Rice Cakes Market Size Report, Industry Share, Analysis, Value & Growth, 2030

Rice Cakes Industry Prospective:

The global rice cakes market size was worth around USD 519.64 million in 2022 and is predicted to grow to around USD 729.52 million by 2030 with a compound annual growth rate (CAGR) of roughly 4.33% between 2023 and 2030.

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The report analyzes the global rice cakes market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the rice cakes industry.

Rice Cakes Market: Overview

Rice cakes are a popular type of snack that is made from rice grains. They are cooked, dried, and pressed into a rectangular or round shape and sold in the market under the name of rice cakes. They are an extremely popular form of snacks in certain traditions, especially in countries in East Asia. The process of making rice cakes includes cooking rice grains until they are sticky and soft. This rice form is then mashed or pounded until they form a dough-like consistency. They are further shaped into flat, round, or rectangular cakes and left to dry or may undergo more processes such as baking, frying, or steaming.

Key Insights:

• As per the analysis shared by our research analyst, the global rice cakes market is estimated to grow annually at a CAGR of around 4.33% over the forecast period (2023-2030)
• In terms of revenue, the global rice cakes market size was valued at around USD 519.64 million in 2022 and is projected to reach USD 729.52 million, by 2030.
• The rice cakes market is projected to grow at a significant rate due to the rising health and wellness culture
• Based on flavor segmentation, chocolate was predicted to show maximum market share in the year 2022
• Based on packaging segmentation, snack size was the leading type in 2022
• On the basis of region, Asia-Pacific was the leading revenue generator in 2022

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Rice Cakes Market: Growth Drivers

Rising health and wellness trend to create greater demand

The global rice cakes market is projected to grow owing to the rising health and wellness culture across the globe. The trend has gained higher momentum post Covid-19 as more people are mindful of what they consume and have started making changes in lifestyle or eating habits. Rice cakes are considered healthier when compared to traditional snacking items such as potato chips or cookies. They are typically low in calories and fat while being gluten-free. This makes them a preferred choice among a growing population of people who actively avoid gluten-containing food items due to personal or health reasons.

Rice Cakes Market: Restraints

Texture and taste limitations to restrict market expansion

Rice cakes are cooked and dried rice grains. The most conventional or basic range of rice cakes may be perceived as bland and not every consumer might have the appetite for such a food product, especially if they are used to consuming traditional sweet or peppery snacks. Even the rice cake variants that have undergone further processing might be unable to meet the expectations of consumers who are not used to trying basic snacking items and prefer indulgent snack experiences.

Rice Cakes Market: Opportunities

Growing demand for plant-based and vegan food products to provide growth opportunities

In recent times, the world has witnessed a growth in the number of people who are opting for plant-based or vegan diets. They are actively choosing not to consume any form of animal-based products. This could be either due to religious factors or a personal choice. As per The Vegan Society, Great Britain registered a growth of nearly 4 times in the vegan population. In 2019, the number was 600,000 whereas in 2016 it was 276,000. Moreover, the increasing awareness rate about the benefits of a plant-based diet on the ecosystem and human health has assisted in driving more people toward this diet culture which could aid the rice cakes industry alongside.

Rice Cakes Market: Challenges

Lack of consumer awareness to challenge market growth

One of the key challenges faced by the global rice cakes market players may be in terms of a significant lack of consumer awareness related to rice cakes and their associated benefits. While these snacking items are popular in some parts of the world, they may not have many takers in other regions. Hence it becomes crucial to educate the people about the nutritional benefits, versatility, and various ways to enjoy rice cakes which can become a challenging task.

Rice Cakes Market: Segmentation

The global rice cakes market is segmented based on flavor, type, packaging, distribution channel, and others.

