Rice Bran Oil Market to Hit US$ 15,141.02 Million By 2031 | Latest Research Insights

New York, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The global Rice Bran Oil Market is expected to witness significant growth at a CAGR of 9.0% during the forecast period of 2023-2031. Factors such as the high demand for nutritional and fat-free food increased the demand for rice bran oil and drives the market growth. Moreover, the growing demand for rice bran oil-based cosmetics also drives the growth of the market.

According to a recent report by Consegic Business Intelligence, the rice bran oil market is poised for strong expansion and is expected to reach USD 15,141.02 million by 2031 and USD 7,616.56 million by 2023. The market which was valued at USD 7,116.27 million in 2022, is predicted to grow at a compound annual growth rate of 9.0% during the period 2023-2031. The report highlights the significant growth in growing demand for rice bran oil-based cosmetics. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the rice bran oil market.

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Rice bran oil has several unique characteristics that result in broad applications in areas such as cosmetics, pharmaceuticals, and food. Rice bran oil is a comparatively new oil, recently introduced in the consumer market. It is mainly used in the manufacture of vanaspati and for culinary purposes. The state and central government, NGOs as well as other private organizations need to find and explore more use of rice bran oil over the forecast period.

The rice bran oil market is influenced by factors such as growing consumer awareness and rising disposable income. Growing awareness among consumers about the health benefits associated with the product consumption increased the sales of the product. The evolving dietary preferences among consumers and the rising demand for nutritional food ingredients play a crucial role in promoting market growth.

Global Rice Bran Oil Market: Report Attributes

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Global Rice Bran Oil Market Segmentation Details:

Based on Type, the refined oil segment contributed the largest shares to the market growth in 2022. 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.

Based on Application, the edible oil segment accounted for the largest market share in the year 2022. The large amounts of vitamin E, cholesterol-lowering capabilities along with perfect fatty acid balance make rice bran oil a healthy food choice.

Based on End-Use Industry, the food & beverages segment accounted for the largest market share in the year 2022. 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.

Based on Distribution Channel, the offline segment accounted for the largest market share in the year 2022. 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.

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Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. 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 in Asia Pacific.

Competitive Landscape

Cargill Incorporated, Adani Wilmar Ltd., Marico Ltd., and King Rice Oil Group are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of rice bran oil. Further, the rice bran oil market is expected to grow steadily due to the increasing health awareness among consumers, especially in regions such as North America and Europe are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing expansion of rice bran oil players in the international market is expected to increase the competition in the industry.

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 June 2021, India-based company, N.K. Proteins Pvt Ltd., announced its plans to launch the rice bran oil brand ‘Tirupati’ for health-conscious consumers in the market.

Key Market Takeaways

• 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 and is expected to reach USD 7,099.62 million in 2031. Moreover, in Asia Pacific, China accounted for the highest market share of 31.30% during the base year of 2022.
• Based on type, the refined oil segment accounted for the highest market share contribution to the rice bran oil market statistics in 2022.
• In the application, the edible oil segment is expected to contribute significant shares to the growth of rice bran oil market statistics during the forecast period.
• Based on end-use industry, the food & beverages segment accounted for the highest share contribution to the rice bran oil market statistics in 2022.
• In the distribution channel, the offline segment is expected to contribute significant shares to the growth of rice bran oil market statistics during the forecast period.
• North America is expected to boost the market demand for rice bran oil due to increasing health awareness among consumers in the region.

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List of Major Global Rice Bran Oil Market:

• 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.
• 3F Industries Ltd.

Global Rice Bran Oil Market Segmentation: 

• By Type
  • Refined Oil
  • Filtered Oil
• By Application
  • Hair Oil
  • Skin Care
  • Cosmetics
  • Edible Oil
  • Others
• By End-Use Industry
  • Pharmaceutical
  • Food & Beverages
  • Cosmetics
  • Others
• By Distribution Channel
  • Offline
    • Hypermarket and Supermarket
    • Convenience Stores
    • Other
  • Online
    • E-commerce Platforms
    • Company Websites

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Frequently Asked Questions in the Rice Bran Oil Market Report

• What was the market size of the rice bran oil industry in 2023?
  • In 2023, the market size of rice bran oil was USD 7,616.56 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 restraining the growth of the rice bran oil market?
  • Availability of other vegetable oil substitutes hampers the market growth
• What is the dominating segment in the rice bran oil market by type?
  • In 2022, the refined oil segment accounted for the highest market share in the overall rice bran oil market.
• Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the rice bran oil market?
  • North America accounted for the highest CAGR in the overall rice bran oil market.

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