Global Rice bran oil market is expected to achieve significant growth over the forecast period on account of its growing popularity in food & supplements as well as cosmetics & health care industry. It was estimated to be 1.2 million tons in 2015 and was valued at over USD 600 million. It is an edible vegetable oil obtained from rice husk, which is the brown outermost layer of rice, containing about 15-20% oil by weight.
Rising level of health consciousness among customers with particular emphasis on reduction of cholesterol levels is expected to be the prime driver of global rice bran oil demand over 2024. Its anti-oxidant properties and price competitiveness in comparison to other edible oils may also augment the market demand over the forecast period.
Rice bran oil is considered to have an optimal combination of monounsaturated (MUFA) and polyunsaturated (PUFA) fatty acid which is expected to render it higher shelf-life as compared to sunflower refined products. Owing to its property of improving taste, coupled with health and cost benefits, rice bran oil is used as a prime ingredient in a number of bakery products like cookies, pizza, biscuits and pastries which is expected to trigger a positive response for the market over the forecast period.
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Rice bran oil possesses a perfect and close-to-ideal blend of saturated, mono-saturated and poly-saturated fats, making it one of the healthiest edible oil. Recognition and recommendation by American Heart Association (AHA) and World Health Organization (WHO) may also generate positive impulse for the global rice bran oil market over the foreseeable future.
However, on account of its late entry in the market, the rice bran oil category is still in its nascent stage and thus suffers from low consumer awareness. Furthermore, perceptual barriers about the color and taste of the oil, customer’s reluctance to change their tastes and preferences as well as skepticism around the health-and-cost premises may remain as the prime impediments hindering the product’s growth in near future.
The Rice bran oil comes in three different constituents: Gamma-oryzanol, tocopherols and tocotrienols. These essential components are powerful anti-oxidizing agents providing not only higher nutraceutical value but also wide range of health benefits like – improving nervous system, removing gastro intestinal disorders, cholesterol lowering, reducing cancer risk and improving immunity.
Oryzanol, being a prime antioxidant, delays the degradation of oil at high temperatures thus providing extended storage-time and fry-life to fried foods. Its property of being highly viscous and faintly absorptive offers excellent texture profiles and delicate flavors while cooking and protects the food from any lingering aftertaste. The property of rice bran oil to be blended with other less stable oils to improve their performance may further propel their demand in the near future.
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Apart from food and nutritional supplements, rice bran oil is gaining immense popularity as an ingredient in cosmetics and personal care products industry. Vitamin E present in the rice bran oil hinders the oxidation of skin tissues thus imparting it a healthy glow and delaying the ageing process. The property of rice bran oil to cure itching skin as well as its ability to be used as an anti-dandruff agent may unclose new vistas for further growth in this sector in the near future.
Also, the Oryzanol component offers protection against the ultra-violet light and thus maintains a high potential to be used as a sunscreen agent. The ferulic acid in Oryzanol acts as a perfect anti-ageing agent for skin and also helps in stimulating hair-growth which may open up new avenues for rice bran oil market. Its further use as an ingredient in soap manufacturing industry may trigger positive pulse for the rice bran oil market over the forecast period.
Asia-Pacific is the key regional market for rice bran oil and derived products with production facilities mainly concentrated in India, China, Vietnam, Thailand and Japan. Raw material abundance and availability are the prime factors guiding steady price trends for the rice bran oil market in this region. Formation of International Council Of Rice Bran Oil (ICRBO), in 2013, is further expected to fuel the growth prospects for rice bran oil market over the forecast period.
The lifting of ban on exports of rice bran oil by government of India, in 2015, is expected to boost the sales and mark a sevenfold increase in the exports. The annual exports potential of India for rice bran oil is 50 kilo tons, with Japan, United States, Australia and New-Zealand as the prime importers.
The Solvent Extractors Association of India is the prime organization entrusted with the responsibility of spreading awareness and promoting rice bran oil use by highlighting its various uses such as high Oryzonal contents, rich source of Viamin E and lower cholesterol levels. These activities of SEA coupled with ICBRO’s research, training and development programs holds great potential for the market share and growth of Asia-Pacific over the years to come.
The major players in global rice bran oil market are A.P. Refineries Pvt. Ltd, BCL Industries & Infrastructure, Ricela Helath Foods, Sethia and 3F Industries Ltd. The global market is highly fragmented and consists of other crucial players like Harwin Agro Enterprises, Vaighai Agro Products Ltd., Modi Naturals Ltd., Maheshwari Solvent and Malar Solvent. The global rice bran oil industry also consists of leading marketers of blended or refined rice bran oil such as ITC Ltd Adani Wilmar, N.K. Proteins Ltd. and Marico Ltd.
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