The global rice bran oil market size was USD 6.16 billion in 2020. The market is expected to grow from USD 6.67 billion in 2021 to USD 12.27 billion by 2028, exhibiting a CAGR of 9.09% during the forecast period. Robust demand for nutritional food ingredients, evolving dietary preferences, and rising spending on healthy foods and oils are expected to bolster market growth. Fortune Business Insights™ presents this information in its report titled “Rice Bran Oil Market, 2021-2028.”
Rising awareness regarding the health benefits of rice bran oil is expected to boost its demand from consumers. The rising demand for nutritional food ingredients and evolving dietary preferences are expected to boost market development. Furthermore, rising demand for cheaper and nutritional benefits is expected to boost industry development. In addition, increased spending on healthy foods and oils is expected to boost product sales. These factors may propel market development.
By type, the market is segmented into refined and non-refined. Based on application, it is classified into pharmaceuticals, cosmetics, food processing, and others. Geographically, it is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving & restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and strategies undertaken by the market’s key players.
Drivers and Restraints
Rising Adoption of the Oil in Cosmetics and Food & Beverage Sector to Fuel Market Growth
Rising demand for beauty and cosmetic products, such as gels, creams, and other skincare products, is expected to propel the product adoption. The presence of vitamin B and vitamin E for skin hydration is expected to fuel the market development. Further, extensive adoption of the product from several restaurants in Asia Pacific is expected to boost sales. For example, KFC Food chains in India switched from palm oil to rice bran oil in 2018 due to its high nutritional value. These factors may propel the rice bran oil market growth.
However, the rising adoption of vegetable oil substitutes may restrain market development in the coming years.
Presence of Several Major Rice Manufacturing Countries to Foster Growth in Asia Pacific
Asia Pacific is expected to dominate the rice bran oil market share due to the presence of several major rice manufacturing countries such as Japan, India, and China. The market in Asia Pacific stood at USD 4.68 billion in 2020 and is expected to gain a majority of the market share in the coming years. Furthermore, rising disposable incomes and demand for healthy foods are expected to boost the region’s market development.
In North America, rising health awareness regarding healthy oils is expected to boost sales. Furthermore, the rising vegan population is expected to boost the product adoption. In addition, World Health Organization (WHO) and American Heart Association recommend consuming rice bran oil owing to its nutritional benefits. These factors may spike industry progress.
In Europe, the rising demand for the product as an alternative oil solution and increasing vegan population are expected to bolster market growth.
Companies Launch Novel Products to Boost Brand Presence
Prominent companies operating in the market introduce novel products to attract consumers and boost their brand presence. For example, N.K. Proteins Pvt Ltd. announced ‘Tirupati’ oil for health-conscious consumers in June 2021. The company may attract consumers and boost its brand presence globally through this launch. Furthermore, companies adopt mergers, expansions, acquisitions, partnerships, and joint ventures to boost their market position.
September 2021: Gemini Edibles & Fats India Ltd. planned the launch of rice bran oil to expand its Freedom Physically Refined Rice Bran oil’ product lineup.
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