The global market for rice cakes was valued at USD 519.64 million in 2022. The global rice cakes market size is expected to grow at a CAGR of 4.33% during the forecast period to reach USD 729.52 million by the end of 2028.
Rice cakes are snacks made from rice grains that are cooked, dried, and pressed into a round or rectangular shape and sold as rice cakes. Rice cakes are a very popular snack in some traditions, especially in East Asian countries. Rice cakes are made from cooked rice grains. Rice grains are cooked until they are tender and soft. The rice form is mashed or pounded until it forms a dough-like texture. Rice cakes are then shaped into a flat, round, or rectangular shape. They are dried or baked, fried, or steamed.
Rice cakes are low in calories, fat-free, and gluten-free, and offer a healthier alternative to traditional snacks, making them appealing to health-conscious consumers. With attractive packaging, the introduction of new flavors, and expansion into untapped markets, the future of the rice cakes market looks promising.
Increasing health and wellness trends to create greater demand-
The global rice cake market is expected to expand due to the increasing health and wellness awareness around the world. The trend gained more traction after the COVID-19 outbreak as people started to be more conscious of what they eat and started making lifestyle changes or changing their eating habits. Rice cakes are considered to be healthier than traditional snack foods like potato chips, cookies, etc. They are usually low in calories, fat, and gluten. This makes rice cakes popular among a growing number of people who are avoiding gluten-containing foods for personal reasons or because of their health.
Rapid urbanization, changing lifestyles, and a shift towards healthier snacking habits are the key factors contributing to the market expansion.
Texture and taste limitations can be a restraining factor to rice cake market growth- Rice cakes are composed of cooked and dried grains of rice. The most common or basic variety of rice can be considered bland, and not all consumers are likely to have an appetite for this type of food, particularly if they are accustomed to eating traditional spicy or sweet snacks. Furthermore, even the rice cake varieties that have undergone additional processing may not be suitable for those who are not acquainted with trying simple snacks and prefer more indulgent snack options.
Rising demand for plant-based and vegan food substances to propel growth opportunities- In recent years, there has been an increase in plant-based and vegan diets around the world. People are actively deciding not to eat any animal products. This can be because of religious reasons or because it is a personal choice. Furthermore, with the increasing focus on health and wellness, the rice cakes market has immense growth potential. Manufacturers can explore opportunities to introduce organic, gluten-free, and vegan options to cater to specific dietary requirements and preferences. Additionally, innovations in new flavors, ingredients, and packaging can help capture a larger consumer base.
The impact of COVID-19 on the rice cakes market growth has been both positive and negative. On one hand, there was an initial surge in demand for rice cakes as consumers sought healthier snack options during lockdowns. However, supply chain disruptions and production challenges also affected the industry.
The rice cakes market demand faced challenges in sourcing raw materials and packaging due to disruptions in supply chains. This led to delays in production and distribution. As the pandemic continued, consumer preferences evolved, and some shifted away from rice cakes to other snack options. However, the pandemic also heightened awareness of health and wellness, which could be a long-term benefit for the rice cakes market, given their perception as a healthier snack.
By Product Type:
The puffed rice cakes segment is leading with the dominant shares of the market. Puffed rice cakes are the most popular and occupy a considerable portion of the market. It is a delicious snack that can be enjoyed until the next meal. Eating small snacks frequently can provide the energy needed to stay active and maintain good health. A full snack in between meals, such as rice cake with peanut butter, can also be a healthy alternative. Mochi rice cakes market size is expected to grow enormously during the forecast period 2023-2028.
By Flavor:
Chocolate is the most popular flavor, followed by caramel. Rice cakes offer a sweet and indulgent taste, so they appeal to a wider range of consumers. In some countries, chicken is the most popular rice cake flavor, depending on how many people enjoy savory flavors or unami in their snacks. In other countries, apple cinnamon is more popular for baked goods or desserts, and there is a small market for apple cinnamon rice cakes.
By Raw Material:
The white rice segment is leading the market share due to the high demand for white rice cakes across the globe. White rice cakes may appear to be a source of carbohydrates with limited nutritional value; they may also appear to be nutritious due to their low caloric content. Therefore, it is important to consume rice cakes in moderation and to add nutritious toppings to them.
By Distribution Channel:
Based on the distribution channel, the rice cakes market can be divided into modern trade and convenience stores, online stores, specialty stores, and others. Modern trade and convenience stores account for the majority of the market share. Convenience stores have been shown to generate more revenue. The growth of this segment can be attributed to factors such as accessibility, quality, and variety.
By Packaging Type:
The snack-sized portion bags segment is leading with the largest shares of the market as this packaging really grabs the kids’ attention and gets them to choose the product from that particular brand. The pillow pouches segment is likely to hit the highest CAGR during the forecast period.
Asia Pacific is expected to lead the rice cakes market in the forecast period. This is mainly due to the fact that rice cakes are an original dish or snack from Asian countries. In addition, rice cakes are very popular in countries like Japan and South Korea. These countries have a long tradition of eating rice in various forms. Mochi rice cake is very popular in Japan. It is especially popular during the festival season. South Korea is one of the most popular rice cake-producing countries in the world. It produces rice cakes in a variety of flavors. The spiced version of rice cakes is known as tteok bokki. In addition, South Korea is an exporter of rice cakes. In recent years, South Korea has seen an increase in tourism as well as an increase in Asian food consumption around the world. This has led to an increase in authentic rice cakes demand.
Europe is next in leading the dominant shares of the market, whereas North America is set to have the fastest growth rate during the forecast period.
Key Market Players:
Major Key Players in the Global Rice Cakes Market are
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