Based on flavor, the global market segments are caramel, chocolate, chicken, and apple cinnamon. The most preferred flavor of rice cakes is chocolate followed by caramel. They offer an indulgent and sweet taste and hence appeal to a broader range of audience. In certain parts of the world, chicken-flavored rice cakes are more popular depending on the number of people who enjoy savory or umami flavors in their snacks. Apple cinnamon flavor is more associated with baked goods or desserts and there is a presence of a niche market for apple cinnamon-flavored rice cakes. However, it is crucial to note that flavors are a personal choice and there is always a scope of change in consumption patterns or choices. On average, a basic rice cake packet may contain 35 calories along with 7.3 grams of carbohydrates.

Based on type, the rice cake industry divisions are puffed and mochi.

Based on packaging, the global market is segmented into snack-sized, pillow punches, and stick packs. The highest CAGR was observed in the snack-sized segment followed by pillow punches in 2022. The former refers to a single-serve pack and is small in size. It offers convenience, portability, and portion control making it the most suitable on-the-go snacking item. Moreover, consumers can enjoy rice cakes quickly and easily. Pillow pouches are larger packaging formats and are made of multiple rice cakes. They are often resealable which ensures the freshness of the product is maintained throughout. Stick packs are available in long and narrow packaging formats. They are less common in the rice cakes industry. A recent survey by Food Insight concluded that nearly 73% of the respondents ate snacks at least once a day.

Based on distribution channel, the global rice cakes industry is divided into retail, specialty stores, e-commerce, and convenience stores.

Recent Developments:

• In March 2022, Lundberg Family Farms, a leading US-based provider of organic rice products, announced the launch of a new variant of rice cake flavor called Salted Caramel. The product is different from the same flavored rice cakes in the market since it is made using real caramel. It is vegan-friendly and does not contain artificial flavoring or additives. The product became available for sale on 1st June 2022
• In February 2023, Element Snacks, a US-based leading manufacturer of chocolate-topped rice cakes, launched Sea Salt Caramel Crispy Rice Minis. They are thin and puffed rice cakes that are covered with caramel and come along with sprinkles of Kosher sea salt. These variants are classified as gluten-free and made of non-genetically modified ingredients
• In January 2023, Several units of mini rice cake bites by Drizzilicious along with drizzled popcorn products were recalled from the market as a consequence of undeclared peanut residue

Rice Cakes Market: Report Scope

Rice Cakes Market: Regional Analysis

Asia-Pacific to report the highest growth rate

The global rice cakes market is expected to be dominated by Asia-Pacific during the forecast period primarily due to the product being an indigenous cuisine or snacking item of Asian countries. It has wide popularity in countries such as Japan, South Korea, and China as these regions have a long-standing tradition of consuming rice in several forms. Mochi is particularly popular in Japan, especially during festival seasons. South Korea is popular worldwide for the production of a wide range of rice cakes in different flavors especially tteokbokki which is the spiced version. These nations are exporters of rice cakes and it has resulted in higher growth in the last few years. Moreover, increasing tourism in the country and growing consumption of Asian food globally have resulted in higher demand for authentic rice cakes.

Rice Cakes Market: Competitive Analysis

The global rice cakes market is led by players like:

• Quaker Oats Company
• Lundberg Family Farms
• Wasa
• Lotus Foods
• Nature's Path
• Kallo Foods
• Saki Foods
• Edward & Sons Trading Co.
• Real Foods
• Lund's Swedish Pancake & Rice Cake Factory
• GG UniqueFiber
• Amanoya Shinshindo
• Le Pain des Fleurs
• Sanwa Seika Co. Ltd.
• Susukino Foods Co. Ltd.
• Moon Handbooks
• Tae Kyung Food Co. Ltd.
• Nishiki
• Little Duck Organics
• Lundberg Rice Cakes
• Lieber's Foods
• Rude Health
• TAIYO YUDEN CO. LTD.
• Kameda Seika Co. Ltd.
• GoMacro.

The global rice cakes market is segmented as follows:

By Flavor

• Caramel
• Chocolate
• Chicken
• Apple Cinnamon

By Type

• Puffed
• Mochi

By Packaging

• Snack-Sized
• Pillow Punches
• Stick Packs

By Distribution Channel

• Retail
• Specialty Stores
• E-Commerce
• Convenience Stores

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa