Global Rice Protein Market Report 2022 to 2027: Players Include AIDP, Axiom Foods, North Coast Naturals and Z-Company - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Rice Protein Market 2022-2027 - Size, Trends, Competitive Analysis and Forecasts" report has been added to ResearchAndMarkets.com's offering.
The global market for rice protein was valued at $781.2 million in 2021 and is estimated to reach at $1175.11 million by 2027, registering a CAGR of 6.9% from 2022 to 2027.
Rice protein is a plant-based protein, an alternative to the more common whey and soy protein. It is lactose-free; hence it is widely preferred by lactose-sensitive consumers. It also provides good health benefits when consumed as dietary supplements. Rice protein ingredients, when added to the food products, enhance the products' functional and nutritional value. As rice is produced in abundance, the application of rice protein as an ingredient is an affordable solution compared to other plant-based protein types.
Industry Dynamics-Vegetarianism, Veganism, And Demand For Meat Substitutes Pushing The Growth
The awareness about the health concerns in developing countries is rising rapidly, and an increasing population is taking measures and changing their eating habits. In the developing world, the plant protein and dietary proteins market has recorded significant growth. Soy protein accounts for a major market share in Asia-Pacific; however, with increasing demand for plant proteins with higher dexterity and versatility from the food industry, the demand for rice protein and pea protein is expected to grow stronger during the next decade.
The awareness about ill effects of excessive consumption of meat and meat products has led to a rise in demand for meat analogs and extenders, creating a platform for the rice protein market. The price of rice protein is comparatively high compared to other types of protein. However, with research on the production process, the final cost of the product is expected to be reduced in the coming years. This could be the major driver for the growth of the rice protein industry in years to come.
By Types -Versatility Of Rice Protein Isolates Is Strengthening Its Demand
Rice protein isolate and rice protein concentrates are two major forms of rice proteins. Rice protein isolate is high in protein content and approximately contains 80% to 90% of protein, while the rice protein concentrate form contains around 70% to 80% of protein. Rice protein isolate is suitable in the applications of fitness goals such as sports performance, endurance, weight loss, muscle building, and overall well-being & health.
As rice protein isolate contains a high amount of protein, its usage across the dietary supplement industry and food industry is growing rapidly. Considering the increasing application of rice protein isolate across various segments of the industry, the rice protein isolate market is forecasted to grow steadily during the forecast period.
Food products that require protein source properties such as masking off flavors, retention of oils and gelation, ease of dry flow, and high-water solubility are the target products of rice protein concentrates. It is used in various food products, such as baked mixes and baked goods, beverages, breakfast cereals, grain products, milk products, soups & soups mixes, fruits juices and vegetable juices.
Application In Dietary Supplements Industry Is Forecasted To Be The Fastest
The rice protein applications include food, beverage, and dietary supplement industry. The market share of rice protein across the food industry is highest compared to its other applications. In the food industry, both forms of rice proteins are widely used for the application in preparing soups, sauces, pasta, etc.
With increase in demand for nutritional supplements among the young population, the demand for rice protein-based products is expected to increase rapidly. The market revenue of rice protein application across the dietary supplement industry is estimated to grow at a fastest CAGR of 7.9% during the period of forecast.
In the beverage industry, rice protein is used for preparing energy and sports drinks with other minor applications like fruits and vegetable juices. Considering the high demand of nutritious drink, the market for rice protein application across the beverage industry is expected to grow rapidly.
The application of rice protein in the dairy industry is not new; it is used in many dairy products from curd to flavored milk and in other products such as frozen desserts, ice creams, etc. Increasing animal feed experts are suggesting the replacement of other plant-based protein ingredients with rice protein because of the low cost and crop reliability of rice. Other applications of rice protein include personal care and the skin care industry.
Asia-Vast Untapped Market With Huge Growth Potential
In terms of market revenue, North America leads the global rice protein market with 42% of the global market share. North American rice protein market is majorly driven by demand from the obese and overweight populations, particularly in Canada and the U.S.
Another driver that will aid the growth of the rice protein market is environmental and ethical concern about industrial animal farming. U.S. and Canada combined represent 90% of the rice protein market in the North American region. Both countries possess huge potential in terms of processing techniques and application know-how. Most of the rice protein-producing companies are based in these two countries and enjoy good product value mainly from quality exports.
The countries in the European region account for just less than one-third of global rice protein market, with Germany leading the market, followed by the U.K., France, Russia, and Spain. Major drivers of rice protein in the continent are the rising vegan and vegetarian population, increasing consumption of plant-based protein, growing trend of leading healthy and fit lifestyle, and rising demand for meat substitutes.
- Market trends since 2018 and five-year forecasts of market growth
- Detailed analysis of the micro and macro elements influencing demand trends
- Identifying opportunity spaces across segments and countries
- Supply & demand side trend and analysis
- Price trend analysis, investment prospects, and competition pattern
- Insights on the growth potential of the market in key countries
- Detailed analysis of major producers covering financial investments & strategies adopted
- Competitive landscape of the industry
- Growing Demand for Plant-Based Protein
- Rising Health Consciousness Especially in Developing Countries
- Increasing Demand for Lactose-Free, Gluten-Free Protein Products
- Strengthening Demand for Dietary Proteins
- Lack of Commercially Feasible Extraction Process
- Growing Threat from Substitute Products
- Low Awareness About the Product
- Growing Applications in Sports Nutrition & Weight Management
- Growth in Functional Food & Nutraceutical Industry
- AIDP, Inc.
- Axiom Foods, Inc.
- Beneo-Palatinit GmbH
- Bioway (Xi'an) Organic Ingredients Co., Ltd.
- Golden Grain Group Limited
- Jiangxi Golden Agriculture Biotech Co., Ltd.
- North Coast Naturals
- Shaanxi Fuheng (FH) Biotechnology Co., Ltd
- Shafi Gluco-Chem (Pvt.) Ltd.
- The Green Labs LLC
- Kerry Inc.
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