In Brief

• During 2013-2017, the rice protein market grew at a healthy CAGR of 6.0% owing to increased consumer awareness and inclination towards plant-based protein products.
• In 2018, the valuation of the rice protein market was nearly US$ 108 million, and it is likely to witness a y-o-y growth of nearly 7% in 2019.

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• The rapidly increasing number of consumers adopting vegan lifestyle is expected to generate significantly high demand for plant proteins and the global market for rice protein is expected to envisage incremental growth at a CAGR of nearly 8% during 2018-2028.
• Europe is currently the leading market for rice protein, accounting for over one-third revenue share.
• South Asia is expected to emerge as a high-growth market for stakeholders, with India leading the rally.

What are the Key Growth Drivers of Rice Protein Market?

• Ongoing R&D (research & development) activities are revealing scientific evidence on the advantages of plant-based ingredients, such as rice protein. Consumers looking for a nutritious, plant-based diet are viewing rice protein as a feasible option.
• Growing appetite for unique value-added characteristics of food is changing consumers’ approach towards the ingredient list and nutritional table of food products. This is driving food manufacturers to adopt innovative proteins and introduce healthier products to meet the dynamic nutritional requirements of the health-conscious consumer base.

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• With the increasing prevalence of lifestyle diseases, including obesity, consumer demand for high-protein food products has soared, creating significant opportunities for companies.
• Veganism is going mainstream with increasing consumer belief that ‘natural is healthier’. This has upped the demand for natural ingredients in a range of food and beverage products.

What are the Key Challenges in the Rice Protein Market?

• Unlike animal proteins, rice proteins lack basic functional properties required to achieve the optimal nutrient profile and taste in high-protein food products. Formulation challenges associated with the applications of rice protein may trigger end-users to adopt its alternatives.
• Rice proteins are generally considered incomplete proteins due to the absence of essential nutrients, such as amino acids methionine and cysteine, which is limiting their applications.
• The risk of dry or gritty texture and flavor off-notes with the use of plant-based proteins in various food products is driving food manufacturers away from plant proteins.

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Rice Protein Market – Notable Developments

• In March 2019, Axiom Foods Inc. – an American manufacturer of functional food ingredients – announced it has entered an agreement to enlist Univar Solutions – a U.S.-based distributor and providers of ingredients and value-added services – as its official distributor in the U.S. Univar Solutions will distribute Axiom’s plant-based products, including rice protein, pea protein, rice and oat dairy alternatives, and rice sugar, in the U.S. With this agreement, Axiom Foods aims to leverage Univar Solutions’ vast distribution network in the U.S. to strengthen its position in order to become more accessible throughout its supply chain network in the country.
• In November 2018, RiceBran Technologies – a U.S.-based manufacturer and marketer of rice bran products and a leading player in the rice protein market – announced it has acquired the assets and operations of rice bran stabilization and rice milling facility of Golden Ridge Rice Mills – a leading manufacturer of premium grade white rice – in Wynne, Arizona. The acquisition is a part of the company’s new stabilized rice bran (SRB) business strategies to establish a strong presence in Arkansas, which is a leading rice-producing state in the U.S., in order to enhance the supply chain management and gross margins in its SRB business.
• In April 2019, Healy Group Limited – a European supplier of high-quality ingredients and raw materials for the soups and sauces sector – announced the launch of PrimaPro™, its new product range ultra-fine, powdered pea and rice proteins. The company aims to target the bakery, snacks, and beverage sectors to boost the profitable sales of its new product range of pea and rice proteins.

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