The Canada rice protein market is projected to grow at a CAGR of 8.47% during the forecast period.Protein is a significant micronutrient like fat and carbohydrate, but can’t be stored to be utilized when the need arises. It is majorly required by the body for the development and repair of the muscles. Rice protein is plant-based protein powder or supplement which is rich in amino acids and vitamins like B and D. Besides, rice protein is a healthier alternative to whey, soy or pea protein as it has no side-effects and does not cause allergies. Canada has the presence of large players in the country and with the high obesity rate among adults, around 31% (Source: World Health Organization), the rice protein market is expected to grow in this region.
The increasing demand for easily digested protein in Canada is expected to trigger the growth of this market.
The demographics in Canada are expected to change over the next 15 years. The population is aging at a fast pace, which might impact the social and economic lives of the people. The consumers are ready to pay a premium price for health-related products to maintain their health. The increase in the number of the aging population is also expected to raise demand for rice protein supplements as they are easy to digest apart from having inbuilt nutritive qualities. Also, a large number of Canadians face the problem of obesity. Consequently, Canadians are more likely to purchase products that comply with safety standards and can become a part of their holistic lifestyle.
Due to the changing lifestyles of consumers, more thrust is being given to physical activities like gym, sports, and yoga, among others. As a result, the demand for protein supplements is on the rise but gets affected due to the difficulty in digesting it and its other harmful side-effects. Rice Protein is expected to cater to that section of the population which is highly health conscious. Besides, the health-issues arising due to the high consumption of animal-based products are driving people towards adopting a vegan diet. This is also expected to be a major demand driver of Rice Protein in Canada. Rice protein has various other applications, for instance, they are also used in pharmaceutical or medical industries and baby-foods.
Canadians are inclined towards purchasing eco-friendly and locally produced products, which gives an added advantage to the producers and manufacturers in this region to market their products in their own country seamlessly. Also, the high penetration of smartphones and the internet have enabled the customers to get information and reviews for the new products launched. Online generated reviews have been trusted widely across the country. This is also expected to make the consumers more aware of the rice protein supplements. Besides, the consumers in Canada also make the purchase decision while considering “green factors” of that product. Apart from being environmentally concerned, many of the Canadians prefer buying locally produced products as a part of their social responsibility.