There has been a bearish trend in global demand for rice protein with the continuing restrictions on mass meetings and major events due to Covid-19. Nevertheless, consumption of food products infused with protein is high in demand as many media houses actively promote the benefits of protein-infused food to boost one’s health. In this regard, rice protein is experiencing high demand. Yet rice protein producers have narrowed down production due to uncertainties in the existing supply chain owing to COVID-19 pandemic. While in the first week there was a 10-15% rise in demand with consumers hoarding protein products, demand for rice protein from end-products manufacturers has been decreasing steadily from the second week onwards.
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Consumers are expected to behave more conservatively and cautiously over the coming months, and are expected to become more dependent on rice protein and other protein laced food items. However, the slow supply of products through some stores providing essentials and e-commerce is anticipated to create a demand supply gap. The global rice protein market is anticipated to grow with a CAGR of over 8% and is expected to present absolute dollar opportunity of more than US$ 100 Mn during forecast period
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‘Label Centric Marketing’ to Heighten Demand for Rice Protein, Market to Grow at CAGR of over 8.0%
The demand for rice protein has shown substantial growth in recent years and is expected to show dexterous growth during the forecast period. ‘Label centric marketing’ was the primary strategy of rice protein producers to meet the increasing demand for soy-free proteins based on plants. This in turn has benefitted rice protein manufacturers, who are leveraging labels like ‘Non-GMO’, ‘Organic’, and ‘Vegan’ among others to increase demand. Aversion towards dairy derived proteins has supplemented growth of rice proteins. Owing to this shift in consumer demand towards alternative protein sources and targeted marketing campaigns of rice protein, the rice protein market is proliferating globally.
Key Takeaways of Rice Protein Market –
- Europe accounts for the highest share in the rice protein market and is expected to grow 2X during the forecast period
- Rice protein concentrates are expected to be fastest growing product type in rice protein market and are expected to grow by 2.5X during forecast period
- Brown rice is projected to lead the rice protein market and will present faster growth vis-a-vis milled rice
- Dry extracts in terms of extract type are expected to add US$ 100 Mn to rice protein market during forecast
- In terms of demand, beverages and bases application is expected to show high demand growth and is expected to grow 2.5X in terms of value during forecast period
- Demand for breakfast cereals is expected to show significant growth of 2.7X during the forecast period
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“Being a highly efficient alternative to other plant-based products, the food and beverages industry is continuing to invest substantially in the rice protein market“, according to a Fact.MR analyst
Rice Protein Manufacturers to Explore New Markets for Expansion
Rice protein market is consolidated with five players accounting for more than 50% revenue share. Rice protein market has been moving towards consolidation with top companies acquiring emerging players in the market. Top players have been using this strategy to establish their presence in foreign markets like India and ASEAN countries. Rice protein manufacturers actively venturing in foreign markets are Kerry Group PLC, Beneo GmBH, and Axiom Foods, Inc. This will substantially increase production of rice protein and in turn boost growth of the market.
Find More Valuable Insights on Rice Protein Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global rice protein market, presenting historical demand data (2015-2019) and forecast statistics for the period, 2020-2030. The study divulges compelling insights on the rice protein market on the basis of product type, source, extract type and application across seven major regions.
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