by The global Senbei Rice Crackers Market is estimated to be valued at US$ 7.74 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Senbei rice crackers are thin and crisp rice crackers popular in Japan. They are gluten-free and low in calories. Senbei rice crackers comes in various flavors like seaweed, salt, soy sauce and others. They are portable and shelf-stable snack options. They provide essential nutrients like carbohydrates, proteins and many vitamins and minerals. Growing health consciousness among people is driving the demand for healthy and nutritious snack alternatives like senbei rice crackers.
Market key trends:
Increasing disposable income and changing lifestyle in developing countries is fueling the growth of convenience food market. Senbei rice crackers with long shelf-life and ease of consumption are gaining popularity globally. Rising coffee and tea culture is also propelling the sales of senbei rice crackers as people prefer having them along with beverages. Manufacturers are launching innovative product varieties in different flavors, shapes and packaging to attract newer customers. They are also promoting senbei rice crackers through online retail and social media marketing to increase outreach. Sustainable and environment-friendly packaging solutions are recent trends gaining attention in the senbei rice crackers market.
Porter’s Analysis
Threat of new entrants: Low barriers to entry, easy availability of raw materials and technology poses threat of new entrants in the market. However, established brands, regulations and requirement of large investments limits the threat.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and large number of existing players. Buyers can negotiate on price and switch to available alternatives easily.
Bargaining power of suppliers: Raw material suppliers have moderate bargaining power due to availability of substitutes and less differentiation in raw materials. Suppliers need to maintain quality standards and supplies to sustain in competitive market.
Threat of new substitutes: Threat of substitutes exists from products like biscuits, candies that are often consumed as snacks. However, rice crackers have established themselves as unique traditional snack over years.
Competitive rivalry: Intense due to large number of regional and international players competing on basis of quality, brand, price, variety.
Key Takeaways
The Global Senbei Rice Crackers Market Size is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing health consciousness among consumers. Rice crackers are considered healthy alternatives to other snacks due to low calorie and fat content.
Regional analysis – Asia Pacific dominates the Senbei Rice Crackers market and is expected to grow at fastest pace during the forecast period. Japan represent largest market for rice crackers due to its origin and popularity in Japanese tradition and culture. China is also emerging as high potential market backed by rapid urbanization and growing middle class population.
Key players operating in the Senbei Rice Crackers market are Kameda Seika Co., Ltd., Bourbon Corporation, Calbee, Inc., Glico Group, Ito En, Ltd., Yamazaki Baking Co., Ltd., Iwatsuka Confectionery Co., Ltd., Tanawachi Co., Ltd., Morinaga & Co., Ltd., Kobayashi Pharmaceutical Co., Ltd. Major players are focused on new product launches, expansions and partnerships to increase market share in the competitive rice crackers market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
