Pune, Oct. 25, 2023 (GLOBE NEWSWIRE) --
The SNS Insider report indicates that "The Rice Protein Market was valued at approximately USD 757.73 million in 2022 and is projected to reach USD 1,061 million by 2030, with an expected growth rate of 4.3% during the forecast period from 2023 to 2030".
Market Overview
Rice protein, as the name suggests, is a plant-based protein obtained from rice. More specifically, it is extracted from brown rice, a minimally processed form of rice that retains its bran layer, germ, and endosperm. Rice protein is a popular choice for protein supplements, often used by athletes and fitness enthusiasts to support muscle recovery and growth. Many plant-based meat products use rice protein as a primary ingredient to mimic the texture and nutritional profile of traditional meats. Due to its hypoallergenic properties, rice protein is a common choice in infant formula and baby food products.
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Market Analysis
One of the primary factors propelling the growth of the rice protein market is the growing global awareness of health and wellness. Consumers are becoming more conscious of their dietary choices, favoring plant-based protein sources that are free from allergens, easy to digest, and promote overall well-being. Rice protein, which is gluten-free, hypoallergenic, and low in fat, aligns perfectly with these health-conscious trends. The ever-increasing number of individuals adopting vegan and vegetarian lifestyles is another major driver of the market. As people shift away from animal-derived protein sources, they turn to plant-based alternatives, with rice protein being a sought-after option due to its completeness as a protein source and versatility in various culinary applications. The demand for plant-based protein in the sports and fitness nutrition industry is on the rise, and rice protein caters to this demand effectively. With its balanced amino acid profile and excellent digestibility, it has become a staple in sports nutrition products, protein bars, and shakes.
Rice Protein Market Overview & Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 757.73 million |
| Market Size by 2030 | USD 1061 million |
| CAGR | CAGR of 4.3% over 2023-2030 |
| Key Segments | by Product (Rice Protein Isolates, Rice Protein Concentrate, and Others) by Application (Food and Beverage, Animal Feed, Pharmaceuticals, and Cosmetics) |
| Key Market Players | Golden Grain Group Limited, AIDP, Axiom Foods, Inc., Bioway (Xi'An) Organic Ingredients Co., Ltd, Nutrition Resource, Shaanxi Fuheng (FH) Biotechnology Co., Ltd., RiceBran Technologies, Shafi Gluco Chem, The Green Labs. and other players |
| Pricing & Purchase Options | Avail customized purchase options to meet your exact research needs. Explore purchase options. |
Key Takeaway from Rice Protein Market Study
- Rice Protein Isolates (RPI) represent a pivotal segment within the market, contributing significantly to its overall growth. This segment is characterized by the extraction of pure protein content from rice grains, effectively removing undesirable components such as carbohydrates and fats. RPI is an allergen-free and vegan protein source, making it suitable for individuals with dietary restrictions.
- The Food & Beverage segment is another major driving force in the rice protein market. This segment's dominance is primarily attributed to its diverse applications in the food and beverage industry, meeting the ever-evolving consumer demands for healthier and sustainable products.
Recent Developments
- BENEO, a renowned leader in the field of plant-based nutrition, has unveiled an innovative toolbox of non-genetically modified organism (non-GMO) vegetable proteins specially designed for the pet food industry. This exciting development represents a significant step forward in the quest to provide high-quality, sustainable, and healthful nutrition for our four-legged companions.
- Evolved Foods, a pioneering company specializing in plant-based protein products, has successfully concluded its seed funding round, securing a total of INR 7.30 Crore in investment. The recent infusion of capital comes at a time when the plant-based food sector is experiencing rapid growth and increased consumer interest, driven by concerns about health, environmental sustainability, and animal welfare.
