Packaged Rice Snacks Market Size to Grow by USD 4.16 billion | 17,000+ Technavio Research Reports

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Key Market Dynamics:

• Market Drivers

The health benefits offered by packaged rice snacks and increasing number of product launches are some of the key market drivers. However, factors such as product recalls will challenge market growth. Rice snacks are gaining popularity among health-conscious consumers as one of the healthiest snack variants due to their high nutritional value and healthy eating practices. Packaged rice snacks made from brown rice have significant health benefits as the whole grains provide fiber, photochemical, and carbohydrates. In addition, these snacks also contain iron, magnesium, zinc, and complex carbs for energy and antioxidant phytochemicals for healthy cells. These health benefits offered by packaged rice snacks are mainly driving their adoption and are likely to accelerate their sales during the next few years. Furthermore, other factors including the launch of new marketing campaigns and health benefits offered by packaged rice snacks are also expected to trigger the market growth positively during the forecast period.

• Market Challenges

Frequent product recalls are one of the key factors likely to limit the market growth during the forecast period. Recalls are often tarnishing the brand reputation of vendors and the acceptance of products among consumers. The presence of allergens and ingredients, which are not listed by the regulatory authorities, is one of the reasons for the recalls of packaged rice snacks. Product recalls in the packaged rice snacks market may lead consumers to shift to other types of snacks. This may hamper the potential growth of the market during the forecast period. Furthermore, factors including availability of other snack options and growing demand for rice snacks prepared at home and foodservice establishments will also emerge as limiting factors hindering the market growth during the forecast period.

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Key Segment Analysis

The packaged rice snacks market report is segmented by Product (rice cakes, RCCB, and rice crisps) and Geography (APAC, North America, Europe, South America, and MEA). Rice cakes product segment led the market share in 2020. The segment will continue to dominate the market during the forecast period owing to the rising popularity of brown rice cake, white rice cakes, red rice cakes, and black rice cakes. Furthermore, increasing number of vendors are focusing on launching innovative organic varieties of the rice cakes will also contribute to the segment's growth during the forecast period. 

In terms of geography, APAC was the largest revenue-generating regional segment of the packaged rice market in 2020. The region will continue to account for 84% of the market growth due to the growing consumer inclination toward rice-based food products. Japan, China, India, and South Korea (Republic of Korea) are the key markets for packaged rice snacks in APAC. Market growth in APAC will be faster than the growth of the market in other regions.

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Some Companies Mentioned

The packaged rice snacks market is fragmented and the vendors are deploying growth strategies such as launching new variants, expanding their production capacity, and launching marketing campaigns to compete in the market. Companies are engaging in partnerships to gain a competitive advantage over the other market players. For instance, In July 2021, PepsiCo Inc. announced a partnership with United Way to launch Tidy Trails, a special initiative on plastic waste management to mark World Environment Day. Some of the other companies along with their marketing strategies mentioned in the report are:

• Element Snacks Inc.
• Hunter Foods LLC
• KAMEDA SEIKA CO. LTD.
• Kellogg Co.
• Lundberg Family Farms
• Mars Inc.
• PepsiCo Inc.
• Ricegrowers Ltd.
• SanoRice Holding BV
• Tastemorr Snacks - A Division of Basic Grain Products Inc.
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Key Topics Covered:

• Executive Summary
• Market Landscape
• Market Sizing
• Five Forces Analysis
• Market Segmentation
• Customer landscape
• Geographic Landscape
• Vendor Landscape
• Vendor Analysis
• Appendix

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