Global Rice Milk Sales Market Insights, Size, and Forecast By Packaging Type (Tetra Packs, Bottle Packaging, Carton Packaging, Pouch Packaging), By Product Type (Unsweetened Rice Milk, Sweetened Rice Milk, Flavored Rice Milk, Organic Rice Milk), By Distribution Channel (Online Retail, Supermarkets, Convenience Stores, Specialty Health Stores), By End User (Household, Foodservice, Health and Wellness, Dietary Products), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Key Companies, Competitive Analysis, Trends, and Projections for 2026-2035
Key Market Insights
Global Rice Milk Sales Market is projected to grow from USD 3.7 Billion in 2025 to USD 6.8 Billion by 2035, reflecting a compound annual growth rate of 6.7% from 2026 through 2035. The rice milk market encompasses the global sales of plant-based milk alternatives derived from rice, catering to consumers seeking dairy-free options. This market is driven by several key factors, primarily the escalating prevalence of lactose intolerance and dairy allergies worldwide. Growing consumer awareness regarding health and wellness, coupled with a rising preference for vegan and vegetarian diets, significantly contributes to market expansion. The versatility of rice milk in various culinary applications, from beverages to baking, further fuels its demand. Important trends include the increasing availability of fortified rice milk products, enriched with vitamins and minerals to enhance their nutritional profile, and the ongoing development of innovative flavor profiles to attract a wider consumer base. However, the market faces restraints such as concerns about the relatively lower protein content in rice milk compared to other plant-based alternatives like soy or oat milk, and potential price sensitivity among some consumer segments. Nevertheless, significant opportunities lie in expanding into emerging markets, developing functional rice milk products targeting specific health benefits, and leveraging e-commerce platforms for broader reach.
Global Rice Milk Sales Market Value (USD Billion) Analysis, 2025-2035
2025 - 2035
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North America currently holds the dominant position in the global rice milk sales market. This is primarily attributed to a well-established health-conscious consumer base, high awareness of plant-based diets, and robust distribution networks that ensure wide product availability. The region benefits from early adoption of dairy alternatives and a strong presence of key market players actively engaged in product innovation and marketing. Conversely, Asia Pacific is poised to emerge as the fastest growing region for rice milk sales. This growth is propelled by rapid urbanization, increasing disposable incomes, and a cultural shift towards healthier eating habits. The region also presents a large consumer base with a growing incidence of lactose intolerance and a rising interest in plant-based alternatives, especially in densely populated countries. Local manufacturers are also emerging, contributing to the competitive landscape and driving product accessibility.
The leading distribution segment for rice milk sales continues to be supermarkets, which offer extensive product ranges and convenient shopping experiences for the majority of consumers. However, the market is segmented across various dimensions including product type (e.g., plain, flavored, organic), packaging type (e.g., cartons, bottles), distribution channel (e.g., supermarkets, convenience stores, online retail), and end user (e.g., household, food service). Key players in this competitive landscape include Thai Organic Rice, Rice Dream, Rude Health, Vitasoy, Ecomil, Oatly, La Tourangelle, Alpro, Nutcrafter Creamery, and Dream. These companies are actively engaged in strategic initiatives such as new product development, expanding their distribution channels, and engaging in targeted marketing campaigns to enhance brand visibility and capture greater market share. Focus on sustainable sourcing and transparent labeling are also increasingly important strategies to appeal to environmentally conscious consumers.
Quick Stats
Market Size (2025):
USD 3.7 BillionProjected Market Size (2035):
USD 6.8 BillionLeading Segment:
Supermarkets (42.5% Share)Dominant Region (2025):
North America (38.2% Share)CAGR (2026-2035):
6.7%
What is Rice Milk Sales?
Rice milk sales represents the economic activity surrounding the purchase and distribution of plant based milk alternatives derived from rice. It encompasses the volume, value, and trends associated with consumers acquiring rice milk products from various retail channels. This topic involves understanding consumer demand, pricing strategies, product availability, and the competitive landscape within the dairy alternative market. Analyzing rice milk sales data provides insights into market share, growth trajectories, and the effectiveness of marketing campaigns. It also helps businesses forecast future demand, optimize supply chains, and identify opportunities for product innovation and expansion into new geographical regions or consumer segments. The topic is crucial for businesses, investors, and market researchers.
