Rice Protein market to accumulate US $180 Mn by 2024

October 11, 2019

As per the latest study titled ‘Global Rice Protein Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024’ available with Market Study Report LLC, the worldwide rice protein market is predicted to amass US $180 million by the year 2024.

Rice protein, as the name suggests, is a rice protein isolate and works as a vegetarian alternative for commonly used soy and whey protein isolates. It comes from brown rice which is treated with enzymes to separate proteins from carbohydrates. The protein powder obtained can be flavored and is added to health shakes and smoothies. Increasing trend of adopting vegan diet, rising awareness regarding healthy lifestyle, and growing inclination towards consumption of protein supplements will augment the growth of rice protein market.

According to the study, the global rice protein market was worth US $120 million in 2019 and is expected to grow with a CAGR of 7.7% over the analysis period. Moreover, changes in cost of upstream products, along with the increasing production cost will influence the cost of rice protein, hence impacting the market growth.

The study analyzed the rice protein market on the basis of type, region, and application spectrum. Based on type, the market is segmented as conventional rice protein and organic rice protein, both of which are flourishing pertaining to growing demand from healthcare application.

Considering the application spectrum, the rice protein market is fragmented as healthcare food, beverage, sports nutrition, feed, and others.

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Speaking of regional landscape, the market is split into five main regions. Europe consists of Italy, Germany, France, UK, and Russia; North America comprise of Mexico, Canada, and the United States; Brazil, Columbia, and Argentina fall under South America; Southeast Asia, India, China, Korea, and Japan form Asia Pacific; and Middle East & Africa region is composed of UAE, Nigeria, South Africa, Saudi Arabia, and Egypt. The report cites that rice protein market in China and US combinedly held 68.83% consumption share in 2017.

The key manufacturers of rice protein market profiled in the study are Axiom Foods, OPW Ingredients, Shafi Gluco Chem, Gulshan, Wuxi Jinnong Biotechnology, BENEO, Anhui Shunxin Shengyuan, JiangXi HengDing Food, Hunan Huisheng Biotechnology, and JiangXi Yiwanjia Organic Agriculture.