Rice Protein is a type of plant-based protein that is consumed as a substitute for the animal-based proteins available. It has a good taste and is also low in lysine, improves liver function in the body and has other benefits.
According to the report,the Rice Protein Market is projected to expand at an impressive CAGR of 11.08% over the forecast period 2018-2024. There is increasing concern among the livestock owners in order to improve the overall health of the animals, ensure they receive a balanced diet with essential nutrients, vitamins, and proteins so the quality of the product can be improved, which is a factor that will drive the growth of the plant-based protein market over the forecast period. Moreover, the increasing usage of dietary supplements in sports nutrition to the plethora of performance benefits that are boosting the demand for plant-based proteins as they have lesser adverse effects on the health of individuals and is going to bolster the growth of the market further. However, the market growth is going to be restrained due to the presence of substitutes in plant-based protein products such as soy, algae, oat among others.
Based on type, isolates are expected to hold a significant share in the market over the forecast period owing to the fact that the isolates have a batter and faster rate of absorption in the body, have more protein content and are used increasingly in the dietary supplements as well as whey-based supplements. Based on geography, North America is expected to hold a significant share in the market over the forecast period, which is attributable to the fact that the people are getting health conscious and are starting to consume more of the plant-based proteins in order to reduce their meat consumption, which is boosting the demand.
Furthermore, the initiatives being taken by the government and the investment being made the food giants in order to enhance the taste and improve the market players to enhance the quality of plant-based protein and to launch new products and food options to widen their range is going to bolster the market further over the forecast period. For example, in May 2019, the UK food giant, Premier Foods announced the launch of its range of plant-based products, which included rice-protein based cakes, soups, and desserts.
Some of the major players covered as part of the report are Axiom Foods Inc, RiceBran Technologies, Bioway (Xi'an) Organic Ingredients Co., Ltd, Top Health Ingredients Inc., Pure Food Company LLC, and North Coast Naturals among others.
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This report segmented the Rice Protein Market on the basis following terms