Organic Rice Protein Market size to witness more than 18.2% CAGR by 2024
Shift in focus towards athletes’ preference for healthy and nutritional drinks may favor rice protein market growth. Global sports & energy nutrition application was dominant and accounted for over 70% of total market revenue in 2015. In U.S., rise in sports supplement powder owing to rising health concerns may witness high product demand. Sports protein powder market is estimated to surpass USD 5 billion by 2024.
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Increase in product safety, quality of product and decreasing allergies owing to healthy lifestyle is likely to fuel organic rice protein market growth for medical applications. Rise in consumer awareness owing to health benefits coupled with increase in plant proteins, gluten free, non GMO and vegan products may fuel industry growth.
Global dairy alternatives is expected to grow at a CAGR over 15% up to 2024. Increasing health consciousness, changing consumer lifestyle and growing lactose allergy is forecast to positively influence industry growth. Rise in disposable income coupled with increasing consumer awareness with rising population in China and Japan is forecast to influence Asia Pacific organic rice protein market.
North America, dominated by U.S. organic rice protein market size, was dominant and estimated to generate more than USD 8 billion revenue by 2024, with over 7% growth. Rise in ageing population and increasing nutritional food demand coupled with animal welfare awareness is likely to have positive impact in North America regional industry growth.
EU, led by UK, France and Germany organic rice protein market size, may witness significant gains. Increasing functional food & beverages along with health supplements consumption owing to gluten intolerance and allergy free products demand which may drive product demand in Europe. EU sports nutrition market is projected to exceed over 4.3% CAGR during the forecast timeframe.
Organic rice protein isolates market size dominated the product landscape. They are treated with enzymes and are used in application of making health drinks and smoothies. Increase in consumer consumption of healthy drinks and foods owing to rise in food & beverage industry is forecast to favor isolates market size growth.
Beverage consumption in Brazil accounted for over 12% of total market revenue in 2015. Change in lifestyle owing to rise in product offerings may favor Japan bakery industry growth. The bakery market in Japan is forecasted to surpass USD 30 billion by 2024. Shift in ready-to-eat, processed foods, nutritious baked foods over traditional breakfast may have positive influence in the region. Organic rice protein isolates are suitable for use as a beverage mix as a baking and cooking ingredients.
Rice protein concentrates is expected to witness gains at over 5.2% CAGR during the forecast timeframe. It can replace food proteins without impacting taste, texture and color of product coupled with cost effective may prompt usage of organic rice protein demand. Concentrates consumption is highest in LATAM due to affordable product price.
Regulatory bodies such as GRAS and FDA create, develop and initiate policies for food production and protect consumers from environmental issues. Lacking product and application awareness coupled with competition from plant proteins may hinder industry profitability and put constraint on organic rice protein market price trend.
Global organic rice protein market share is dominated with presence of key manufacturers include Axiom Foods, AIDP, RiceBran Technologies, Shaanxi and Golden Grain Group Limited. These players exploring to set up new regional markets along with implementing strategies and product development which is expected to drive industry profitability.