What are the Trends in Global Rice Milk Sales Market
Sustainable Sourcing Drives Consumer Preference
Functional Ingredients Boost Market Expansion
Flavor Innovation Captures New Demographics
RTD Formats Revolutionize Convenience Consumption
Emerging Economies Fueling Growth Opportunities
Sustainable Sourcing Drives Consumer Preference
Sustainable sourcing is increasingly critical in the global rice milk market, reflecting a broader consumer shift towards ethical and environmentally responsible choices. Shoppers are actively seeking brands that prioritize ecological stewardship throughout their supply chains, from rice cultivation to processing and packaging. This preference extends to verifiable commitments to fair labor practices and reduced carbon footprints. Brands employing transparent, sustainable sourcing strategies gain a significant competitive edge, fostering greater trust and loyalty among a growing segment of environmentally conscious consumers. Consequently, investing in traceable, sustainably grown rice and eco friendly production methods directly translates into enhanced brand reputation and increased sales, as consumers vote with their wallets for products aligning with their values.
Functional Ingredients Boost Market Expansion
Functional ingredients are revolutionizing the global rice milk market, propelling significant expansion. Consumers are increasingly prioritizing health and wellness, driving demand for products enhanced with beneficial additives. Rice milk manufacturers are capitalizing on this by incorporating ingredients like vitamins, minerals, probiotics, and plant based proteins. These additions transform basic rice milk into a functional beverage, offering added nutritional value beyond just being a dairy alternative.
The appeal of fortified rice milk extends to diverse consumer segments, including athletes, health conscious individuals, and those seeking specific dietary benefits. This trend allows brands to differentiate their products, command higher prices, and access new market niches. The focus on functional attributes like gut health, immunity boosting, and muscle recovery is successfully broadening rice milk's consumer base and driving consistent sales growth globally.
What are the Key Drivers Shaping the Global Rice Milk Sales Market
Rising Demand for Plant-Based Dairy Alternatives
Increasing Health Consciousness and Dietary Preferences
Product Innovation and Diversification
Expansion of Distribution Channels and Retail Presence
Growing Awareness of Lactose Intolerance and Allergies
Rising Demand for Plant-Based Dairy Alternatives
The growing consumer appetite for plant based dairy alternatives is a primary driver in the global rice milk sales market. Health consciousness, ethical considerations, and environmental concerns are fueling this shift. Many individuals are seeking alternatives to traditional dairy due to lactose intolerance, milk allergies, or a desire for lower cholesterol options. The rise of vegan and vegetarian lifestyles further contributes to the demand for plant based milk products. Rice milk offers a suitable option for those avoiding nuts, soy, or gluten, making it an inclusive choice within the expanding plant based beverage category. Its neutral flavor and versatility also appeal to consumers looking for a dairy substitute for various culinary applications and direct consumption. This broad appeal significantly boosts its market presence.
Increasing Health Consciousness and Dietary Preferences
Increasing health consciousness and evolving dietary preferences are pivotal drivers in the global rice milk market. Consumers are increasingly scrutinizing food labels, seeking plant-based alternatives to traditional dairy due to concerns about lactose intolerance, allergies, or a desire for healthier lifestyles. Rice milk, being naturally dairy-free, gluten-free, and often allergen-friendly, directly addresses these needs. Its mild flavor and versatility make it an attractive option for those adopting vegan, vegetarian, or flexitarian diets. The growing awareness of digestive health benefits and the desire for more natural, less processed foods further fuels this demand, positioning rice milk as a preferred choice for a health-conscious consumer base.
Product Innovation and Diversification
Product innovation and diversification is a key driver in the global rice milk market. Manufacturers are constantly developing new flavor profiles beyond traditional unsweetened and vanilla, introducing options like chocolate, strawberry, and coffee to appeal to a wider consumer base. They are also innovating with product functionalities, offering fortified varieties with added vitamins, calcium, and protein to cater to health conscious consumers seeking nutritional benefits from plant based beverages. Furthermore, diversification extends to product formats, with companies launching convenient ready to drink single servings and larger family sized cartons. This continuous evolution in flavors, nutritional content, and packaging broadens rice milk’s appeal, attracts new customers, and encourages repeat purchases, thereby fueling market expansion.
