Rice Protein Market size was over USD 801.47 million in 2023 and is poised to cross USD 1.35 billion by the end of 2036, growing at more than 4.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of rice protein is estimated at USD 827.76 million.
One of the primary growth drivers for the market is the surge in production of food products in the global food and beverage industry. As per our analysis, the food & beverages industry’s revenue is estimated to grow by more than 15% by the end of 2022. Moreover, it is assessed that people now are consuming more functional foods such as energy drinks, dietary supplements, and energy bars, which is anticipated to contribute to the growth of the market. In addition to that, such foods are considered to be effective alternatives to other plant-based products owing to their high composition of amino acids, which is estimated to increase the demands of these products, and in turn drive the market growth. The market is also thriving on account of the growing awareness for protein content in white and brown rice, along with the rising demand for the protein powder of rice amongst the food manufacturers for manufacturing different food products.
Growth Drivers
Restraints
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
5.2% |
|
Base Year Market Size (2023) |
USD 801.47 million |
|
Forecast Year Market Size (2036) |
USD 1.35 billion |
|
Regional Scope |
|
The global rice protein market is divided on the basis of form into organic and inorganic segments, out of which, the organic segment is expected to witness a significant growth throughout the forecast period on the back of growing consciousness about the benefits of organic products. According to the data by the U.S Department of Agriculture (USDA), organic products are available in every 3 out of 4 conventional grocery stores in the United States. Furthermore, based on product, the isolates segment is predicted to grow at the highest rate during the forecast period as the protein content in isolates is much higher than in concentrates and hydrolysates. The food and beverage class of the application segment is also anticipated to witness a noteworthy CAGR throughout the forecast period in view of the increase in the consumption capacity of the population globally.
Our in-depth analysis of the global rice protein market includes the following segments
|
By Product |
|
|
By Form |
|
|
By Application
|
|
On the basis of regional analysis, the rice protein market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. North America industry is likely to dominate majority revenue share by 2036, owing to presence of notable yielders, and rising requirement of energy nutrition and dietary supplements among individuals in the region. Additionally, the rice protein market in Asia-Pacific is also foreseen to observe high growth, owing to the intensifying demand for functional and fortified food products. According to the Foreign Agricultural Service (FAS) of the USDA, in the year 2019, the health-related food market in Japan recorded a value of USD 13.3 billion, making it the third-largest health-related food market in the world. Growing usage of plant protein flavor enhancers, and other similar products is another vital factor anticipated to expand the rice protein market in this region.
Author Credits: Parul Atri
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?