Press release
Rice Protein Market Poised for Rapid Growth with 6.6% CAGR by 2033, PMR Report
The global rice protein market is emerging as a key segment within the plant-based protein industry. It offers a sustainable, hypoallergenic, and easily digestible alternative to conventional animal-based proteins. Increasing consumer inclination toward plant-based diets and the growing demand for allergen-free, vegan protein sources are driving market expansion.
This report delves into the key factors, market trends, and projections shaping the rice protein market from 2023 to 2033.The rice protein market is set to witness substantial growth due to its diverse applications in industries such as food and beverages, nutraceuticals, infant nutrition, and animal feed. Known for its health benefits, including being a source of essential amino acids and having low allergenicity, rice protein is a preferred choice among manufacturers and consumers alike.
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Market Projection:
The global sales of rice protein are predicted to grow from US$ 248.5 million in 2023 to US$ 452.3 million by the end of 2033, achieving a compound annual growth rate (CAGR) of 6.6% in value during the forecast period. This growth is attributed to the rapidly expanding food and beverage sector and the increasing use of rice protein in infant and animal feed industries.
Key Growth Determinants
Rising Consumer Preference for Plant-Based Proteins:
The global shift towards plant-based diets, driven by health consciousness, environmental sustainability, and ethical considerations, is significantly propelling the demand for rice protein
β’ Expanding Applications Across Sectors:
1. Food & Beverages: Rice protein is increasingly used in vegan protein powders, bars, and ready-to-eat meals.
2. Nutraceuticals: Its hypoallergenic properties make it suitable for dietary supplements targeting health-conscious individuals.
3. Infant and Animal Feed: The growing demand for easily digestible and nutrient-rich proteins in these industries further boosts market growth.
β’ Increased Awareness of Allergen-Free Nutrition:
Unlike soy or whey protein, rice protein is free from common allergens, making it an ideal choice for individuals with dietary restrictions.
Major Growth Barriers
β’ Higher Production Costs:
The extraction process for rice protein is more expensive compared to other plant-based proteins, which may hinder market growth.
β’ Competition from Alternative Proteins:
Soy, pea, and other plant-based proteins offer similar benefits at competitive prices, posing challenges to rice protein adoption.
β’ Limited Functional Properties:
The lower emulsifying and binding properties of rice protein compared to soy or whey may restrict its use in certain formulations.
Key Trends and Opportunities
β’ Development of Innovative Products:
Manufacturers are focusing on improving the functional properties of rice protein to expand its application in bakery, confectionery, and beverages.
β’ Clean Label Movement:
The increasing preference for organic, non-GMO, and clean-label products is driving demand for rice protein derived from sustainable sources.
β’ Rising Investments in Emerging Economies:
The Asia-Pacific region, being the largest producer of rice, presents lucrative opportunities for rice protein production and export.
Regional Frontrunners
β’ North America:
The region dominates the rice protein market due to its well-established health-conscious consumer base and increasing demand for vegan protein products.
β’ Europe:
Europe is witnessing rapid adoption of rice protein in food and beverage formulations owing to stringent regulations favoring plant-based alternatives.
β’ Asia-Pacific:
With its abundant rice production and growing nutraceutical industry, Asia-Pacific is expected to be the fastest-growing market for rice protein.
Competitive Landscape
Key players in the global rice protein market are focusing on research and development, strategic partnerships, and product innovation to strengthen their market positions.
Some of the prominent companies include:
β’ Axiom Foods
β’ RiceBran Technologies
β’ Bioway (Xi'an) Organic Ingredients Co., Ltd.
β’ Golden Grain Group Limited
β’ Beneo GmbH
These companies are investing heavily in technology to enhance the efficiency of rice protein extraction and processing.
Conclusion
The rice protein market is poised for robust growth, driven by increasing consumer awareness of plant-based nutrition, expanding applications across industries, and rising demand for hypoallergenic protein options. Despite challenges such as production costs and competition from alternative proteins, the market offers significant growth opportunities through innovation, sustainable practices, and the clean-label movement.
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