The rice protein market is projected to grow at a CAGR of 11.08% during the forecast period of 2018 to 2024. Rice protein is one of the most important types of plant protein and is considered to be an effective alternative to other animal and plant proteins due to the presence of a high amount of amino acid content. Growing food & beverage and dietary supplement industry is considered as the key driver for the growth of the market during the forecast period. Moreover, increasing demand for vegan foods and growing consumer focus towards natural and organic food ingredients is also expected to drive the growth of the market during the forecast period.
North America region holds a significant market share due to the presence of major producers in the region and Asia Pacific region is expected to be the fastest-growing region due to growing demand from developing and emerging economies. However, volatility in the prices of agriculture commodities may hinder the growth of the market during the forecast period.
The rising demand from food and beverage industry coupled with the growing demand for vegan and organic foods is significantly driving the global rice protein market.
Rice proteins are receiving increasing attention from the food and beverage industry owing to their nutritional and health benefits. Rice protein is hypoallergenic due to the absence of gluten and the amino acid profile of rice protein is exceptional and hence, it is the selected candidate for the replacement of whey and dairy proteins. The rice protein ingredients are being used in many product categories such as bars, powdered shakes, soups, pasta, ready-to-drink beverages, cereals, and sweet and savory snacks. Significantly high protein content in the rice proteins has resulted in the increased demand of the product in the baking goods and baking mixes segment and offering protein-rich bakery products, such as bread, rolls, muffins, and bagels.
Furthermore, changing consumer preference for a nutritious diet will enhance the overall demand in the global market. Rising consumer focus on nutritional values such as low calories and high proteins will drive the growth for vegan food products such as rice proteins, pea proteins, and soy proteins among others. Veganism is an increasingly popular lifestyle for those who care about and want to improve their health. The nutritional benefits of rice proteins and their safety compared with conventional meat are also some of the important factors that have been contributing to the rising attention of consumers.
The growing health awareness regarding the consumption of isolates has enabled rice protein isolates to dominate the by type segment.
By type, the rice protein market is segmented as isolates and concentrates. The rice protein isolates are projected to hold the major share in the market owing to high consumption as isolates are more refined and contain a lesser consistency of fats and carbs which make them more nutritional. Moreover, isolates are expected to grow at a faster rate of more than 10% as the growing popularity of rice protein isolates in the sports and nutrition industry is one of the major factors which is driving the growth. Furthermore, the growing popularity of rice protein isolates in sports and nutrition is also expected to amplify the growth of the segment as it further helps to facilitate protein synthesis in the muscle and also helps to prevent the muscle breakdowns during heavy workouts. North America and Europe are anticipated to hold a major share in the market on account of being the developed regions and higher affordability of the people.
The market for rice protein concentrates is anticipated to escalate during the forecast period owing to rising consumption as rice protein concentrates are gluten-free, hypoallergenic and most importantly are considered as a vegan source of protein. In addition, rice protein concentrates serve as an ideal high-protein alternative to soy and animal products. Furthermore, concentrates, in comparison to isolates, have high per scoop content of other nutrients such as carbohydrates and fats.
By application, food and beverages segment holds a major chunk in the rice protein market owing to increased launches in rice protein-based food and beverages.
By application, the rice protein market has been segmented as food and beverages, dietary supplements, and animal feed. Rice protein has recently gained traction within the plant-based proteins segment due to its burgeoning awareness among the consumers in developed countries of Europe and North America. The rising trend of protein-based sports nutrition products such as nutrition bars and powders is augmenting the rice protein market growth in the dietary supplements segment.
The rice protein market for food and beverages is poised to grow at a healthy CAGR of over 12% during the projected period. Rice protein has increasingly gained popularity owing to its high nutritional value. Cereals are one such category in which rice proteins are significantly being used. As a result, key players have launched a range of beverage products that are based on rice proteins, since it is vegan, digestible, is absorbed rapidly, and has no known allergy concerns. AIDP, Axion Foods, BENEO, Kerry, and others are the key providers of rice protein ingredients for various food applications that include baked goods, batters, and meal replacement mixes among others. In March 2019, Healy Group launched a range of micronized rice proteins which are suitable for high-protein beverages and snacks.
North America dominates the global rice protein market owing to the presence of major market players in the region coupled with rapid adoption of plant protein-based diet in countries like the U.S., Canada, and Mexico.
By geography, the rice protein market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. The presence of several major market players in North America is propelling rice protein market growth. Many companies are entering the North American region through partnerships with restaurants and retail chains for the distribution of plant-based products, augmenting the rice protein market growth across the region. Growing health concerns is encouraging people in the U.S. and Canada to add plant-based foods to their diets, thus positively impacting the demand for this protein in these countries.
Europe also holds a substantial market share owing to the rising number of people switching to vegan diet supported by the growing awareness about the health issues associated with meat consumption. Growing cases of lactose intolerance and allergies related to soy and wheat is expected to drive the market for rice protein in the region during the forecast period. The gradual shift from animal-based protein to a plant-based protein-coupled with growing cases of lactose intolerance and milk allergies are expected to drive the rice protein market in the region during the forecast period.
The Asia Pacific rice protein market has been segmented into China, Japan, India, South Korea, and others. China is estimated to hold a substantial share in the market owing to the high demand for rice protein for animal feed. Furthermore, Japan and South Korea are also anticipated to witness good growth in the coming years owing to increasing investments and product launches by international players within these countries. India is another region that holds a significant share in the region and is also expected to grow at a significant CAGR over the forecast period.
The competitive intelligence section deals with the major players in the market. The section also discusses the key strategies adopted by these players and their investment trends. Market position of the players has also been covered in the competitive intelligence section.
Some of the major players covered as a part of this study are Axiom Foods Inc, RiceBran Technologies, Bioway (Xi'an) Organic Ingredients Co., Ltd, Top Health Ingredients Inc., Pure Food Company LLC, North Coast Naturals, Nutribiotic, Z-Company, Shaanxi Fuheng (FH) Biotechnology Co., Ltd and Golden Grain Group Ltd. among others.
The rice protein market has been analyzed through the following segments: