The global market for rice protein surpassed $108 million in 2018, and is expected to grow nearly 7% y-o-y in 2019, according to a recent study from Fact.MR. It is expected to grow at a CAGR of nearly 8% over the period 2018 to 2028.
A press release states that the growth of the market is indicative of a growing consumer demographic looking for a meat-free and active lifestyle. The study, according to the release, also found that the recent growth in demand is due to consumer preference for non-allergenic and vegetable-derived substitutes for animal-based proteins, thanks to the growing plant-based trend.
Another top trend driving this market, the release says, is protein fortification: This trend’s growth will be reflected in high demand in the baking goods and mixes segment, allowing food manufacturers to offer protein-rich bakery products. Snack bars and breakfast cereals, too, are benefitting from added protein—although the release notes that taste and texture can suffer from the addition of plant-based proteins, leading industry players to direct efforts towards improving the functional properties of rice protein.
Geographically speaking, the European Union currently holds the largest revenue share of this market, the release says, and is expected to maintain its lead over the forecast period. That said, South Asia is emerging as a lucrative market for rice protein, and organic certification processes are less expensive there than in the EU.
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