India rice bran oil market size was valued over USD 600 million in 2014 and is likely to be worth more than USD 600 million by 2016. India has 1.4 million tons of RBO production potential of which only around 900 kilo tons is only produced. SEA is working on plants to help existing mills to upgrade their production process. Only 300 kilo ton is used for direct consumption and rest is blended with different edibles and is sold in the market. SEA is expected to increase its direct consumption levels in the domestic market by promoting associated health benefits among consumers.
India rice bran market (RBO) size was dominant with an estimated production of more than 900 kilo tons in 2014. China was the second largest market with an estimated production of around 200 kilo tons in 2014. Japan and Thailand were the other major market in 2014 with an estimated production of over 80 kilo tons and 50 kilo tons respectively.
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Increasing consumer health consciousness from edible oils to reduce cholesterol levels is likely to support rice bran oil market growth up to 2023. It is globally promoted as premium product with anti-oxidant properties and is available at competitive prices in comparison to olive oil. It is also considered to have an optimal balance of MUFA and PUFA which is expected to increase shelf life than that of sunflower refined products.
Approval of World Health Organization (WHO) and the American Heart Association is likely to favor rice bran oil market growth. RBO is also used as food ingredients in many bakery products with a ratio up to 20%. The products include cakes, biscuits, breads, cookies and pizza. It improves the taste & chewing of the bakery products coupled with advantage in price reduction and health benefits of lowering cholesterol level.
Abundant raw material availability in the form of rice particularly in Asian countries is likely to result in stable rice bran oil market price trend over the forecast period. Production is majorly concentrated in countries such as India, China, Japan, Thailand and Vietnam. In 2013, The ICRBO (International Council of Rice Bran Oil) was formed in order to establish uniform scientific standard and focus on value added products.
ICRBO also promotes uniformity in trade & commerce among its member countries and also encourages & promotes improve communication among producers, local governments and academic researchers. It also intends to sponsor training programs to members in technical work & development to increase rice bran oil production and create awareness among edible oil consumers about its health related benefits.
The Solvent Extractors Association (SEA) of India is on the ICRBO board and is promoting rice bran oil in different parts of the country as a rich source of vitamin E and high oryzonal content which lowers the cholesterol levels.
In 2015, Government of India lifted ban on RBO exports which is expected to boost the sales. India is expected to export close to 10 kilo tons of RBO in the fiscal year compared to an export based limit of 2 kilo tons in the previous years. This initiative is likely to fetch demand from countries such as Japan, Thailand, New Zealand, Australia and the U.S. Indian traders are expected to receive large orders from Japan based firms following removal of export limit. India has the potential to export up to 50 kilo tons annually of rice bran oil.
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Growth in personal care & cosmetic industry is also likely to favor RBO market growth over the forecast period. The Oryzol component protects against the UV light and can be used as sunscreen agent. The ferulic acid in oryzol helps in stimulating hair growth and also prevents skin ageing. It is also used as an ingredient in soap manufacturing, particularly in Japan and the U.S.
The global rice bran oil market share is fragmented and is dominated by companies such as Ricela Helath Foods, BCL Industries & Infrastructure, 3F Industries Ltd, Sethia and A.P. Refineries Pvt. Ltd. Other important companies consist of Maheshwari Solvent, Malar Solvent, Modi Naturals Ltd, Harwin Agro Enterprises and Vaighai Agro Products Ltd. This industry also consists leading marketers of refined or blended RBO such as Adani Wilmar, Marico Ltd, ITC Ltd and N.K. Proteins Ltd.
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