Rice Bran Oil Market Forecast 2023 - 2031

Report ID : CBI_1289 |  Category : Materials And Chemicals   | Published Date:     |  Format :   ms word  ms Excel  PDF

Segments Covered :
By Type Refined Oil and Filtered Oil
By Application Hair Oil, Skin Care, Cosmetics, Edible Oil, and Others
By End-Use Industry Pharmaceutical, Food & Beverages, Cosmetics, and Others
By Distribution Channel Offline (Hypermarket and Supermarket, Convenience Store, and Other), Online (E-commerce Platform and Company Website)
By Region North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Report Snapshots :
Base Year: 2022
CAGR: 9.0%
Forecast Year: 2023 - 2031
Revenue 2022: $7,116.27 Mn
Revenue 2023: $7,616.56 Mn
Revenue 2031: $15,141.02 Mn

Rice Bran Oil Market Forecast 2023 - 2031

Market Overview :

Consegic Business Intelligence analyzes that the rice bran oil market is growing with a CAGR of 9.0% during the forecast period (2023-2031), and the market is projected to be valued at USD 15,141.02 Million by 2031 and USD 7,616.56 Million in 2023 from USD 7,116.27 Million in 2022.

Market Definition :

Rice bran oil is a vegetable oil and a by-product of rice bran. It is one of the most nutritious edible oils owing to its balanced fatty acid profile. Rice bran oil is an excellent source of a powerful antioxidant, Oryzanol. The presence of Oryzanol in rice bran oil makes it a healthy option and also makes it suitable for use in skincare formulation. It is rich in vitamins, minerals, and essential oils. Rice bran oil is mainly produced in countries such as Japan, Thailand, India, China, Taiwan, and Vietnam. Moreover, it is widely used in wide applications such as hair oil, skin care, cosmetics, edible oil, and others.

Rice Bran Oil Market :

Rice Bran Oil Market

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Market Dynamics :

Rice Bran Oil Market Dynamics

Drivers :

  • High demand for nutritional and fat-free food increased the demand for rice bran oil.

    Rice bran oil is a good source of nutrients, including vitamin E, gamma-oryzanol, and squalene. It is also low in saturated fat and high in unsaturated fat, making it a heart-healthy oil. As people become more health-conscious and demand for nutritional and fat-free food increases which boosts the demand for rice bran oil. Rice bran oil has a higher smoke point than others and therefore it is extensively used to prepare several cuisines that need high heating temperatures.

    In various countries, restaurants particularly in Asian countries prepare food recipes that need high-heat items. Several restaurant chains are implementing these products to improve the nutrition profile of food products. Thus, the high demand for nutritional and fat-free food increased the demand for rice bran market.

  • Growing demand for rice bran oil-based cosmetics also drives the growth of the market.

    The rice bran oil is used in cosmetics for its many benefits. It is a natural oil that is rich in antioxidants, vitamins, and minerals. This oil is rich in ingredients, that include vitamin E, Vitamin B, and others, which also help to hydrate the skin. The demand for cosmetic products, including gels, creams, and other skincare products, growing instantly among consumers. Rice bran oil is a versatile and beneficial ingredient that can be used in many different cosmetics products. With the rising demand for clean beauty products in consumers that help to hydrate and moisturize the skin, the use of such oil in cosmetics is growing rapidly. For this reason, the growing demand for rice bran oil-based cosmetics is acting as a driver for boosting the demand of the market.

Restraint :

  • Availability of other vegetable oil substitutes hampers the market growth

    The use of rice bran oil is low among consumers owing to the lack of consciousness regarding the benefits of these products. The existence of other suitable vegetable oil substitutes such as olive oil and sunflower oil hampers the market growth. The companies operating in the market need to implement innovation as well as aggressive marketing and promotional strategies to grow the implementation of these products among consumers. For this reason, the availability of other vegetable oil substitutes hampering the market growth.

Opportunities :

  • Increasing emphasis on precision nutrition can provide opportunities for manufacturers over the forecast period.

    Rice bran oil contains about 0.1–0.14% vitamin E components and 0.9–2.9% oryzanol. Blended oils have become largely popular because of their higher nutritional values, enhanced flavors, and advantages in physical as well as chemical properties. Rice bran contains significantly more nutrients and vitamins than the other rice milling fractions. Thus, increased emphasis on precision nutrition can offer ample opportunity for companies over the forecast period.

 

Rice Bran Oil Market Report Coverage :

Report Attributes Report Details
Study Timeline 2017-2031
Market Size in 2031 USD 15,141.02 Million
CAGR (2023-2031) 9.0%
By Type Refined Oil and Filtered Oil
By Application Hair Oil, Skin Care, Cosmetics, Edible Oil, and Others
By End-user Industry Pharmaceutical, Food & Beverages, Cosmetics, and Others
By Distribution Channel Offline (Hypermarket and Supermarket, Convenience Store, and Other), Online (E-commerce Platform and Company Website)
By Region North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Players Cargill Incorporated, Adani Wilmar Ltd., Marico Ltd., BCL Industries Limited, King Rice Oil Group, Ricela Group of Companies, Modi Naturals Ltd., Emami Agrotech Ltd., Zhejiang Delekang Food Co., Ltd., and 3F Industries Ltd.

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Market Segmentation :

By Type :

The type segment is categorized into refined oil and filtered oil. In 2022, the refined oil segment accounted for the highest market share 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, 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.

By 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 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 rice bran 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 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.

By 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. 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 industry 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.

By 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, 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 of this segment.

Global Rice Bran Oil Market, By Distribution Channel, 2022

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By Region :

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

 
North America Rice Bran Oil Market, 2022 (USD Million)

Regional Growth Insights

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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 share of 31.30% during the base year of 2022. Asia Pacific is the biggest producer as well as consumer of rice bran oil all over the world. Some of the top rice bran manufacturing countries include China, India, and Japan in Asia Pacific. 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 oil. For instance, in June 2021, the Ministry of Consumer Affairs, Government of India launched fortified rice bran oil in India. This rice bran 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 demand for rice bran oil 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. 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 oil will increase over the forecast period in North America.

North America Rice Bran Oil Market, By Countries (2022)

Details Countries Growth Insights

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Rice Bran Oil Market Competitive Landscape:

The rice bran oil market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-

Recent Developments :

  • In October 2022, Emami Agrotech Limited relaunched its edible oil brand Healthy & Tasty in India. Its product range includes mustard, soybean, rice bran oil, and other edible oils. The company is largely marketing the brand with celebrity endorsements and campaigns across the country.
  • In September 2021, Cargill's Gemini Edibles & Fats India Ltd launched a new 5-liter jar of physically refined rice bran oil in India under the existing brand Freedom.
 

Frequently Asked Question

What was the market size of the rice bran oil industry in 2022?+

In 2022, the market size of rice bran oil was USD 7,116.27 million.

What will be the potential market valuation for the rice bran oil industry by 2031?+

In 2031, the market size of rice bran oil will be expected to reach USD 15,141.02 million.

What are the key factors driving the growth of the rice bran oil market?+

High demand for nutritional and fat-free food increased the demand for rice bran oil and drove market growth.

What is the dominating segment in the rice bran oil market by the distribution channel?+

In 2022, offline accounted for the highest market share of 78.50% in the overall rice bran oil market.

Based on current market trends and future predictions, which geographical region is the dominating region in the rice bran oil market?+

Asia Pacific accounted for the highest market share in the overall rice bran oil market.