Asia-Pacific rice protein market is expected to grow at a CAGR of 9.90% to reach a market size of US$39.808million in 2025 from US$22.594 million. Protein is an important micronutrient responsible for the growth and development of the body muscles during childhood, adolescence, pregnancy or old age. Rice protein is a plant-based protein and is a rich source of amino acids, Vitamin B and Vitamin E. Essentially, rice protein causes no allergic responses and is easy-to-digest as it is free from dairy, soy or wheat. In recent times, a large number of people are shifting to plant-based diets owing to the concerns related to their health and environment. Being a key source of protein for vegans, it is expected to face rising demand throughout the forecast period. Rice protein comes with high nutritional value; stabilizes the blood sugar level and reduces the rate of absorption of high-carb meals. As far as the environment is concerned, rice protein can be called a friendly and sustainable alternative to other sources of protein like whey-protein which puts heavy pressure on the environment in the production process.
Developments in fitness measuring devices along with investments by more experiential food brands are a major demand driver for the growth of the rice protein market in the Asia-pacific region.
Advancements in the body tracking technologies in combination with biological knowledge is shaping the dietary patterns of the people in the Asia-Pacific region. Keeping a track of intake of calories and nutrients is rising the demand for foods that serve the customer’s specific needs. New players, with the help of large investors, along with the already existing major players are launching plant-based foods with high protein-based ingredients. In January 2019, India’s leading vegan meat-producing startup Good Dot added to its offering of plant-based meats “Good Gurber”, a meatless version of chicken burger. This startup received funding from VC Fund New Crop Capital which has also invested in Beyond Meat. In March 2019, BASF launched PeptAIde, a post-workout nutrition ingredient made up of brown rice, in China and Asia-Pacific region.
Geographically, China is expected to witness the highest growth rate in the rice protein market.
The rising urbanization and disposable incomes, coupled with the increased adoption of vegan foods, are expected to fuel the demand for the rice-protein market in this region. Although the conventional drivers of the economy of China, manufacturing, and exports, are grappling due to trade wars, and widespread pandemics, the consumers remain resilient and confident with an increasing Consumer Confidence Index that reached an all-time high in December 2019. The consumption is mainly driven by urban regions and the spending by younger populations. Additionally, the inclination towards a healthier lifestyle, especially healthier diets, is showing upticks at a rapid rate due to the rise of a plethora of endemic and communicable diseases through the alleged consumption of animal foods. Consumption has also risen due to increased spending on quality products. As a result, China is expected to witness the highest growth rate in the rice protein market.
India, on the other hand, is anticipated to grow at a steady rate in this market due to low awareness. Nevertheless, urbanization followed by changing lifestyles of the population is changing the consumption patterns of the people. A fitness trend in conjunction with a new definition of adulthood is enabling consumers to adapt to a healthier life. With growing cases of chronic diseases and malnutrition, the consumers are becoming aware of new alternatives to maintain a balanced diet. Additionally, the presence of a large number of vegetarians is also expected to propel the demand for rice protein in India.