New York, May 26, 2022 (GLOBE NEWSWIRE) -- Global volume consumption of red yeast rice is 18,370 metric tons, and is expected to surge to 40,469 metric tons by the end of 2032.
In the past few years, there has been a huge change in the way people buy nutritional supplements. Digitization has improved the quality of life for people and increased the ability of retailers to boost their sales through e-Commerce. The shift from purchasing items from conventional stores to buying online has been huge, and consumers in developing countries have seemed to accept this change.
Some nutritional e-commerce platforms and marketplaces additionally have a return policy in the event that a customer believes that the product is defective. A few companies have gone one step ahead and collaborated with leading nutritional experts to assist potential and existing clients in understanding their nutritional needs and selecting the appropriate solutions to meet their objectives. These factors have helped build trust in buying online rather than from retail or conventional stores.
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Key Takeaways from Market Study
- The largest market for red yeast rice is Europe, followed by North America. Both regions together account for more than half of the global market share.
- The South Asia & Pacific red yeast rice market is set to expand at a value CAGR of 10.8% to reach US$ 145.6 Mn by 2032.
- Increasing consumer spending on nutritional supplements is bolstering the sales of red yeast rice supplements. On the basis of end use, dietary supplements account for the highest volume share of 80.2%.
- Demand for red yeast rice food & beverage products is slated to increase at a CAGR of 8.5%.
- As the use of natural food coloring ingredients in the food & beverage products is being favored by consumers, manufacturers are including naturally-derived products in their formulations.
- Sales of red yeast rice products through the business to business channel dominates the market. However, the business to consumer channel is witnessing a higher CAGR of 10.4%.
- The market witnessed drastic a fall in sales during the peak of COVID-19 as consumers prioritized essential goods. However, the number of health-consciousness grew, which led to rapid increase in the sales of dietary supplements.
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“Red yeast rice contains a chemical called monacolin K, a cholesterol-lowering component, making it an ideal ingredient for utilization in dietary supplements. Key producers of red yeast rice can capitalize on this by majorly targeting the manufacturers of dietary supplements,” says a Persistence Market Research analyst.
Competitive Landscape
Prominent manufacturing companies of red yeast rice are majorly focused on enhancing the quality of their products. Key market players are expanding and strengthening their product offerings based on consumer demand.
- Alesco S.r.l. focuses on expanding its product portfolio through product development in order to satisfy the growing demand from customers. For this purpose, the company offers its own range of functional ingredients with minerals and phytoextracts, patented and entirely produced in Italy.
- The manufacturing facility of Amazing Nutrition® is equipped with highly advanced technology and production machinery, and also fully-automated packaging lines, and an R&D & testing lab.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global red yeast rice market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on end use (food & beverages, dietary supplements, cosmetics & personal care, and household/retail) and distribution channel (business to business and business to consumer), across six major regions of the world.
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