Red Rice Market to Reach $4.11 Bn, Globally, by 2030 at 3.5% CAGR: Allied Market Research
Rise in demand for high fiber and nutrient-rich rice products and surge in trend of rice exports by Asian-Pacific countries drive the growth of the global coiled tubing market.
PORTLAND, Ore., Nov. 8, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Red Rice Market by Product Type (Rakthashali, Thai Red Cargo rice, Bhutanese red rice, and others), Nature (Organic and Conventional), and Distribution Channel (Supermarket & Hypermarket, Specialty Store, Municipal Corporation Stores, Convenience Stores, and Online Stores & Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global red rice industry was estimated at $2.91 billion in 2020, and is anticipated to hit $4.11 billion by 2030, registering a CAGR of 3.5% from 2021 to 2030.
Drivers, restraints, and opportunities-
Rise in demand for high fiber and nutrient-rich rice products and surge in trend of rice exports by Asian-Pacific countries drive the growth of the global coiled tubing market. On the other hand, the fact that excessive consumption of red rice results in gastrointestinal problems restrains the growth to some extent. However, surge in use of red rice in the cosmetics sector is expected to pave the way for lucrative opportunities in the industry.
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COVID-19 scenario-
- The distorted supply chain, especially in the initial phase of the pandemic, impacted the global red rice market negatively.
- On the other hand, rising inclination toward healthy food habits has now increased the demand for red rice to a significant extent.
The rakthashali segment to dominate by 2030-
Based on battery type, the rakthashali segment held the major share in 2020, accounting for more than two-fifths of the global red rice market. This is because rakthashali is highly preferred by doctors for its several medicinal and functional usages. At the same time, the Bhutanese red rice segment would register the fastest CAGR of 3.9% from 2021 to 2030.
The organic segment to maintain the dominant share-
Based on nature, the organic segment contributed to nearly two-thirds of the global red rice market revenue in 2020, and is projected to lead the trail throughout the forecast period. The advantages and nutrients in organic red rice are more than conventional red rice, which offers a boost to customers' demand for the product, thereby boosting the growth of the segment. However, the conventional segment is projected to grow at the fastest CAGR of 4.1% from 2021 to 2030. Rapid spread of awareness in consumers about maintaining proper health propels the segment growth.
Europe, followed by LAMEA and North America, garnered the highest share in 2020-
Based on region, the market across Europe, followed by LAMEA and North America, contributed to the highest share in 2020, accounting for more than two-fifths of the global red rice market, and is estimated to continue its dominant share in terms of revenue by 2030. Growing popularity of red rice and its ability of curing serious ailments in people have boosted the growth of the segment. Simultaneously, Asia-Pacific is expected to showcase the fastest CAGR of 4.2% during the forecast period. China and Japan are specialized in red rice products which they use for their traditional medicinal purposes. This factor drives the market growth in the region.
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Key players in the industry-
- Urmatt Ltd.
- Ceylon Pure
- Lundberg Family Farm
- Woodland Foods, Inc.
- Lotus Foods, Inc.
- The Kruger Co.
- Mars, Inc
- Fabrar Liberia, Inc.
- Wuhan Jiacheng Biotechnology Co. Ltd.
- Riviana Foods, Inc.
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