The South Korea rice protein market is projected to grow at a CAGR of 8.38% during the forecast period. 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, the rising health consciousness coupled with allergies that the consumers have developed towards the dairy and meat products has steered the players of the food and beverage sector to fortify their products with plant-based proteins that include rice protein, among others. Further, the rise of lactose intolerance among the consumers of South Korea, the rise in the middle-income segment with the availability of disposable income has also created a growing need for rice protein. South Korea is one of the developed economies of the APAC region. The manufacturing and process capabilities of the South Korean agricultural section is well developed and technological much advanced. The South Korean plant protein sector is one of the major contributors to that of the entire rice-protein market of the APAC region. The consumption of plant-based protein products is a growing trend in South Korea.
The rising application of protein ingredients across various industry segments such as food, beverage, dietary supplement, cosmetics and animal feed, the rice protein market of South Korea is projected to register a healthy CAGR during the forecast period. The major drivers of the rice protein market in South Korea are the increasing preference of meat-free food in their daily diet. Further, the current segment of consumers is value-driven individuals, who prefer to associate themselves with products that have minimal to zero environmental impacts. Thus, plant-based protein like that of rice-based protein has very low greenhouse-gas associated with its production when compared to sources like that obtained from animal-husbandry.
Further, the prevalence of lactose intolerances among South Korean citizens is also another reason that’s driving consumers towards plant-based functional beverages that are fortified with rice-based protein. Furthermore, the recently emerged and ever-increasing health-centric activities have given rise to the growing consumption of fitness drinks and supplements. This has been aptly named as the dumbbell economy and is set to drive the growth of the rice protein market in South Korea. There is another factor that is the 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, the young population of South Korea are being enthused to consume more smoothies, energy drinks, and high-content protein drinks. This is further stimulating the growth of the South Korean market to a significant extent. Nevertheless, from the application point of view, protein derived from rice does have a profound application when it comes to beverages with regards to health drinks and various fitness supplements. Nevertheless, the increasing innovation in food and beverages that have become a pan-global phenomenon, the market for rice protein in South Korea is expected to significantly grow during the forecast period.