Market Overview:
The global rice bran oil market size was USD 7.86 billion in 2023 and is projected to grow from USD 8.55 billion in 2024 to USD 18.35 billion by 2032 at a CAGR of 10.02% during the forecast period (2024-2032).
Asia Pacific dominated the global market with a share of 75.97% in 2020. The global rice bran oil market size is set to gain traction from its possession of multiple beneficial properties. It has subtle taste, antioxidants, and low-fat content. Fortune Business Insights™ presented this information in an upcoming report, titled, “Rice Bran Oil Market, 2024-2032.” As per the report, the outbreak of the COVID-19 pandemic has compelled people to cook at home. It has also caused an inclination towards health-consciousness to stay fit and healthy. In March 2021, for instance, TSUNO Group, announced that the sales of sesame and rice bran oil surged by 42% in Japan amid the pandemic.
Segmentation-
Plastic Bottles Segment to Generate Largest Share in the Upcoming Years
By packaging, the market for rice bran oil is trifurcated into glass bottles, pouches, and plastic bottles. Out of these, the plastic bottles segment is expected to earn the largest rice bran oil market share in the near future because of its high prevalence in the packaging of edible vegetable oils. Based on the distribution channel, it is fragmented into online retail, supermarkets/hypermarkets, departmental stores, and others.
Report Coverage-
The report provides a comprehensive analysis of various countries and regions within the Rice Bran Oil Market. Our analysts developed this analysis by evaluating several factors that influence regional growth, including political, technological, social, economic, and environmental conditions. The section on the competitive landscape is designed to help our clients understand the acquisitions and other strategies that major companies are focusing on to strengthen their positions globally.
Source: https://www.fortunebusinessinsights.com/rice-bran-oil-market-102474
Drivers & Restraints-
Key Drivers Fueling Growth in the Rice Bran Oil Market:
Growing health consciousness: The increasing awareness of rice bran oil's health benefits, such as its high nutritional value, antioxidant properties, and ability to lower cholesterol levels, is driving demand for the product.
Rising use in personal care and pharmaceutical industries: Rice bran oil contains oryzanol, which promotes hair growth, protects skin from UV rays, and prevents aging. This has increased its use as an important component in cosmetics and pharmaceutical industries for products like soaps, moisturizers, lotions, and hair care.
Increasing global rice production: Countries like China, India, and Indonesia are major producers of milled rice, contributing to high production and demand for rice bran oil.
Government initiatives: Governments around the world are taking measures to meet the supply and demand for edible oils, such as lifting quantitative restrictions on organic edible oils, further boosting the rice bran oil market.
Rapid urbanization, rising disposable incomes and changing lifestyles: These factors, combined with aggressive marketing by manufacturers, are increasing penetration of rice bran oil in both developed and emerging markets.
In summary, the growing health consciousness among consumers, increasing applications in personal care and pharmaceuticals, rising global rice production, supportive government policies, and changing lifestyles are the key factors driving the growth of the rice bran oil market worldwide.
Regional Insights-
Abundance Availability of Raw Materials to Help Asia Pacific Dominate
At present, Asia Pacific is at the forefront in terms of revenue because of the availability of raw materials in abundance, especially in Vietnam, China, Japan, and India. These countries are also considered to be the leading producers of rice. Additionally, several reputed companies are trying to compete in the region by slashing down prices of their products.
Europe, on the other hand, is projected to showcase significant growth backed by the rising adoption of healthy snacking habits. Also, increasing awareness of health and fitness and informed purchasing decisions of consumers would aid growth. The World Health Organization (WHO), for instance, mentioned that the population of this region often faces cholesterol-related health issues, followed by North America. Therefore, people are shifting towards rice bran oil for preparing food on a regular basis.
Competitive Landscape-
Key Players Focus on New Product Launches to Fulfill Unmet Consumer Demand
Renowned manufacturers of edible oil across the globe are striving persistently to keep up with the high demand from consumers in the Rice Bran Oil Market. At the same time, they are trying to keep up with the manufacturing standards provided by regulatory bodies. Below are the two latest industry developments.
March 2021: Targray unveiled its vegetable oils trading desk in It would help the company to meet the high demand for sustainable agricultural commodities. The desk would leverage the company’s in-house expertise and supply chain to gain access to consumers and wholesale suppliers of edible oils in America, Africa, Asia, and Europe.
June 2020: Sanjay Ghodawat Group introduced 'STAR Rice Bran Oil under the category of ‘Sehat Ka Superstar'. It contains Omega-6 and MUFA that would lower the chances of suffering from a heart disease.
A list of prominent rice bran oil manufacturers present in the global market:
Ricela Health Foods Ltd.
Adani Wilmar Ltd.
Cargill, Inc.
California Rice Oil Company
Kasisuri Co., Ltd.
3F Industries Ltd.
Marico Ltd.
ITC Ltd.
Sethia Oils Ltd.
AP Refinery Pvt. Ltd.
Surin Bran Oil Co., Ltd.
ConnOils LLC.
Agrotech International Ltd.
Harwin Agro Enterprise Pvt. Ltd.
Other key market players