Research Reports
Sales of Rice Protein to Exceed US$ 190 Mn in Revenues by 2026-end
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Rice protein sales are projected to exceed $190M by 2026, driven by health trends and market expansion despite COVID-19 challenges.
There has been a bearish trend in global demand for rice protein with the continuing restrictions on mass meetings and major events due to Covid-19. Nevertheless, consumption of food products infused with protein is high in demand as many media houses actively promote the benefits of protein-infused food to boost one’s health. In this regard, rice protein is experiencing high demand. Yet rice protein producers have narrowed down production due to uncertainties in the existing supply chain owing to COVID-19 pandemic. While in the first week there was a 10-15% rise in demand with consumers hoarding protein products, demand for rice protein from end-products manufacturers has been decreasing steadily from the second week onwards.
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Consumers are expected to behave more conservatively and cautiously over the coming months, and are expected to become more dependent on rice protein and other protein laced food items. However, the slow supply of products through some stores providing essentials and e-commerce is anticipated to create a demand supply gap. The sales of Rice Protein market is anticipated to grow with a CAGR of over 8% and is expected to present absolute dollar opportunity of more than US$ 100 Mn during forecast period
Key Trends of Rice Protein Market
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Key Long-Term Trends
The global food industry will continue to experience high demand across various regions worldwide. The introduction and adoption of facilities such as food delivery services have propelled the demand, showing an upward trend in the food industry. Some long-term trends in the food industry are:
Plant-based food products
Growing consumer interest in organic and vegan diets will drive rapid expansion in the food industry, allowing various new entrants and existing players to establish a firm foothold in the market.
Combining science with nutrition
Using technology to enhance the quality of food and beverages will drive sales in the food industry. Food products with enhanced nutritional value, sustainability, and ethical impact will continue to accelerate demand in various segments of the food industry across the globe.
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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.
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The article discusses the projected growth in rice protein sales, expected to exceed $190 million by 2026.
COVID-19 has caused supply chain uncertainties and fluctuating demand, affecting rice protein production and sales.
Europe holds the highest share in the rice protein market and is expected to continue growing.
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