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Market Dynamics Analysis
The rice protein market is currently experiencing dynamic shifts driven by a combination of key drivers and affected by various restraints, challenges, and potential threats. Among the drivers, the increasing consumer demand for plant-based protein sources due to health and sustainability concerns is a pivotal factor fueling the growth of the market. Additionally, the expanding vegan and vegetarian populations are contributing to the rising demand for rice protein as a versatile protein alternative. However, restraints in this market include the relatively high cost of production and lower protein content compared to some animal-based sources, which can limit its adoption in cost-sensitive markets. Furthermore, challenges related to taste and texture issues need to be addressed to gain broader consumer acceptance. Threats to the market could emerge from the emergence of alternative plant-based protein sources, such as pea or soy protein, which may offer competitive advantages in terms of cost-effectiveness and flavor profiles. Moreover, fluctuating rice crop yields and the impact of climate change on rice cultivation pose potential threats to the supply chain and pricing stability in the market.
Key Regional Developments
North America has been witnessing substantial growth in the rice protein market due to the growing adoption of plant-based diets and the increasing prevalence of lactose intolerance. The United States and Canada are the major contributors to this regional market, with the rising number of health-conscious consumers and the demand for clean-label and allergen-free protein sources. Europe represents another lucrative market for rice protein. The region is embracing plant-based diets and experiencing a shift towards sustainable and eco-friendly products. Consumers in countries like Germany, the United Kingdom, and France are increasingly opting for rice protein as a source of nutrition, reflecting the demand for vegan, non-GMO, and organic options. The Asia-Pacific region, with countries like China and India, is the birthplace of rice and holds a significant share in the global market.
Impact of Recession
The impact of the ongoing recession on the rice protein market is evident in shifting consumer behavior, supply chain challenges, and heightened competition. Companies in this industry must adapt to these changes by diversifying their product offerings, reevaluating pricing strategies, and focusing on innovation and marketing. While the road ahead may be challenging, the market has the potential to navigate these difficulties and continue its growth trajectory by staying attuned to the evolving needs of consumers during a recession. Investing in research and development to create new rice protein products that cater to changing consumer preferences and economic conditions can help companies stay relevant in the market.
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Table of Contents:
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value chain analysis
6. Porter’s 5 forces model
7. PEST analysis
8. Global Rice Protein Market Segmentation, By Product:
8.1 Rice Protein Isolates
8.2 Rice Protein Concentrate
8.3 Others
9. Global Rice Protein Market Segmentation, By Application
9.1 Food and Beverage
9.2 Animal Feed
9.3 Pharmaceuticals
9.4 Cosmetics
10. Global Rice Protein Market, by Region/Countries
10.1 Introduction
10.2 North America
10.2.5 USA
10.2.6 Canada
10.2.7 Mexico
10.3 Europe
10.3.1 Eastern Europe
10.3.1.5 Poland
10.3.1.6 Romania
10.3.1.7 Turkey
10.3.1.8 Rest of Eastern Europe
10.3.2 Western Europe
10.3.2.4 Germany
10.3.2.5 France
10.3.2.6 UK
10.3.2.7 Italy
10.3.2.8 Spain
10.3.2.9 Netherlands
10.3.2.10 Switzerland
10.3.2.10.1 Austria
10.3.2.12 Rest of Western Europe
10.4 Asia-Pacific
10.4.5 China
10.4.6 India
10.4.7 Japan
10.4.8 South Korea
10.4.9 Vietnam
10.4.10 Singapore
10.4.11 Australia
10.4.12 Rest of Asia-Pacific
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.5 UAE
10.5.1.6 Egypt
10.5.1.7 Saudi Arabia
10.5.1.8 Qatar
10.5.1.9 Rest of Middle East
10.5.2 Africa
10.5.2.5 Nigeria
10.5.2.6 South Africa
10.5.2.7 Rest of Africa
10.6 Latin America
10.6.5 Brazil
10.6.6 Argentina
10.6.7 Colombia
10.6.8 Rest of Latin America
11. Company Profiles
11.1 AIDP
11.1.1 Financial
11.1.2 Products/ Services Offered
11.1.3 Swot Analysis
11.1.4 The SNS View
11.2 Bioway (Xi'An) Organic Ingredients Co., Ltd
11.3 Golden Grain Group Limited
11.4 RiceBran Technologies
11.5 Nutrition Resource
11.6 Shaanxi Fuheng (FH) Biotechnology Co., Ltd.
11.7 Shafi Gluco Chem
11.8 The Green Labs
11.9 Axiom Foods, Inc.
12. Competitive Landscape
12.1 Competitive Bench marking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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