Rice Bran Oil Market Size, Industry Share, Growth Trends and Forecasts (2023 - 2031)

Based on the Type :

The type segment is categorized into refined oil and filtered oil. In 2022, the refined oil segment accounted for the highest market revenue in the rice bran oil market. Also, the refined oil segment is likely to grow at the fastest CAGR over the forecast period. The use of refined rice bran-based oil for cooking food products has been related to various health benefits including maintaining healthy cholesterol levels as well as improving heart health. Additionally, as per the American Heart Association, it aids in improving the cholesterol levels in the body. In the U.S., restaurants surge the use of such oil to make new food items. Moreover, based on the analysis, it is a rich source of vitamin E, gamma-oryzanol, and other components that help to minimize the cholesterol content in the body and prevent heart disease. Several manufacturers are also launching new food products fortified with added nutrients and vitamins. For instance, in 2021, the National Agricultural Cooperative Marketing Federation of India Ltd announced the launch of fortified rice bran-based oil under the ‘Aatmnirbhar Bharat' initiative of the government of India. Thus, the aforementioned factors are propelling the market trends.

Based on the Application :

The application segment is categorized into hair oil, skincare, cosmetics, edible oil, and others. In 2022, the edible oil segment accounted for the highest market share in the overall rice bran oil market. The antioxidant Oryzanol present in rice bran based-oil makes it a better option than other edible oils. Its high cooking temperature as well as suitability for deep frying makes it a "must-have" in every kitchen. The large amounts of vitamin E, cholesterol-lowering capabilities along with perfect fatty acid balance make this oil a healthy food choice. Thus, it is largely preferred by consumers for cooking and dominate the segment in 2022.

However, the cosmetic products segment is expected to be the fastest-growing segment over the forecast period. A large amount of gamma-oryzanol and vitamin E in rice bran based-oil makes it suitable for sunscreen, soaps, and lipstick. It mainly moisturizes the lips and provides a strong mold to lipsticks for stability. Moreover, it also contributes to the spreadability of nail polishes. Therefore, the segment will grow at the fastest CAGR over the forecast period.

Based on the Distribution Channel :

The distribution channel segment is categorized into offline and online. In 2022, the offline segment accounted for the highest market share of 78.50% in the overall rice bran oil market. The availability of personal store assistants plays a key role in influencing customers to try out new products. Moreover, as per the analysis, consumers can physically see and verify all the available options and then make a decision. All these factors make hypermarkets and supermarkets a prime channel for companies to launch their products. Thus all the above mentioned factors drive the segment growth.

However, the online segment is expected to be the fastest-growing segment during the forecast period. The popularity of e-commerce sites and a growing number of manufacturers creating their websites are driving the development and trends of this segment.

Based on the End-User-Industry :

The end-use industry segment is categorized into pharmaceuticals, food & beverages, cosmetics, and others. In 2022, the food & beverages segment accounted for the highest market share in the overall rice bran oil market. Rice bran-based oil is rich in minerals and proteins, making it a healthier alternative to other edible oils available in the market. As one of the major ingredients required for cooking food items is oil, consumers are becoming more concerned about choosing the suitable oil beneficial for their health. Based on the analysis, some of the beneficial nutrients such as Vitamin E, gamma, and oryzanol make them suitable for consumers, especially those looking to lower their cholesterol levels in the body and prevent chronic diseases such as hypertension, high cholesterol, and others. They are used to cook different cuisines in various countries, especially in the Asia market.

However, the cosmetic segment is expected to be the fastest-growing segment over the forecast period. This oil is also used in the cosmetics sector as it is rich in various vitamins and antioxidants. Further, it is also utilized as a base oil for developing different creams and oils. The products comprising such oil also protect against UV rays generated from sunlight. It also offers nourishment for the hair, owing to which companies are also introducing rice bran-based oil for hair.

Based on the Region :

The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.

In 2022, Asia Pacific accounted for the highest market share at 48.21% valued at USD 3,430.75 million in 2022 and USD 3,656.71 million in 2023, it is expected to reach USD 7,099.62 million in 2031. In Asia Pacific, China accounted for the highest market rice bran oil market share of 31.30% during the base year of 2022. Asia Pacific is the biggest producer as well as consumer of rice bran based-oil all over the world. Some of the top rice bran manufacturing countries include China, India, and Japan in Asia Pacific. Based on the rice bran oil market analysis, it is known as 'heart oil' owing to its beneficial impact on cardiovascular patients. The increase in disposable income in several economies such as India and China increases the demand for premium healthy food ingredients such as rice bran based-oil. For instance, in June 2021, the Ministry of Consumer Affairs, Government of India launched fortified rice bran-based oil in India. This rice bran based-oil was marketed under the apex Agri-marketing organization of India, viz, National Agricultural Cooperative Marketing Federation of India Ltd. Moreover, it is a rich source of vitamin A, γ-oryzanol, and phytosterols and contains many medicinal properties. Thus, the rice bran oil market trends is high in the region and dominate the market.

Furthermore, the North America region is expected to witness significant growth over the forecast period, growing at a CAGR of 9.7% during 2023-2031. Based on the analysis, this is due to increasing health awareness among consumers. Consumers are implementing various dietary measures to ensure that they are consuming food products that are beneficial for their health. According to the World Health Organization and American Heart Association, the implementation of such oil helps in maintaining healthy cholesterol levels. Thus, it is expected that the demand for rice bran based-oil will increase over the forecast period in North America.