Global Rice Milk Sales Market Restraints
Supply Chain Disruptions Limit Production and Distribution
Global rice milk sales face a significant impediment from supply chain disruptions, directly impacting production and distribution. Unforeseen events such as natural disasters, geopolitical tensions, and global health crises can disrupt the availability of key raw materials like rice and packaging components. This volatility leads to price fluctuations and shortages, making consistent production challenging for manufacturers. Logistical bottlenecks, including port congestion, shipping delays, and labor shortages, further exacerbate the problem by hindering the timely movement of both raw materials and finished products. These disruptions create inefficiencies, increase operational costs, and limit the market’s ability to meet consumer demand consistently. Consequently, brands struggle to maintain inventory levels, leading to stockouts and lost sales opportunities across various retail channels.
Intense Competition from Established Plant-Based Milk Brands
The global rice milk market faces a significant challenge from well-entrenched plant based milk brands. These established players in categories like almond, oat, and soy milk have already cultivated strong brand recognition and widespread consumer loyalty over years. They benefit from extensive distribution networks reaching major retailers and food service channels globally. Their substantial marketing budgets further allow them to dominate advertising and promotional efforts, effectively crowding out newer entrants. Consumers, accustomed to the taste profiles and functional benefits of these dominant alternatives, may be hesitant to switch to rice milk. Overcoming this deep seated preference and the pervasive market presence of incumbent brands requires substantial investment in marketing innovation and consumer education for rice milk manufacturers.
Global Rice Milk Sales Market Opportunities
Fortified & Functional Rice Milk for Allergy-Sensitive Consumers
The global rice milk market presents a significant opportunity in catering to allergy sensitive consumers through fortified and functional offerings. Rice milk is inherently hypoallergenic, making it a safe haven for individuals avoiding dairy, soy, nuts, and gluten. This growing demographic, increasingly aware of dietary restrictions and seeking wholesome alternatives, is underserved by basic plant based options.
By fortifying rice milk with essential nutrients like calcium, vitamin D, and B12, brands can directly address common nutritional deficiencies in allergy restricted diets. Furthermore, integrating functional ingredients such as prebiotics or probiotics can enhance digestive health, adding further value. This transformation elevates rice milk from a simple substitute to a premium, health promoting beverage. The strong demand for plant based, allergy friendly solutions, particularly in rapidly expanding regions like Asia Pacific, underscores a vast untapped segment. Innovating in this space allows brands to capture a loyal consumer base prioritizing both safety and enhanced well being, driving substantial growth and market differentiation.
Premium Barista-Grade Rice Milk for Specialty Coffee & Foodservice
The burgeoning global demand for plant-based alternatives creates a significant opportunity for premium barista-grade rice milk, particularly within the specialty coffee and foodservice sectors. Consumers increasingly seek dairy-free, allergen-friendly options that do not compromise on taste or texture, especially in their daily coffee rituals. This trend is powerfully amplified in the Asia Pacific region, a rapidly expanding market where plant-based diets and sophisticated coffee culture are flourishing. Developing rice milk specifically engineered for professional baristas addresses a critical need. Such a product must offer excellent frothing capabilities, a neutral flavor profile that complements coffee without overpowering it, and consistent performance for high-volume operations. Foodservice providers are eager for reliable, high-quality alternatives to cater to diverse customer preferences. Brands that can deliver a superior rice milk formulation, optimized for culinary applications and specialty beverages, will capture a substantial share of this growing segment by enabling cafes and restaurants to expand their inclusive menus with confidence and quality.
Global Rice Milk Sales Market Segmentation Analysis
Key Market Segments
By Product Type
- •Unsweetened Rice Milk
- •Sweetened Rice Milk
- •Flavored Rice Milk
- •Organic Rice Milk
By Packaging Type
- •Tetra Packs
- •Bottle Packaging
- •Carton Packaging
- •Pouch Packaging
By Distribution Channel
- •Online Retail
- •Supermarkets
- •Convenience Stores
- •Specialty Health Stores
By End User
- •Household
- •Foodservice
- •Health and Wellness
- •Dietary Products
Segment Share By Product Type
Share, By Product Type, 2025 (%)
- Unsweetened Rice Milk
- Sweetened Rice Milk
- Flavored Rice Milk
- Organic Rice Milk
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Why is the Supermarkets segment leading in the Global Rice Milk Sales Market?
