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Rice Protein Market 2023 is Booming Worldwide Business Forecast by 2029 - AIDP Inc., Rice Bran technologies, Axiom Foods, Nutrition Resources Inc | Brandessence Market Research
The escalating demand for vegan protein, rising pervasiveness of food allergies and lactose intolerance, along with growing health cognizance of the masses are primarily augmenting the outlook of this business vertical.
Alongside, increase in the vegan population base, surging disposable income of the masses, and increasing prevalence of celiac disease are creating lucrative opportunities for this marketplace to prosper.
Moreover, growing awareness regarding the health benefits of rice protein, the booming nutraceutical sector, along with surging R&D investments in the field are adding momentum to the progression of this industry sphere.
Besides, elevating need for sports nutrition products, growing instances of lifestyle-based diseases, and rising popularity of organic rice protein are contributing to the growth of this market vertical.
On the contrary, availability of other plant-based protein substitutes is hindering the remuneration scope of this industry.
The emergence of the COVID-19 pandemic slumped the development of this market. Stringent lockdowns and other stringent measures disrupted global supply chains, leading to fluctuations in the availability and price of rice protein. In addition, the closure of gyms and fitness centers during lockdowns has led to a decline in demand for sports nutrition products, which are a key application for rice protein. Apart from that, the pandemic also led economic uncertainty which in turn reduced consumer spending on non-essential products, including dietary supplements and specialty foods. This has impacted the overall demand for rice protein, as consumers cut back on discretionary spending.
The prominent players operating in the Global Rice Protein Market are AIDP Inc., Rice Bran technologies, Axiom Foods, and Nutrition Resources Inc.
These companies are taking extensive efforts to solidify their market position by adopting various strategies. They are formulating costumer centric approach to enhance their offerings and cater to the needs of a larger consumer base.
Asia Pacific is reckoned to witness the fastest growth in this industry. This is attributable to the rising prevalence of lifestyle based diseases, escalating demand for sports nutrition, and growing veganism trends.
Europe is slated to account for a high revenue share over 2022-2029 due to increasing prevalence of lactose intolerance among the masses, growing health cognizance of the masses, and the booming nutraceutical industry.
The rice protein isolates segment has emerged as one of the most rapidly growing segments in this marketplace. This is credited to the wide array of health benefits offered by them. They are known to possess antioxidant and anti-cholesterol qualities.
The dry segment is presently leading the market in terms of volume share due to the rising adoption of dry rice protein in the manufacturing of protein powders and supplements.
The sports & energy nutrition drinks segment is poised to amass notable gains over the assessment timeline. This is due to the increasing number of sports and fitness enthusiasts across the globe.
The Global Rice Protein Market has been witness a remarkable growth over the forecast period due to a wide range of positive factors.
There has been a growing demand for plant-based protein among the masses. With high health and environment based awareness, many people are turning to a complete vegan lifestyle. They are always on a look out for vegan options to fulfil their dietary and nutritional needs. Protein is regarded as the building blocks of life and therefore is an integral part of everyone's diet. This in turn has increased the consumption of rice protein among the vegan population.
The rising instances of milk allergies and lactose intolerance has paved profitable prosects for this market to expand. People with these conditions generally miss out on the goodness of protein and become susceptible to numerous diseases. Hence, plant-based protein like rice protein comes as an ideal substitute for milk based protein. Rice protein offers almost similar health benefits than milk protein and is also hypoallergic in nature. These factors together are stimulating the overall dynamics of this marketplace.
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