, which has been popped to perfection, and crafted into a thick, flavourful, and crunchy rice cake. The Lundberg Family is a leader in the national organic rice products, which include rice cakes, snacks, and many other rice-related products. In addition to being made with real caramel, they are also non-GMO project verified, gluten-free, kosher, vegan, and whole grain.

Global Rice Cakes Market Scope:

Segmentation:

• By Product Type:
  • Mochi (Japanese rice cakes)
  • Puffed rice cakes
  • North American rice cakes
• By Flavour Type:
  • Chocolate
  • Apple cinnamon
  • Chicken
  • Caramel
  • With fruits
  • Other flavours
• By Raw Material:
  • White rice
  • Brown rice
• By Distribution Channel:
  • Modern trade
  • Specialty stores
  • Convenience stores
  • Online stores
  • Other
• By Geography:
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others