Supermarkets maintain a significant lead due to their widespread accessibility and convenience for consumers. They offer a broad range of rice milk products, including various product types like unsweetened, sweetened, and flavored options, alongside different packaging types. Their extensive reach, consistent stock availability, and competitive pricing strategies make them the primary destination for household purchases, catering to regular consumer demand efficiently across diverse end users.
What factors influence the growth within the Household and Health and Wellness end user segments?
The Household segment represents the largest consumer base, driven by the increasing adoption of plant based diets and lactose free alternatives for everyday consumption. Concurrently, the Health and Wellness segment experiences robust growth as consumers seek functional beverages. Rice milk serves individuals with specific dietary needs or those proactively managing their health, often opting for organic or unsweetened varieties, which drives demand through specialty health stores and online channels.
How do packaging types and distribution channels cater to evolving consumer preferences?
The variety in packaging types, from convenient Tetra Packs and Bottle Packaging to larger Carton Packaging, reflects consumer demand for different usage occasions and storage needs. While supermarkets handle the bulk of sales, online retail is gaining traction by offering a wider selection, including organic and specialty rice milk, directly to consumers. This diverse distribution network ensures that rice milk reaches various end users, whether for daily household use or specialized dietary purposes.
What Regulatory and Policy Factors Shape the Global Rice Milk Sales Market
The global rice milk market operates within a multifaceted regulatory landscape shaped by national and international policies. Key areas include stringent food safety standards enforced by bodies like the FDA, EFSA, and national authorities, demanding adherence to Good Manufacturing Practices and Hazard Analysis and Critical Control Points. Labeling regulations vary significantly, requiring clear ingredient lists, nutritional panels, allergen declarations, and country of origin. Claims regarding vegan status, organic certification, or specific health benefits often necessitate third party verification and compliance with strict advertising codes to prevent consumer deception. Import and export tariffs, alongside specific sanitary and phytosanitary requirements, influence cross border trade. Evolving environmental policies concerning packaging sustainability and waste management are also increasingly impacting production and distribution strategies worldwide. Compliance with these diverse frameworks is crucial for market access and consumer trust.
What New Technologies are Shaping Global Rice Milk Sales Market?
Innovations are driving significant evolution in the global rice milk market. Emerging technologies primarily focus on enhancing nutritional profiles and sensory experiences. Advanced fortification techniques are integrating essential vitamins minerals and even plant based proteins like pea or soy to create more nutritionally complete offerings. Product development emphasizes diverse flavor profiles beyond traditional plain varieties including natural fruit infusions and chocolate. Texture improvements through novel processing methods are yielding creamier smoother rice milks mimicking dairy more closely.
Sustainable packaging solutions are gaining prominence with biodegradable and plant derived materials reducing environmental impact. Ultra High Temperature UHT processing and High Pressure Processing HPP extend shelf life naturally minimizing the need for preservatives while preserving nutrient integrity. Furthermore fermentation technologies are being explored to enhance digestibility and introduce probiotic benefits. These innovations are broadening rice milk's appeal beyond allergen sufferers attracting a wider consumer base seeking healthier and more sustainable dairy alternatives. Personalization through AI driven consumer insights is also shaping future product development.
Global Rice Milk Sales Market Regional Analysis
Global Rice Milk Sales Market
Trends, by Region
North America Market
Revenue Share, 2025
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Dominant Region
North America · 38.2% share
North America dominates the global rice milk sales market, commanding a significant 38.2% market share. This strong position is driven by a well established health conscious consumer base and widespread availability of diverse rice milk products across major retailers. Increasing awareness about dairy allergies and lactose intolerance further fuels demand for plant based alternatives like rice milk. Robust marketing strategies from key players and continuous product innovation including new flavors and fortified options also contribute to North America's leading role. The region benefits from a developed distribution network ensuring broad accessibility. High disposable incomes allow consumers to readily adopt premium alternative milk options solidifying North America's prominent standing.
