South Korea Rice Protein Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Source (Organic Rice Protein, Inorganic Rice Protein), By Product-Type (Protein Isolates, Protein Concentrates), By Application (Animal Feed, Cosmetics, Food & Beverage, Pharmaceutical, Others) And By Distribution Channel (Online, Offline) - Forecasts From 2022 To 2027

The South Korean rice protein market is projected to grow at a CAGR of 8.54% during the forecast period, to reach a market size of US$1.678 million in 2027, from US$0.946 million in 2020.

South Korea is currently witnessing a surge in the bakery and confectionary segment because of a myriad of factors, such as the growing awareness of consumers about various products that originate from the western hemisphere. Furthermore, rising health consciousness, combined with consumer allergies to dairy and meat products, has prompted food and beverage industry players to fortify their products with plant-based proteins such as rice protein, among others. Furthermore, the rise in lactose intolerance among South Korean consumers, as well as an increase in the middle-income segment with the availability of disposable income, has created a growing demand for rice protein. South Korea has one of the most developed economies in the APAC region. The manufacturing and process capabilities of the South Korean agricultural section are well developed and technologically advanced. The South Korean plant protein sector is one of the major contributors to the entire rice-protein market of the APAC region. In South Korea, consumers are increasingly turning to products with plant-based proteins.

Because of the increasing use of protein ingredients in various industry segments such as food, beverages, dietary supplements, cosmetics, and animal feed, the South Korean rice protein market is expected to grow at a healthy CAGR during the forecast period.

 The major drivers of the rice protein market in South Korea are the increasing preference for meat-free foods in their daily diets. Additionally, the current consumer group consists of value-driven people who favour associating themselves with goods that have little to no environmental impact. Thus, plant-based proteins like rice-based proteins have very low greenhouse gases associated with their production when compared to sources like those obtained from animal husbandry.

Furthermore, the prevalence of lactose intolerance among South Koreans is another factor driving consumers to plant-based functional beverages fortified with rice-based protein. Furthermore, the newly emerging and ever-increasing health-centric activities have resulted in an increase in the consumption of fitness drinks and supplements. This is known as the dumbbell economy, and it is expected to drive the growth of the rice protein market in South Korea. There is another factor is organically sourced crop production, which is also responsible for giving rise to the organic rice protein market. This, coupled with the influences of the fitness and health segment, encourages the young population of South Korea to consume more smoothies, energy drinks, and high-content protein drinks.  This is significantly stimulating the growth of the South Korean market. Nevertheless, from the application point of view, protein derived from rice does have a profound application when it comes to beverages, particularly with regard to health drinks and various fitness supplements. Nevertheless, due to the increasing innovation in food and beverages that has become a pan-global phenomenon, the market for rice protein in South Korea is expected to significantly grow during the forecast period.

Recent development and expansions

• Samyang Corp. launched Rice Makgeolli Toner and Mask in 2020 in collaboration with Hangang Brewery. Rice Makgeolli Toner is a base product that, when combined with rice bran oil, rapidly improves dry skin during the winter. It contains aspergillus, a byproduct of rice fermentation derived from rice makgeolli. Rice Makgeolli Gel Mask is a moisturising hydrogel mask pack containing fermented ingredients derived from rice makgeolli and filtered galactomyces from fermentation. It contains Gyeongbokgung rice powder, an ingredient in Hangang Brewery's draught makgeolli, and has improved skin adhesion with its gel-type mask, which allows effective ingredients to penetrate deep into the skin.

COVID-19 impact on the South Korea Rice Protein Market

The COVID-19 pandemic has had a significant impact on South Korea's rice protein market. COVID-19's persistence for an extended period of time disrupted the supply chain. It became difficult to supply raw materials for rice protein to South Korean manufacturers, resulting in a halt in production. While modern consumers prefer to indulge in and consume oily foods, a diet high in vegetables and low in meat has traditionally been considered healthy in South Korea. Consumers' attention has been drawn to health, climate change, and animal welfare as a result of Covid-19, which has led to an increase in the popularity of plant-based (vegan) fast-moving consumer goods (FMCG) products in South Korea. Because of the impact of Covid-19, consumers in South Korea are extremely or quite concerned about physical fitness and health, which has boosted the rice protein market.

South Korea Rice Protein Market Scope:

Market Segmentation

• By Source
  • Organic rice protein
  • Inorganic rice protein
• By Product-Type
  • Protein Isolates
  • Protein Concentrates
• By Application
  • Animal Feed
  • Cosmetics
  • Food & Beverages
  • Pharmaceutical
  • Others
• By Distribution Channel
  • Online
  • Offline