Factors Hindering Growth of Red Yeast Rice Market
There are a number of factors that are responsible for hindering the growth of the global market for red yeast rice, and the most prominent among those include government restrictions and mandatory food safety regulations, both, region specific and international. Another factor is the reliance on cheaper solutions for food colors, basically the synthetic options available across the world.
The global red yeast rice market is set to witness growth at a CAGR of 8.6% through 2031, and be valued at over US$ 1.2 Bn.
Demand for healthy foods is increasing across the world, which is one of the key reasons for increased utilization of food-enriching products such as red yeast rice. Increasing millennial population and their work-centric lifestyles are converging to high demand for products that simply don’t just provide energy for carrying out daily activities but also aid in enhancing bodily functions.
Red yeast rice has recently been introduced in the healthcare industry owing to its feature of being a top natural remedy for managing and/or controlling high cholesterol levels in the body. It contains constituents that are often found in prescription medicines and has the potential to positively impact a number of diseases. Further, due to its vibrant natural color, red yeast rice is also being used in cosmetic products on a large scale.
Driving demand for red yeast rice is driven the most for use in dietary supplements, and the global market is set to expand approx. 2.4X over the next ten years.
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Key Takeaways from Market Study
- High growth of the market for red yeast rice is being witnessed across Oceania, South Asia, and Latin America, with projected CAGRs of 11.7%, 11%, and 10.2%, respectively.
- As far as end use is concerned, dietary supplements account for around 80.5% of the overall market share. This segment currently enjoys a value of US$ 431.1 Mn.
- Key contributing factor for the wide production of red yeast rice is the health benefits that it offers and also the ever-evolving need for healthy consumables. It also contains a number of elements that can be used as a cost-effective alternative to pricey medicines.
- North America and Europe hold more than 60% share of the global market, mainly on the back of high consumption of healthy products in these regions.
- The U.S. and China hold significant shares for red yeast rice in North America and East Asia, respectively.
- COVID-19 has had a moderate impact on the progress of the red yeast rice market. However, with increasing demand for dietary supplements, losses are expected to be recovered in the near term.
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“Red yeast rice has varied applications in food & beverages, cosmetics & personal care products, retail/household, and most importantly, in dietary supplements, which are anticipated to be the main demand accelerator for red yeast rice sales over the coming years,” says a Persistence Market Research analyst.
Key manufacturers are emphasizing on offering products that suit evolving trends so as to keep ahead of their competitors. Moreover, players are obtaining quality certifications from various authentic and trusted certification providers to ensure a wide acceptability of their products.
- NOW Health Group, Inc. got UL certification for its dietary supplement manufacturing process and was among the first manufacturers to be certified for the same. This assures customers that premium quality products are offered by the company.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global red yeast rice market, presenting historical data (2016-2020) and estimation statistics for the forecast period of 2021-2031.
The study offers compelling insights on the basis of end use (food & beverages, cosmetic & personal care, retail/household, and dietary supplements) and distribution channel (business to business and business to consumers), across seven major regions of the world.
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