LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global rice milk market to grow at a CAGR of more than 15% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global rice milk market for 2017-2021. The report also lists plain rice milk and flavored rice milk as the two major product segments, of which the plain rice milk segment accounted for more than 73% of the market in 2016.
According to Manjunath Reddy, a lead analyst at Technavio for food research, “Rice milk contains a sufficient supply of balanced nutrition for individuals who are intolerant to other milk alternatives. Along with this, the health benefits associated with the consumption of rice milk will predominantly drive the market demand during the forecast period.”
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Technavio food and beverage analysts highlight the following three market drivers that are contributing to the growth of the global rice milk market:
- Rising levels of lactose intolerance
- Growing consumer preference for vegan diet
- Health benefits associated with the consumption of rice milk
Rising levels of lactose intolerance
Lactose intolerance is the inability of the body to digest significant amounts of lactose present in milk. Certain ethnic groups such as the Asian population are more affected compared to others. The demand for lactose-free food products is driven by an increase in the incidence of food allergies and intolerances. For instance, in the US, the incidence of food allergies is estimated to have gone up by 18% in the last decade.
More than one billion of the global population is lactose-intolerant. Therefore, market penetration of lactose-free products is anticipated to witness high growth during the forecast period.
“Rice milk is a popular dairy-alternative milk in Asia and Europe as it is not only lactose-free but also fortified with essential vitamins and minerals needed for the growth and development of the body,” says Manjunath.
Growing consumer preference for vegan diet
The vegan diet strongly favors animal rights. People are adopting vegan diets because of ethical concerns toward animals and for a better environment. Rice milk is prepared by mixing rice with water and contains no lactose or cholesterol. As rice milk is essentially known to be a plant milk, it is preferred as a healthy alternative for vegans, vegetarians, and those consumers who are averse to dairy products.
Health benefits associated with the consumption of rice milk
Consumers prefer rice milk not only for its taste but also due to its functional properties such as the presence of high amount of magnesium, Niacin, and vitamin B6 and almost no cholesterol. Rice milk is good for cardiovascular health, and it contains more manganese and selenium than any other milk alternatives due to which it offers protection against infections and cancers. It has been found that drinking rice milk can also help in boosting the human immune system.
Moreover, iron and copper in rice milk help in increasing the red blood cell production, giving an individual better oxygenation and vitality. There are many heart-healthy nutrients in rice bran, and these nutrients are also present in rice milk. Also, the unsaturated fat from rice bran oil aids in lowering the blood cholesterol levels.
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