Rice Protein Market Assessment Covering Growth Factors and Upcoming Trends till 2028 End

The rapidly increasing number of consumers adopting vegan lifestyle is expected to generate significantly high demand for plant proteins and the global market for rice protein is expected to envisage incremental growth at a CAGR of nearly 8% during 2018-2028.

[UKPRwire, Thu Jul 18 2019] The global market for rice protein surpassed US$ 108 million in 2018, and it is expected to envisage nearly 7% y-o-y in 2019, according to a recent study published by Fact.MR. The study opines that the growth of the rice protein market is indicative of a growing consumer demographic looking for a meat-free and active lifestyle. Fact.MR attributes the recent upsurge in demand for rice protein to a palpable shift in consumer preference for non-allergenic and vegetable-derived substitutes for traditional animal-based proteins.

The study finds that the demand for rice protein is also being buoyed by the growing veganism trend. A sizeable section of consumers is developing a proclivity for plant-based and organic food products and this is triggering ingredient manufacturers to make a move to offer plant-based ingredients. Increasing health concerns with high prevalence of lifestyle diseases, such as obesity, will continue to boost adoption of rice protein in the food & beverage industry, opines Fact.MR.

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In Brief

During 2013-2017, the rice protein market grew at a healthy CAGR of 6.0% owing to increased consumer awareness and inclination towards plant-based protein products.

In 2018, the valuation of the rice protein market was nearly US$ 108 million, and it is likely to witness a y-o-y growth of nearly 7% in 2019.

The rapidly increasing number of consumers adopting vegan lifestyle is expected to generate significantly high demand for plant proteins and the global market for rice protein is expected to envisage incremental growth at a CAGR of nearly 8% during 2018-2028.

Europe is currently the leading market for rice protein, accounting for over one-third revenue share.

South Asia is expected to emerge as a high-growth market for stakeholders, with India leading the rally.

Rice Protein Market – Notable Developments

In March 2019, Axiom Foods Inc. – an American manufacturer of functional food ingredients – announced it has entered an agreement to enlist Univar Solutions – a U.S.-based distributor and providers of ingredients and value-added services – as its official distributor in the U.S. Univar Solutions will distribute Axiom’s plant-based products, including rice protein, pea protein, rice and oat dairy alternatives, and rice sugar, in the U.S. With this agreement, Axiom Foods aims to leverage Univar Solutions’ vast distribution network in the U.S. to strengthen its position in order to become more accessible throughout its supply chain network in the country.

In November 2018, RiceBran Technologies – a U.S.-based manufacturer and marketer of rice bran products and a leading player in the rice protein market – announced it has acquired the assets and operations of rice bran stabilization and rice milling facility of Golden Ridge Rice Mills – a leading manufacturer of premium grade white rice – in Wynne, Arizona. The acquisition is a part of the company’s new stabilized rice bran (SRB) business strategies to establish a strong presence in Arkansas, which is a leading rice-producing state in the U.S., in order to enhance the supply chain management and gross margins in its SRB business.

In April 2019, Healy Group Limited – a European supplier of high-quality ingredients and raw materials for the soups and sauces sector – announced the launch of PrimaPro™, its new product range ultra-fine, powdered pea and rice proteins. The company aims to target the bakery, snacks, and beverage sectors to boost the profitable sales of its new product range of pea and rice proteins.

Established in 1972, Kerry Group is headquartered in Tralee, Ireland. Kerry Group is a leading player in the F&B industry that offers a wide range of nutritional products. The three business segments of the company - taste and nutrition, consumer foods, and agribusiness, are operating with a major focus on research & development to introduce product innovation in the rice protein market. The company aims to expand its presence in the rice protein market by adopting acquisition and merger strategies in the coming years.

Consumers are becoming aware of the nutritional advantages of brown rice over milled rice. The former is richer in protein, dietary fibers, lipids, and B vitamins than the latter, which gives brown rice protein healthier characteristics over milled rice protein. Another factor to boost its popularity is the growing consumer knowledge about the benefits of brown rice in reducing the risk of Type 2 diabetes, which will continue to influence micro-trends in the rice protein market. Market players are expected to capitalize on increasing consumer demand for plant-based, non-GMO, and clean label ingredients with the launch of organic brown rice proteins.

Analysts have considered the most important aspects of the research methodology to assess growth of the rice protein market during the forecast period 2018-2028. Actionable insights obtained from industry experts in rice protein market have been extrapolated and industry-validated information about the competitive landscape of the market has enabled analysts to come up with this insightful study on rice protein market.

A comprehensive list of sources for primary research and secondary research used to reach important insights on the growth prospects of rice protein market is provided in the study. The systematic approach towards rice protein market research adopted by analysts to gather important information about the market as well as the growth avenues for manufacturers, investors, distributors, and other stakeholders in rice protein market.

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About Fact.MR

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