Industry Dynamics - Vegetarianism, Veganism and Demand for Meat Substitutes Pushing the Growth
The awareness about the health concerns in developing countries is rising rapidly and increasing population are taking measures and changing their eating habits. In developing world, the plant protein and dietary proteins market has recorded significant growth. Soy protein accounts for major market share in Asia-Pacific, however with increasing demand for plant proteins with higher dexterity and versatility from food industry, the demand for rice protein and pea protein is expected to grow stronger during the next decade. The awareness about excessive consumption of meat and meat products has led rise in demand for meat analogs and extenders creating a platform for rice protein market. The price of rice protein is comparatively high compared to other types of protein. However with research in production process, the final cost of product is expected to be reduced in coming years. This could be the major driver for the growth of rice protein industry in years to come.
By Types – Versatility of Rice Protein Isolates is Strengthening Its Demand
Rice protein isolate and rice protein concentrates are two major form of rice proteins. Rice protein isolate is high in protein content which approximately contains 80% to 90% of protein, while the rice protein concentrate form contains around 70% to 80% of protein. Rice protein isolate is suitable in the applications of fitness goals such as sports performance, endurance, weight loss, muscle building and overall well-being & health. As rice protein isolate contains high amount of protein, its usage across dietary supplement industry and food industry is growing rapidly. Considering the increasing application of rice protein isolate across various segments of the industry, the market of rice protein isolate is forecasted to grow steadily during the forecast period. Food products that requires the protein source properties such as masking off flavors, retention of oils and gelation, ease of dry flow and high-water solubility are the target products of rice protein concentrates. Considering these properties, it is used in various food products which includes baked mixes and baked goods, beverages, breakfast cereals, grain products, milk products, soups & soups mixes, fruits juices and vegetable juices.
Application in Dietary Supplements Industry is Forecasted to Be the Fastest
The rice protein applications include food, beverage and dietary supplement industry. The market share of rice protein across food industry is highest compared to its other applications. In food industry both the forms of rice proteins are widely used for the application in preparing soups, sauces, pasta, etc. With increase in demand of nutritional supplement among the young population, the demand of rice protein-based products is expected to increase rapidly. The market revenue of rice protein application across dietary supplement industry is estimated to grow at a fastest CAGR of 8.1% during the period of forecast.
In beverage industry, rice protein is used for preparing energy and sports drinks with other minor application like fruits and vegetable juices. Considering the high demand of nutritious drink, the market of rice protein application across beverage industry is expected to grow rapidly. The application of rice protein in dairy industry is not new, it is used in many dairy products from curd to flavored milk and in other products such as frozen desserts, ice creams, etc. Increasing animal feed experts are suggesting the replacement of other plant-based protein ingredients with rice protein because of low cost and crop reliability of rice. Other applications of rice protein include personal care and skin care industry.
Asia - Vast Untapped Market With Huge Growth Potential
In terms of market revenue, North America leads the global rice protein market with the 42% of global market share. North American rice protein market is majorly driven by demand from obese and overweight population particularly in Canada and the U.S. Another driver that will aid the growth of rice protein market is environmental and ethical concern of industrial animal farming. U.S. and Canada combined represents 90% of rice protein market in North American region. Both of these countries possess huge potential in terms of processing techniques and application know-how. Most of the rice protein producing companies are based in these two countries and enjoys good value of their products mainly from quality exports.
The countries in European region accounts for just less than one-third of total rice protein market in the globe with Germany leading the market followed by U.K., France, Russia and Spain. Major drivers of rice protein in the continent is rising vegan and vegetarian population, increasing consumption of plant-based protein, growing trend of leading healthy and fit lifestyle and rising demand for meat substitutes.
The Asia-Pacific rice protein industry is amongst the fastest growing market across the world. Currently, the market holds around 18% of global rice protein market. The stable economic conditions, changing socio-economic structures and consequent changes in dietary pattern has led to an increased switch to protein rich diet. Rising health consciousness and awareness about the harmful effects of meat products has steered demand for plant based food products & ingredients. China leads the market of rice protein in the region and captures around one-fourth of total market share. This is followed by the countries such as Japan, Australia, India and South Korea.
South America is a relatively less developed market compared to the market of Asia-Pacific. The rice protein market in almost all the countries in South America region are in introduction phase hence the manufacturers of rice protein have a good opportunity to capture the market in this initial phase. Growing health conscious consumers among all classes of population are the driving forces of the market. Brazil and Argentina are leading consumers in the region. The rice protein market in Africa is in nascent stage and accounts for just 2% of market share. South Africa captures most of the market share in the region which is followed by Egypt and Nigeria.
