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Senbei Rice Crackers Market is Estimated to Witness High Growth Owing to Opportunity for Global Expansion

Senbei Rice Crackers Market is Estimated to Witness High Growth Owing to Opportunity for Global Expansion

Senbei rice crackers are crispy and dry baked rice crackers which are a staple snack food in Japanese and East Asian cuisine. They are gluten-free, low in calories and contain rice as the primary ingredient which provides carbohydrates to give sustained energy. Senbei rice crackers come in various flavor options like seaweed, wasabi and shiitake that appeal to different tastes. The global senbei rice crackers market is driven by the growing health consciousness and preference for gluten-free snack foods.

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 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity for global expansion of the senbei rice crackers market is growing rapidly. Rising demand for Asian cuisines and snacks outside their region of origin is driving major senbei rice crackers manufacturers to expand overseas. The availability of private label offerings from major retailers along with the emerging ready-to-eat snack segment will boost market penetration into international markets like North America and Europe. The untapped growth potential, varied demand for traditional and fusion flavors and increasing popularity of Japanese pop culture worldwide are factors inviting senbei rice crackers producers to seize the opportunity for global expansion. This will significantly contribute to the projected high growth rate of the senbei rice crackers market over the forecast period.

Porter's Analysis

Threat of new entrants: The threat of new entrants in the senbei rice crackers market is moderate. Established brands have strong brand recognition and distribution networks. However, low manufacturing costs and growing demand provide opportunity for new players.

Bargaining power of buyers: The bargaining power of buyers in the senbei rice crackers market is high. Buyers have a wide variety of substitutes and price sensitivity is high. This forces companies to keep prices low through competitive pricing strategies.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. While key raw materials like rice are commodity items, suppliers of specialized ingredients have some control over prices.

Threat of new substitutes: The threat of new substitutes is high due to availability of a wide range of substitute snack food products.

Competitive rivalry: Competitive rivalry is intense due to many established brands and private labels competing for market share.

SWOT Analysis

Strength: Senbei rice crackers are a popular traditional Japanese snack food with high brand recognition. Established brands have efficient supply chains and production capabilities.

Weakness: The market is highly price sensitive and competition from private labels is increasing. Product differentiation is a challenge due to commodity like characteristics of rice crackers.

Opportunity: Growing Asian food trends globally present an opportunity to expand exports. Rising health consciousness also works as an opportunity to market the relatively low calorie profile of senbei rice crackers.

Threats: Substitute snack foods and private labels capture market share on price points. Stringent food quality and safety regulations increase compliance costs.

Key Takeaways

The Global Senbei Rice Crackers Market Growth is expected to witness high growth. The Asia Pacific region dominates the market with Japan being the largest producer and consumer. Rising demand for authentic traditional snacks is driving market growth.

Regional analysis: The Asia Pacific region accounts for the majority of the global market value led by Japan. Changing lifestyles and exposure to western snacks is driving innovation in the Asia Pacific senbei rice crackers market.

Key players: Key players operating in the senbei rice crackers market are Rubicon Technology Inc., KYOCERA Corporation, Saint-Gobain, SCHOTT AG, Monocrystal, Rayotek Scientific Inc., CRYSTALWISE TECHNOLOGY INC., ILJIN Display CO. Ltd, Namiki Precision Jewel Co., Ltd., Juropol Sp. z o.o. Leading companies focus on new product development and expanding distribution networks globally.

Get more insights on this topic: https://www.insightprobing.com/senbei-rice-crackers-market-size-and-share/

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