Fastest Growing Region
Asia Pacific · 9.2% CAGR
Asia Pacific emerges as the fastest growing region in the global rice milk sales market, projected to expand at a compelling CAGR of 9.2% from 2026 to 2035. This remarkable growth is fueled by several converging factors. A burgeoning health conscious consumer base across countries like China and India is increasingly seeking plant based alternatives to traditional dairy. Rising disposable incomes further enable consumers to opt for premium health products like rice milk. Moreover, a growing awareness of lactose intolerance and dairy allergies drives the shift towards hypoallergenic options. Expanding retail networks and aggressive marketing by both local and international players are also crucial in making rice milk more accessible and appealing to a wider demographic throughout the Asia Pacific region.
Top Countries Overview
The U.S. is a significant, growing market for global rice milk sales, driven by health-conscious consumers and lactose intolerance. Domestic production is increasing, but imports, particularly from Asia, remain crucial to meet demand for diverse flavors and organic options. Innovation in product formulations and sustainable sourcing are key trends shaping the competitive landscape.
China is a major player in the global rice milk market, driven by increasing health consciousness and demand for plant-based alternatives. Domestic brands and international players are expanding their presence, catering to evolving consumer preferences. The market is experiencing rapid growth, with product innovation and e-commerce penetration further fueling sales across urban and rural areas. This makes China a crucial market for global rice milk companies.
India's rice milk market is burgeoning, driven by rising health consciousness and dairy alternatives. Domestically, companies like Epigamia and SOFIT are expanding, while global players like Oatly and Califia Farms eye this growth. Exports are minimal, but India's strong rice production positions it to become a significant global supplier of rice milk ingredients and finished products as demand for plant-based milks continues to soar worldwide.
Impact of Geopolitical and Macroeconomic Factors
Geopolitically, supply chain resilience for ingredients like rice is paramount. Climate change impacts on rice harvests, particularly in Asia, pose a significant threat to raw material availability and pricing for rice milk manufacturers. Trade policies, tariffs, and potential export restrictions by major rice producing nations could disrupt production and increase costs. Geopolitical tensions might also fragment markets or lead to protectionist measures impacting cross border trade.
Macroeconomically, inflation directly impacts production costs, from packaging to transportation. Consumer purchasing power, influenced by global economic downturns or recessions, affects discretionary spending on plant based alternatives like rice milk. Exchange rate fluctuations are critical for companies sourcing ingredients internationally or selling in diverse markets. Growing awareness of health and sustainability, alongside rising disposable incomes in emerging markets, fuels demand, but economic instability can dampen this growth trajectory.
Recent Developments
- March 2025
Thai Organic Rice announced a strategic partnership with a major European supermarket chain to expand its distribution network. This initiative aims to significantly increase the availability of Thai Organic Rice's various rice milk products across key European markets.
- June 2024
Rude Health unveiled a new line of flavored organic rice milk products, including chocolate and vanilla variants, targeting younger consumers. This product launch responds to a growing consumer demand for diversified and enjoyable plant-based milk alternatives.
- August 2024
Oatly, renowned for its oat milk, announced its entry into the rice milk market with the acquisition of a minority stake in Nutcrafter Creamery. This strategic investment allows Oatly to diversify its plant-based portfolio and capitalize on the expanding global rice milk sales.
- November 2024
Vitasoy initiated a significant marketing campaign focused on the health benefits of rice milk, particularly its allergen-free properties and digestive advantages. This strategic initiative aims to educate consumers and drive adoption in regions where rice milk consumption is still nascent.
- February 2025
Alpro announced the launch of a new barista-blend rice milk specifically formulated for coffee shops and cafes. This product launch targets the rapidly growing specialty coffee market, aiming to provide a high-performing plant-based alternative for professional baristas.
Key Players Analysis
Key players like Thai Organic Rice and Rice Dream lead the global rice milk market, leveraging their established brand recognition. Rude Health and Vitasoy are also significant, expanding their market share through innovative flavor profiles and product diversification. While Oatly isn't primarily a rice milk brand, its success in the broader plant based milk sector influences market trends and consumer preferences, potentially inspiring similar oat rice milk blends. Ecomil, La Tourangelle, Alpro, Nutcrafter Creamery, and Dream further contribute to market growth by offering a variety of formulations and catering to diverse dietary needs, often through direct to consumer sales and strategic supermarket partnerships. The market is driven by increasing consumer demand for dairy free alternatives and a growing awareness of health benefits associated with plant based diets.
