Rice Bran Oil Market Growth and Trends 2024
The global rice bran oil market is projected to reach a valuation of USD 8.94 billion in 2024 and is anticipated to rise to USD 19.95 billion by 2034, reflecting an impressive compound annual growth rate (CAGR) of 10.09% during the forecast period.
The market’s expansion is fueled by shifting consumer dietary preferences, increased awareness of health benefits, and growing adoption of veganism, especially in developed regions like North America, Europe, and Asia Pacific. This robust demand is further supported by government initiatives promoting the use of heart-healthy edible oils.
Market Trends in Rice Bran Oil Market
1. Growing Demand for Healthier Edible Oils
- Consumer Shift Toward Healthy Lifestyle: Consumers are increasingly leaning towards healthier cooking oils that support heart health. Rice bran oil, with its balanced unsaturated fats and cholesterol-lowering properties, is a preferred choice.
- Endorsements by Health Organizations: The World Health Organization (WHO) and the American Heart Association (AHA) have recognized the health benefits of rice bran oil, emphasizing its superiority over conventional vegetable oils.
- Rising Veganism: The growing trend of veganism has increased the demand for eco-friendly and plant-based cooking oils like rice bran oil.
2. Technological Advancements in Production
- Manufacturers are integrating advanced extraction techniques to enhance oil purity and nutritional value.
- New product launches with added vitamins and minerals are being observed, especially in Asia Pacific, where health-conscious consumers seek value-added products.
3. Growing Applications Beyond Food
- Personal Care & Cosmetics: Rice bran oil’s anti-aging, UV protection, and moisturizing properties are driving its demand in the beauty and skincare industry.
- Pharmaceutical Industry: The oil’s natural antioxidants make it a valuable ingredient for medicinal purposes.
- Animal Feed: The use of rice bran oil in animal feed, particularly for horses, is increasing due to its ability to enhance the animals’ coat and overall health.
Market Segmentation in Rice Bran Oil Market
| Segment | Category | Insights |
| By Type | Organic, Non-Organic | The organic segment is expected to dominate the market due to growing demand for healthier and sustainable food options. |
| By End Use | Food & Beverages, Industrial | The food & beverages segment will hold a major market share, driven by demand from the hospitality and home-cooking sector. |
| By Region | North America, Europe, Asia Pacific, Latin America, Middle East & Africa | Asia Pacific leads the global market, fueled by high rice production in India, China, and Southeast Asia. |
| By Application | Cooking, Cosmetics, Animal Feed, Pharmaceuticals | The cooking oil application holds the largest market share, while cosmetics and animal feed applications are growing steadily. |
Regional Analysis for Rice Bran Oil Market
1. Asia Pacific (APAC)
- Market Share: 37% of the global market.
- Key Countries: India, China, Japan, and Indonesia are significant contributors.
- Drivers: As one of the largest rice producers globally, India is a leading manufacturer of rice bran oil. Government initiatives to reduce reliance on palm oil imports further support market growth.
- Opportunities: Investments in sustainable and organic rice bran oil production are expected to increase in India and Southeast Asian countries.
2. North America
- Market Share: 22%
- Key Countries: United States and Canada.
- Drivers: The rise in veganism and increasing awareness about healthy food choices is driving rice bran oil consumption in the region.
- Applications: Widely used in salad dressings, bakery products, and vegan snacks.
3. Europe
- Market Share: 18%
- Key Countries: Germany, United Kingdom, and France.
- Drivers: Germany is the largest market in Europe due to the population’s focus on heart-healthy diets.
- Regulatory Support: Strict regulations on edible oils encourage companies to maintain high quality and food safety standards, making it easier for companies to expand their export footprint.
Key Growth Drivers in Rice Bran Oil Market
- Health and Wellness Focus: Consumers are actively seeking oils that support heart health, reduce cholesterol, and provide antioxidant benefits.
- Sustainability and Vegan Trends: The growing shift towards plant-based diets is propelling demand for vegan-friendly oils like rice bran oil.
- Government Initiatives: Governments are encouraging local production of sustainable edible oils to reduce dependency on imported oils.
Market Restraints for Rice Bran Oil Market
- Price Volatility: Fluctuations in the prices of raw materials (rice) due to supply chain issues can impact production costs.
- Competition from Other Edible Oils: Alternatives like olive oil and sunflower oil are well-established and pose competition to rice bran oil.
Competitive Landscape in Rice Bran Oil Market
The rice bran oil market is fragmented, with the presence of regional and international players. Companies are actively engaging in mergers, acquisitions, and collaborations to expand market presence.
Frequently Asked Questions (FAQs) for Rice Bran Oil Market
1. How big is the Rice Bran Oil Market?
The market is valued at USD 8.94 billion in 2024 and is expected to reach USD 19.95 billion by 2034.
2. What is the Growth Rate (CAGR) of the Market?
The market is expected to grow at a CAGR of 10.09% from 2024 to 2034.
3. Who are the Key Market Players?
Top companies include Adani Wilmar, Marico, ConAgra Foods, BCL Industries, 3F Industries, and California Rice Oil Company.
4. What are the Key Segments in the Rice Bran Oil Market?
The market is segmented by type (organic, non-organic), end-use (food & beverages, industrial), and regions (North America, Europe, APAC, Latin America, Middle East & Africa).
5. Which Region Leads the Rice Bran Oil Market?
The Asia Pacific region holds the largest market share, driven by high rice production and increasing consumer preference for heart-healthy oils.
6. What is Driving Market Growth?
The growth is driven by the health benefits of rice bran oil, growing awareness of cholesterol-friendly oils, and the rising vegan trend.
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