Rice bran oil is an edible vegetable oil extracted from the outer brown layer of the rice grain called bran. This oil contains saturated, polyunsaturated and monosaturated fatty acids with a composition which is similar to that of peanut oil. Rice bran oil has a mild flavour with neutral taste which makes it suitable for high-temperature cooking such as deep fry and stir fry. It is a rich source of vitamin E and has an ideal antioxidant capacity as well as cholesterol-lowering abilities. Rice bran oil also offers various health benefits which include increasing immunity system, preventing gastrointestinal disorders and improving nervous system. A new research report by IMARC Group, titled “Rice Bran Oil Market – Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global rice bran oil market reached a volume of around 1.5 Million Tons in 2017. The report further anticipates the market to reach a volume of nearly 2 Million Tons by 2023, at a projected CAGR of more than 2% over the forecast period.
Global Rice Bran Oil Market Drivers/Constraints:
- The growth of the rice bran oil market is being primarily driven by rising health consciousness among consumers which has triggered an increase in the demand for food and beverages with low fat and high nutritional content.
- The consumers have become aware about the numerous health benefits offered by rice bran oil including relief in menopause, low cholesterol as well as stable levels of antioxidants. This, in turn, has contributed towards a surging demand for rice bran oil across the globe.
- Some of the factors which include rapid urbanisation, changing lifestyles, easy availability of raw materials as well as superior cooking properties of rice bran oil are also propelling the growth of the global rice bran oil market.
- However, rice bran oil is less popular as compared to other edible healthy oils which acts as a primary hindrance for the growth of the market.
Based on end-use, the report finds that rice bran oil is majorly used for edible purposes owing to the rise in health consciousness among consumers across the globe. It is followed by industrial applications.
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On a geographical front, India represents the largest market for rice bran oil. This can be highly attributed to the easier availability of raw materials and a rise in the number of domestic edible oil brands which are manufacturing rice bran oil across the region. India is followed by China and Japan.
The market is concentrated in nature with the presence of few small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Sethia Oils
- Ruchi Soya
- Food Fat and Fertilisers
- Maheshwari Solvent
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