IQF Rice: Market outlook

Rice (Oryza sativa) is one of the world's main staples, with a total production of milled rice forecast at 496.1 million tons for 2019/20. Quality varies greatly between rice cultivars, growing regions, as well as being subject to cultural preferences for specific cooking techniques and characteristics. Consumers of India, Bangladesh, Nepal, Sri Lanka, Pakistan, Burma, and Thailand usually prefer rough, discreet, and fluffy texture. By contrast, most people in Japan and Korea prefer rice with a soft, sticky, and lumpy texture. Throughout Indonesia, the Philippines, Malaysia, Vietnam, Laos, and Cambodia, intermediate-grade rice typically has the highest acceptability. There is no single method of rice cooking that can be extended effectively to all varieties of rice. With the fast-growing market, the demand for IQF rice is expected to grow significantly in the years to come which will also result in growing the varieties of rice .There are many opportunities for IQF rice varieties that are whole grain, wild rice and black rice which have become a trend as consumers are preferring healthy meals. IQF rice are free flowing which makes them easy to handle, portion and dispense. Current trend heads towards more ecologically sustainable packaging. Whereas, the IQF rice industry has made inordinate strides by adopting innovative packaging formats such as microwaveable pouches for frozen foods which can be reheated while serving. Owing to these factors, IQF rice market is expected to witness a substantial growth over the forecast period.

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Demand for frozen food is growing adding fuel to IQF rice industry

Consumers are looking for easy, quick, and ready to eat meals due to hectic schedule. In addition to this, due the growth in the number of nuclear families around the world the amount of time required for cooking at home has drastically decreased. This increase in demand for packed frozen meals as generated higher demand for precooked frozen products. To meet consumers' needs freezing techniques are applied to frozen rice products that can be kept for longer periods. Processed and frozen rice which is easy to cook is the best way to keep up their expectations. Freezing processes are applied to raw materials which in turn improves the safety of food, convenience, and quality. IQF rice exhibit the same texture characteristics of home-cooked rice due to the use of similar manufacturing processes. Frozen foods hold more nutrients and freshness than canning or drying products, so frozen rice is a healthy food product. The appearance is a very attractive feature of rice products that are cooked, but the freezing technique causes serious damage to the cell membranes and the starch gel network structure of cooked rice and may result in excessive softening. Due to the slow freezing technique, it results in the formation of large ice crystals which causes permanent damage to the structure and texture of the cells as essential to the favorable characteristics of the rice. Taking all these characteristics consumers have a greater demand for frozen cooked rice as it is more comparable in consistency to rice which is cooked at home.

On account of the increasing trends of globalization and urbanization, consumer lifestyle has undergone many changes since the past few years. Improvements in the global employment rates and increasing number of working women across the globe are expected to transform the food purchasing and consumption habits of consumers. Due to the lower availability of time to run household errands, consumer preference to ready-to-eat food products is expected to remain high, leading to rising demand for frozen food products. As frozen food can be stored for more than 3 months and can be cooked within minutes, it makes cooking more convenient for the fast-paced schedules of the consumers. The global IQF rice market is expected to benefit greatly from the increasing pace of the consumer lifestyle and high demand for the convenience food products in the upcoming years.

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Global IQF Rice: Market Segmentation

Based on nature, global IQF Rice can be segmented as: -

  • Organic
  • Conventional

Based on product type, global IQF Rice can be segmented as: -

  • IQF white rice
  • IQF brown rice
  • IQF red rice
  • IQF black rice
  • IQF wild rice
  • Others

Global IQF Rice: Key Players

Some the key players operating their business in the global Iqf rice market are Nippon Industries INC, Simplot Foods, Seenegry Food limited, Global foods and provisions limited, Turris Italian Foods among others

  • In 2019, Biofase, A company based in Mexico is shaping the bioplastics market with 100% biodegradable/compostable products made from plastics made in part from pits of avocado sourced from Simplot’s Mexican avocado and guacamole production.

Opportunities for IQF Rice Market Participants:

The growth of the frozen food market will be driven primarily by the increasing demand and consumption of IQF rice in emerging markets around the world. Increasing disposable incomes, combined with evolving lifestyles and eating behaviors, are key factors that fuel consumer growth in these regions. Established markets are expected to continue to expand at a moderate pace, primarily driven by growing consumer demand for safe frozen foods.

The IQF Rice market report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the IQF Rice market, including but not limited to regional markets, nature and product type.

The study is a source of reliable data on:

  • IQF rice market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg Poland and Russia)
  • South Asia (India, Thailand, Indonesia, Malaysia, Rest of South Asia)
  • East Asia (China, Japan, South Korea)
  • Oceania (Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The IQF Rice market report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the IQF Rice market report projects the attractiveness of each major segment that is nature, type and end use over the forecast period.

Highlights of the IQF Rice market report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the IQF Rice market
  • Recommendations to companies for strengthening their foothold in the IQF Rice market   

Note: Although care has been taken to maintain the highest levels of accuracy in our reports, recent market/vendor-specific changes may take time to reflect in the analysis.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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