List of Key Companies:
- Thai Organic Rice
- Rice Dream
- Rude Health
- Vitasoy
- Ecomil
- Oatly
- La Tourangelle
- Alpro
- Nutcrafter Creamery
- Dream
- Provamel
- Kite Hill
- Natures Charm
- Pacific Foods
- Silk
Report Scope and Segmentation
| Report Component | Description |
|---|---|
| Market Size (2025) | USD 3.7 Billion |
| Forecast Value (2035) | USD 6.8 Billion |
| CAGR (2026-2035) | 6.7% |
| Base Year | 2025 |
| Historical Period | 2020-2025 |
| Forecast Period | 2026-2035 |
| Segments Covered |
|
| Regional Analysis |
|
Table of Contents:
List of Figures
List of Tables
Table 1: Global Rice Milk Sales Market Revenue (USD billion) Forecast, by Product Type, 2020-2035
Table 2: Global Rice Milk Sales Market Revenue (USD billion) Forecast, by Packaging Type, 2020-2035
Table 3: Global Rice Milk Sales Market Revenue (USD billion) Forecast, by Distribution Channel, 2020-2035
Table 4: Global Rice Milk Sales Market Revenue (USD billion) Forecast, by End User, 2020-2035
Table 5: Global Rice Milk Sales Market Revenue (USD billion) Forecast, by Region, 2020-2035
Table 6: North America Rice Milk Sales Market Revenue (USD billion) Forecast, by Product Type, 2020-2035
Table 7: North America Rice Milk Sales Market Revenue (USD billion) Forecast, by Packaging Type, 2020-2035
Table 8: North America Rice Milk Sales Market Revenue (USD billion) Forecast, by Distribution Channel, 2020-2035
Table 9: North America Rice Milk Sales Market Revenue (USD billion) Forecast, by End User, 2020-2035
Table 10: North America Rice Milk Sales Market Revenue (USD billion) Forecast, by Country, 2020-2035
Table 11: Europe Rice Milk Sales Market Revenue (USD billion) Forecast, by Product Type, 2020-2035
Table 12: Europe Rice Milk Sales Market Revenue (USD billion) Forecast, by Packaging Type, 2020-2035
Table 13: Europe Rice Milk Sales Market Revenue (USD billion) Forecast, by Distribution Channel, 2020-2035
Table 14: Europe Rice Milk Sales Market Revenue (USD billion) Forecast, by End User, 2020-2035
Table 15: Europe Rice Milk Sales Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035
Table 16: Asia Pacific Rice Milk Sales Market Revenue (USD billion) Forecast, by Product Type, 2020-2035
Table 17: Asia Pacific Rice Milk Sales Market Revenue (USD billion) Forecast, by Packaging Type, 2020-2035
Table 18: Asia Pacific Rice Milk Sales Market Revenue (USD billion) Forecast, by Distribution Channel, 2020-2035
Table 19: Asia Pacific Rice Milk Sales Market Revenue (USD billion) Forecast, by End User, 2020-2035
Table 20: Asia Pacific Rice Milk Sales Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035
Table 21: Latin America Rice Milk Sales Market Revenue (USD billion) Forecast, by Product Type, 2020-2035
Table 22: Latin America Rice Milk Sales Market Revenue (USD billion) Forecast, by Packaging Type, 2020-2035
Table 23: Latin America Rice Milk Sales Market Revenue (USD billion) Forecast, by Distribution Channel, 2020-2035
Table 24: Latin America Rice Milk Sales Market Revenue (USD billion) Forecast, by End User, 2020-2035
Table 25: Latin America Rice Milk Sales Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035
Table 26: Middle East & Africa Rice Milk Sales Market Revenue (USD billion) Forecast, by Product Type, 2020-2035
Table 27: Middle East & Africa Rice Milk Sales Market Revenue (USD billion) Forecast, by Packaging Type, 2020-2035
Table 28: Middle East & Africa Rice Milk Sales Market Revenue (USD billion) Forecast, by Distribution Channel, 2020-2035
Table 29: Middle East & Africa Rice Milk Sales Market Revenue (USD billion) Forecast, by End User, 2020-2035
Table 30: Middle East & Africa Rice Milk Sales Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035