Global Rice Cakes Market 2018-2022
About this market
In recent times, the rice cakes market has witnessed a staggering number of new products introduced to the market by many regional and international players which is significantly supporting the growth of the rice cakes market worldwide. Indeed, manufacturers of rice-based snacks are launching a wide range of products with a blend of unique ingredients which is grabbing the attention of consumers and consequently boosting the demand. In July 2018, KaIle launched new apple and cinnamon rice cakes to meet the growing demand for health and convenience in breakfast products. Therefore, the increasing number of new product launches is triggering the growth of the rice cakes market. Technavio’s analysts have predicted that the rice cakes market will grow at a CAGR of almost 9 % by 2022.
Increasing demand for healthier snack varieties
The growing prevalence of celiac diseases worldwide is encouraging more consumers to opt for gluten-free products like rice cakes. Rice cakes are generally fat-free and low in sugar and calories and do not contain gluten content and artificial flavors. These products are produced using natural ingredients and hence, are most preferred by health-conscious consumers. Therefore, the growing demand for rice cakes is expected to drive the market growth.
Natural disasters and adverse weather conditions
Natural disasters and adverse weather conditions such as earthquakes, floods, frost, droughts, and pestilence affect the production of rice, which is the major ingredient used to manufacture rice cakes. These factors can negatively impact the growth of the rice cakes market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the rice cakes market during 2019-2023, view our report.
The rice cakes market appears to be fragmented with the presence of a considerable number of companies and the market’s competitive landscape is getting intense with companies striving to gain top position in the market. The market is mostly driven by the increasing number of new product launches and the growing demand for healthier snacks varieties. Some of the top rice cakes manufacturers are Element Snacks, Lundberg, Mars, PepsiCo, and Tastemorr Snacks.
‘With the presence of a considerable number of companies, this market appears to be fragmented. This market research report will help clients identify new growth opportunities. Many companies in the rice cakes market are focusing on introducing new products with new ingredients, catering the growing demand for healthy and convenient products.’
Technavio Announces the Publication of its Research Report – Global Rice Cakes Market 2018-2022
Technavio recognizes the following companies as the key players in the global rice cakes market: Element Snacks, Lundberg, Mars, PepsiCo, and Tastemorr Snacks.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increasing number of new product launches.”
According to the report, one of the major drivers for this market is the increasing demand for healthier snack varieties.
Further, the report states that one of the major factors hindering the growth of this market is natural disasters and adverse weather conditions.