Rice Bran Market

The global rice bran market is projected to see an increase in consumption and production with a forecasted CAGR of +7.5% and +8.8% respectively from 2022 to 2030. China leads in both consumption and production, with significant growth rates recorded. Vietnam emerges as a key exporter, showing substantial growth in rice bran exports. Detailed analysis of market performance, trends, volume, value, and top consuming and producing countries provide valuable insights into the global rice bran market dynamics.

Market Forecast

Driven by increasing demand for rice bran worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +7.5% for the period from 2022 to 2030, which is projected to bring the market volume to 17M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +8.8% for the period from 2022 to 2030, which is projected to bring the market value to $5.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Rice Bran

In 2022, global rice bran consumption declined rapidly to 9.7M tons, which is down by -42.1% against the previous year. Over the period under review, the total consumption indicated a pronounced increase from 2012 to 2022: its volume increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +3.7% against 2018 indices. As a result, consumption reached the peak volume of 17M tons, and then declined markedly in the following year.

The global rice bran market revenue reduced rapidly to $3B in 2022, waning by -20.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $3.8B, and then fell remarkably in the following year.

Consumption By Country

The country with the largest volume of rice bran consumption was China (1.8M tons), accounting for 18% of total volume. Moreover, rice bran consumption in China exceeded the figures recorded by the second-largest consumer, the United States (714K tons), twofold. The third position in this ranking was taken by India (614K tons), with a 6.3% share.

In China, rice bran consumption increased at an average annual rate of +7.9% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+5.7% per year) and India (+6.4% per year).

In value terms, the largest rice bran markets worldwide were China ($633M), Japan ($401M) and Turkey ($208M), with a combined 41% share of the global market.

China, with a CAGR of +7.7%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of rice bran per capita consumption in 2022 were Turkey (2.6 kg per person), Japan (2.5 kg per person) and Germany (2.4 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by China (with a CAGR of +7.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Rice Bran

In 2022, global rice bran production declined notably to 9.8M tons, shrinking by -41.5% against the year before. In general, the total production indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.2% against 2017 indices. The pace of growth appeared the most rapid in 2021 with an increase of 75% against the previous year. As a result, production attained the peak volume of 17M tons, and then contracted sharply in the following year.

In value terms, rice bran production fell to $2.8B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 15%. Over the period under review, global production hit record highs at $3.2B in 2017; however, from 2018 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (1.3M tons), the United States (802K tons) and Vietnam (608K tons), together accounting for 28% of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Vietnam (with a CAGR of +27.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Rice Bran

In 2022, purchases abroad of rice bran decreased by -9.7% to 1.5M tons for the first time since 2017, thus ending a four-year rising trend. Over the period under review, total imports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +40.7% against 2017 indices. The pace of growth was the most pronounced in 2015 when imports increased by 35%. Over the period under review, global imports reached the maximum at 1.6M tons in 2021, and then dropped in the following year.

In value terms, rice bran imports dropped to $438M in 2022. In general, imports, however, continue to indicate buoyant growth. The pace of growth was the most pronounced in 2021 with an increase of 59%. As a result, imports reached the peak of $474M, and then shrank in the following year.

Imports By Country

In 2022, China (432K tons) was the major importer of rice bran, generating 29% of total imports. Germany (128K tons) took an 8.7% share (based on physical terms) of total imports, which put it in second place, followed by Turkey (8.1%) and Nepal (6.8%). The following importers - Vietnam (62K tons), Luxembourg (46K tons), Belgium (44K tons), Argentina (35K tons), France (35K tons), the United States (32K tons), Canada (30K tons), India (29K tons) and Uruguay (24K tons) - together made up 23% of total imports.

China was also the fastest-growing in terms of the rice bran imports, with a CAGR of +58.4% from 2012 to 2022. At the same time, Nepal (+34.9%), Luxembourg (+24.4%), Germany (+12.3%), Canada (+6.7%), Uruguay (+5.6%) and Turkey (+2.9%) displayed positive paces of growth. Belgium and France experienced a relatively flat trend pattern. By contrast, Argentina (-4.9%), the United States (-7.2%), Vietnam (-11.7%) and India (-14.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Nepal, Germany and Luxembourg increased by +29, +6.4, +5.1 and +2.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($177M) constitutes the largest market for imported rice bran worldwide, comprising 40% of global imports. The second position in the ranking was held by Turkey ($31M), with a 7.1% share of global imports. It was followed by Vietnam, with a 5.2% share.

In China, rice bran imports increased at an average annual rate of +63.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Turkey (+3.3% per year) and Vietnam (-6.0% per year).

Import Prices By Country

The average rice bran import price stood at $296 per ton in 2022, growing by 2.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The pace of growth was the most pronounced in 2021 an increase of 24%. Over the period under review, average import prices reached the maximum in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Belgium ($420 per ton), while Argentina ($17 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+8.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Rice Bran

In 2022, shipments abroad of rice bran decreased by -6% to 1.7M tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +87.9% against 2014 indices. The most prominent rate of growth was recorded in 2021 with an increase of 29%. As a result, the exports reached the peak of 1.8M tons, and then dropped in the following year.

In value terms, rice bran exports declined modestly to $425M in 2022. Overall, exports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 48% against the previous year. As a result, the exports attained the peak of $443M, and then dropped in the following year.

Exports By Country

Vietnam was the key exporter of rice bran in the world, with the volume of exports resulting at 609K tons, which was near 37% of total exports in 2022. Germany (192K tons) held a 12% share (based on physical terms) of total exports, which put it in second place, followed by Russia (7.3%), the United States (7.2%) and Belgium (6.4%). The following exporters - Tanzania (53K tons), Poland (42K tons) and France (29K tons) - together made up 7.5% of total exports.

Vietnam was also the fastest-growing in terms of the rice bran exports, with a CAGR of +59.9% from 2012 to 2022. At the same time, Tanzania (+36.2%), Germany (+13.9%), Belgium (+12.2%), Poland (+10.1%), France (+8.4%) and Russia (+3.2%) displayed positive paces of growth. By contrast, the United States (-6.7%) illustrated a downward trend over the same period. While the share of Vietnam (+36 p.p.), Germany (+6.1 p.p.), Tanzania (+2.9 p.p.) and Belgium (+2.9 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Russia (-2 p.p.) and the United States (-18.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($151M) remains the largest rice bran supplier worldwide, comprising 36% of global exports. The second position in the ranking was taken by Germany ($50M), with a 12% share of global exports. It was followed by Belgium, with an 11% share.

In Vietnam, rice bran exports increased at an average annual rate of +63.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (+15.4% per year) and Belgium (+13.0% per year).

Export Prices By Country

The average rice bran export price stood at $257 per ton in 2022, rising by 1.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The pace of growth appeared the most rapid in 2018 an increase of 15%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Belgium ($424 per ton), while Tanzania ($100 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+6.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform