by The 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 composed of rice flour that is baked into crisp and light crackers. They are often seasoned with soy sauce or a soy and salt mixture, making them a popular snack in Japan. Senbei rice crackers come in different flavors and shapes like cylindrical, circular or triangular. Due to their light and crunchy texture, popularity of senbei rice crackers is increasing globally as an on-the-go snack for health-conscious consumers.
Market Dynamics:
Rising health awareness among consumers is a major factor driving the growth of the senbei rice crackers market. Rice crackers are low in fat, calories and cholesterol, making them a healthier snack option compared to conventional potato chips or fried snacks. Additionally, the popularity of rice as a gluten-free grain is also propelling the demand for senbei rice crackers especially in western countries. Changing consumer preferences towards traditional ethnic snacks globally is another factor fueling the market growth. Major manufacturers are innovating with new flavors of senbei crackers to appeal to a wide consumer base. However, availability of substitute snack products like multigrain crackers acts as a challenge for the market.
Segment Analysis
The Senbei rice crackers market is dominated by the conventional senbei sub-segment. Conventional senbei accounts for over 60% of the market share as they are the most popular and widely used rice cracker variant across households and snack consumption occasions in Japan. Their traditional recipe, appearance and taste have made them the preferred choice among consumers.
PEST Analysis
Political: The government policies support the domestic rice crackers industry and impose high import tariffs on competing products from other countries to protect local manufacturers.
Economic: Rising income levels and spending power have increased the disposable budgets of consumers for snack purchases. This propels the market growth of premium rice crackers.
Technological: Advanced production technologies help manufacturers enhance product quality, introduce new variants and maximize production capacity. This allows them to better cater to the evolving needs of customers.
Social: Busy lifestyles and hectic schedules have increased the demand for convenient, on-the-go snack options. Rice crackers are perfect for portable snacking between meals or at workplace. Their traditional roots also make them a preferred snack for social gatherings.
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 preference for healthy and convenient snack options. The market size for 2023 is estimated to reach US$ 7.74 Bn.
The Japanese market accounts for over 80% of the global senbei rice crackers market share due to its cultural popularity. Japan is the leading producer and consumer globally, with per capita senbei consumption exceeding 2 kg annually. China is emerging as the fastest growing regional market attributed to rising health-consciousness.
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. Leading players are focusing on capacity expansions, new product launches and strengthening their retail distribution networks globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
