Market Overview:
The global rice bran oil market size was USD 6.16 billion in 2020 and is projected to grow from USD 6.67 billion in 2021 to USD 12.27 billion by 2028 at a CAGR of 9.09% during the 2021-2028 period. 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, 2021-2028.” 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-
A thorough analysis of numerous nations and locations may be found in the paper. It was created by our analysts after they assessed a number of variables that control regional growth, including the location’s political, technological, social, economic, and environmental conditions. The part on the competitive landscape was created to assist our clients in comprehending the acquisitions and other tactics that major firms are concentrating on in order to fortify their positions across the globe.
Source: https://www.fortunebusinessinsights.com/rice-bran-oil-market-102474
Drivers & Restraints-
Rising Need to Control Cholesterol will Favor Growth
Over the projected period, the market for rice bran oil is anticipated to rise at a rapid pace due to the growing need for fortified edible oils. For example, the American Heart Association suggests using rice bran oil as a means of controlling cholesterol. As a result, a growing number of cafés, eateries, and lodging establishments are using this oil to prepare food.
Additionally, consumers are growing more conscious of the advantages unsaturated fatty acids, which are found in oils, provide for their health. This oil is used in the restaurant industry for a variety of purposes, including making sauces, salad dressings, and frying chips. However, rice bran oil costs more than other oils do. This element could hinder development.
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. 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