From 2023 to 2033, the amount of rice protein Market worldwide is expected to rise at a CAGR of 3.9%. By the end of 2033, the worldwide rice protein market, currently valued at US$ 780 million, is expected to have grown to US$ 1.15 billion.
Because of its improved quality and effective mixing qualities, there is a growing need for protein from dry rice. Dry rice protein extracts are mostly used in pasta and grain products, drinks and bases, and baked goods and baking mixes.
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
In summary, a number of important reasons are contributing to the notable growth the rice protein market is seeing. The increasing demand for plant-based protein sources has led to the emergence of rice protein as a feasible and sustainable substitute for conventional animal-based proteins. Customers with dietary limitations and health-conscious lives find it intriguing because it is devoid of allergens, gluten, and genetically modified organisms.