The rice protein industry is relatively new compared to the other industries of plant-based protein. The rice protein market is fragmented in most of the countries in the world. Most of the major companies in the industry of rice protein are based in the U.S., followed by the China, Canada, Germany and the Netherlands. In developed countries, the certification related to the safety and security of the food is very important. Hence, the achievement of certification has been the most implemented strategy among the companies. While, other strategies that has been recorded by the companies includes Agreement, Joint venture and Product Launch.
- Market trends since 2014 and five year forecasts of market growth
- Detailed analysis of the micro and macro elements influencing demand trends
- Identifying opportunity spaces across segments and countries
- Supply & demand side trend and analysis
- Price trend analysis, investment prospects and competition pattern
- Insights on growth potential of the market in key countries
- Detailed analysis of major producers covering financial investments & strategies adopted
- Competitive landscape of the industry
1.1 Research Methodology
1.2 Scope of the Study
2.1 Market Summary By Type
2.2 Market Summary By Application
2.3 Market Summary by Geography
2.4 Business Trends Summary
3. Industry Dynamics
3.1.1 Growing demand for cheaper sources of plant based protein
3.1.2 Rising health consciousness especially in developing countries
3.1.3 Increasing demand for lactose-free, gluten free protein products
3.1.4 Strengthening demand for dietary Supplements
3.2.1 Lack of commercially feasible extraction process
3.2.2 Growing threat from substitute products
3.2.3 Low awareness about the product
3.3.1 Growing applications in sports nutrition & weight management
3.3.2 Growth in functional food & nutraceuticals industry
3.4 Porter’s Five Forces Analysis
3.4.1 Bargaining power of Suppliers
3.4.2 Bargaining power of Buyers
3.4.3 Degree of Competition
3.4.4 Threat of Substitution
3.4.5 Threat of new entrants
3.5 Future Trends in Rice Protein Industry
3.6 Value Chain Analysis
3.7 Industry Policies & Regulations
3.8 Market Innovations
4. Market Size and Forecast
4.1 Market Share, Type
4.1.1 Rice Protein Isolate
4.1.2 Rice Protein Concentrate
4.2 Market Share, Processing
4.2.1 Alkaline Extraction
4.2.2 Physical Extraction
4.2.3 Enzyme Assisted Extraction
4.2.4 Novel Techniques/Others
4.3 Market Share, Application
18.104.22.168 Infant Formula
22.214.171.124 Dairy Products
126.96.36.199 Meat Products
4.3.3 Dietary Supplements
4.3.4 Animal Feed
5. Country Market Share
5.1 North America
5.3.4 South Korea
5.3.8 Saudi Arabia
5.4 South America
5.5.1 South Africa
6. Competitive Analysis
6.1 Market Share Analysis
6.2 Growth Strategies of leading players
6.3 Investment and Development Prospects
6.3.1 Investment in past five years
6.3.2 Investment Opportunities
6.4 Competition Pattern
6.4.1 Concentration Ratio
6.4.2 Industry Competition
6.5 Price Trend Analysis
6.5.1 Product Classifications and Their Prices
6.5.2 Factors Influencing Prices
7. Company Profiles
7.1 AIDP Inc.
7.2 Axiom Foods Inc.
7.3 Beneo-Palatinit GmbH
7.4 Bioway (Xi'an) Organic Ingredients Co. Ltd.
7.5 Golden Grain Group Limited
7.6 Jiangxi Golden Agriculture Biotech Co. Ltd.
7.7 North Coast Naturals
7.9 Nutrition Resource Inc.
7.10 Pure Food Company LLC
7.11 Ribus Inc.
7.12 Ricebran Technologies
7.13 Shaanxi Fuheng (FH) Biotechnology Co. Ltd
7.14 Shafi Gluco-Chem (Pvt.) Ltd.
7.15 The Green Labs LLC
7.16 Top Health Ingredients Inc.
- AIDP Inc.
- Axiom Foods Inc.
- Beneo-Palatinit GmbH
- Bioway (Xi'an) Organic Ingredients Co. Ltd.
- Golden Grain Group Limited
- Jiangxi Golden Agriculture Biotech Co. Ltd.
- North Coast Naturals
- Nutrition Resource Inc.
- Pure Food Company LLC
- Ribus Inc.
- Ricebran Technologies
- Shaanxi Fuheng (FH) Biotechnology Co. Ltd
- Shafi Gluco-Chem (Pvt.) Ltd.
- The Green Labs LLC
- Top Health Ingredients Inc.