Rice Protein Market Growth Is Driven By Surge in Popularity of Veganism & High Consumption Of Protein-Rich Foods: Fact.MR

Rockville, Jan. 20, 2023 (GLOBE NEWSWIRE) -- Worldwide consumption of rice protein is predicted to increase at a CAGR of 3.9% from 2023 to 2033. The global rice protein market stands at a valuation of US$ 780 million and is estimated to reach US$ 1.15 billion by the end of 2033.

Demand for dry rice protein is increasing due to better quality and efficient mixing properties. Grain products and pasta, beverages & bases, and baking goods & baking mixes are the top applications of dry rice protein extracts.

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Key pioneers of the market are launching new variants of rice proteins:

Consumers in the market are looking for ways to adopt a healthy lifestyle, key food companies are capitalizing this aspect by offering new variants with better health claims in the market.

• In June 2022, Roquette, a global leader in plant-based ingredients and a pioneer of plant proteins, announced the launch of 2 rice proteins. This way, company has added a new botanical origin to its portfolio.
• Food tech startup, Novolutions had launched plant-based food brands which offers a variety of plant-based meat snacks. The company is expected to focus on innovative dishes under plant-based food category.
• Another example is Max&Bien, a start-up based in Amsterdam offers plant-based cheese products with good textures and natural flavors. Moreover, the company has been using traditional methods of almonds, oats, and rice to offer cheese substitutes. Company is offering plant-based substitutes for the consumers to easily choose vegan options.
  

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Drivers:

• Surge in demand for plant-based protein in sports and energy supplements market is expected to boost the adoption of rice protein. Also, rice protein is highly preferred as it is hypoallergenic, and thus is likely to cause any allergies.
• Moreover, increasing global demand for plant protein and increase in vegan population are the factors contributing to the growth of rice protein market. Rice protein has gained popularity as consumers are inclined towards gluten-free and high-protein food products. In addition to this, rising health-consciousness among consumers has led to surge in demand for healthy, nutrition-rich and protein-rich diet.
• Besides this, surge in need for gluten-free products is expected to boost the adoption of rice protein in bakery and confectionery applications. High inclusion of rice protein in baking mixes is acting as a growth driver for the rice protein market.
• The use of plant protein in edible films, flavor enhancers, as well as meat analogs is one more factor boosting the growth of the rice protein market.

Competitive Landscape

Leading companies are focusing on the introduction of innovative rice protein products, with an increase in functional properties, and leveraging ‘label claims’ such as gluten-free, allergen-free, and dairy free to meet consumer demand.

For instance :

• In 2020, The Kerry Group broadened the scope of its plant protein ingredients. Products from the range are extensively used in a variety of food and beverage applications.
  

Prominent Players

• Axiom Foods, Inc.
• The Green Labs LLC
• RiceBran Technologies
• North Coast Naturals
• BENEO
• Nutrition Resource
• Golden Grain Group Limited
• NutriBiotic
• Z-Company
  

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Regional Landscape:

• Europe occupies a substantial share of rice protein market, accounting for around 50% of the total share. Moreover, various factors such as significant investments in labels compliance with European standards is expected to boost the adoption of the product in the market.
• In Europe market, Germany is expected to occupy highest revenue due to presence of leading rice protein producers and surge in fitness trends to join gyms and health clubs. These factors are ultimately boosting the demand of fortified and functional food products.
• US market is expected to witness sustainable adoption of the product due to rise in production of rice protein and significant presence of e-commerce companies in the region. Moreover, increased consumer interest in sports and fitness are expected to boost the US market
• Rice protein in the APAC region is expected to exhibit impressive growth due to growing functional and fortified food market. Besides this, rice protein market in Latin America is expected to grow at moderate CAGR due to growing demand for fortified foods and beverages.

Key Segments of Rice Protein Industry Research

• By Product :
  • Rice Protein Isolates
  • Rice Protein Concentrates
  • Others
• By Nature :
  • Organic
  • Conventional
• By Form :
  • Dry
  • Liquid
• By Application :
  • Food & Beverages
  • Infant Milk Formula
  • Bakery & Confectionery
  • Dairy Products
  • Animal Feed
  • Others
• By Region :
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
    

Check out more related studies published by Fact.MR Research:

Alternative Protein Market: The consumers around the world has shown the readiness towards recklessly growing new food, thus the alternative proteins market also seen the speedy growth in developed regions. The protein alternative market is observing modification in consumer demand of intake from animal protein products consumption to plant proteins.

Single-Cell Protein Market: The global market for single-cell protein amounts to USD 8.72 Billion in 2022. The market further anticipated gaining a size of USD 20.64 Billion by 2032. The arcade is likely to gain growth with a CAGR of 9% in the forecast period. The period for assessment in this research is 2022- 2032.

Textured Soy Protein Market: Latest released industry analysis on the textured soy protein market by Fact.MR estimates global sales of textured soy protein at US$ 880 Mn at present, which is expected to witness a CAGR 6.4% to surpass a value of US$ 1.6 Bn by 2031.

Soy Protein Hydrolysate Market: The global soy protein hydrolysate market is projected to embark on a positive growth trajectory, clocking a CAGR worth 5% across the 2021-2031 forecast period.

Deproteinized Whey Market: The global deproteinized whey market currently stands at a valuation of US$ 5.14 billion and is anticipated to transcend a revenue of US$ 8.91 billion by the end of 2032.

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