The Canadian rice protein market is projected to grow at a CAGR of 8.01% to attain value of US$5.74 million by 2027. Protein is a significant micronutrient like fat and carbohydrates but can't be stored to be utilized when the need arises. The body majorly requires it for the development and repair of the muscles. Rice protein is a plant-based protein powder or supplements 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. There are significant players present in Canada. With a high obesity rate among adults, around 31% (Source: World Health Organization), the rice protein market is expected to grow in this region.
This market is anticipated to expand because to Canada's rising demand for easily absorbed protein.
The demographics in Canada are expected to change over the next 15 years. The population is ageing at a fast pace, which might have an impact on the social and economic lives of the people. Consumers are ready to pay a premium price for health-related products to maintain their health. The increase in the number of the ageing 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 gyms, 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 them and their 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 for rice protein in Canada. Rice protein has various other applications. For instance, they are also used in pharmaceutical or medical industries and in 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 because they can market their products in their own country seamlessly. Also, the high penetration of smartphones and the internet has enabled customers to get information and reviews on the new products launched by the company. 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 the “green factors” of that product. Apart from being environmentally concerned, many Canadians prefer to buy locally produced products as a part of their social responsibility.
The COVID-19 epidemic has severely impacted the worldwide market for rice protein. The supply chain was interrupted as a result of COVID-19's prolonged persistence. The production of rice protein was discontinued because it was difficult to supply the manufacturers with the necessary raw materials. End-users of rice protein, including those in the sports and energy nutrition, bakery and confectionery, beverages, and dairy substitute industries, anticipate a decline in the market during the COVID-19 pandemic because of the movement of restrictions, de-globalization, loss of income, restrictions on product import and export, restrictions in the supply of raw materials, among other factors. Each of these elements has had a detrimental effect on the market supply chain.
|Market Size Value in 2027||US$5.74 million|
|Growth Rate||CAGR of 8.01% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Source, Product-Type, Application, And Distribution Channel|
|Companies Covered||Axiom Foods, NOW Foods, Naked Nutrition, North Coast Naturals, Growing Naturals|
|Customization Scope||Free report customization with purchase|
North Coast Naturals
All our studies come with 2 months of analyst support.
We are in compliance with the global privacy laws.