The global organic rice protein market is expected to reach USD 154.4 million by 2024, according to a new report by Grand View Research, Inc. Superior functional properties coupled with increasing shift towards non-GMO and vegan food ingredients is expected to propel the demand over the forecast period. The product is hypoallergenic and generally consists of no added colors, sweeteners or fillers which increases its nutritional value. In addition, organic rice protein contains a high level of amino acid content which is very beneficial for building muscles.
Intake of dietary protein along with organic rice protein helps in burning fat through its thermic effect and reduces blood sugar level thereby facilitating weight loss. Companies including Axiom Foods, and Nutribiotics have been involved in extensive R&D in order to develop hexane free organic rice protein thereby facilitating development.
Further key findings from the report suggest
- Organic rice protein isolates are likely to witness CAGR of over 18% from 2016 to 2024. These produce high quality product with enhanced color, texture, and flavor in a cost effective manner, which is likely to augment demand for the product over the forecast period.
- Sports and energy nutrition application is expected to witness CAGR of over 16%, in terms of volume, from 2016 to 2024 due to rapidly growing demand in Europe and North America. High youth population coupled with increasing trend of sports & gym in Asia Pacific is likely to have a positive impact on the growth over the forecast period.
- North America is expected to witness significant growth from 2016 to 2024 due to the presence of key companies in the region. The players have been involved in extensive R&D in order to develop products focusing on numerous applications. High preference towards natural food ingredients in the regions is expected to propel demand for the product in meat analogues and extenders over the forecast period.
- Latin America demand was valued at over USD 1.5 million in 2015. Increasing government initiatives to promote use of organic food products coupled with high organic rice farming in the region is expected to augment demand for the product over the forecast period.
- The market is characterized by the presence of limited market players with the strong distribution network. Some of the key organic rice protein suppliers include American Supps, Nordic Food Partners A/S, Aggressive Health Shop, Bioden, and iHerb Inc. These companies are involved in the distribution of organic rice proteins on the global level.