The European rice protein market is projected to register a CAGR of 5.5%, during the forecast period of 2020-2025.
- The rice protein market is driven by the rising inclination toward vegan diets, functional efficiency, the cost competitiveness offered by plant protein products, and their increasing utilization in a wide variety of processed foods, especially in the ready-to-eat products category.
- Moreover, the mild flavor of rice protein is similar to the cream of rice cereal, which has found its application in beverages, as sprinkler on cereals and yogurts. It can also be added to cooked dishes to boost the protein content without adding any calorie or fat to the product, which is boosting the sales of rice protein.
Key Market Trends
Paradigm Shift in Consumer Preferences
The rice protein market is yet to experience optimal growth in Europe, owing to the changing demographics and growing veganism in the region. The nutrition-conscious population is aware of the health benefits derived from plant proteins over animal proteins. Food manufacturers are, in turn, taking advantage of high protein and meat-free foods. Plant protein exhibits beneficial properties in terms of weight management, heart health, and biological availability. Therefore, owing to the increasing inclination toward the vegan source of protein, there is great potential for the rice protein market in the region.
France is the Fastest Growing Market in the European Rice Protein Market
The increasing preference toward healthy foods is the major factor that is driving the rice
protein market in France. The decrease in the consumption of animal protein, due to various intolerances, is also a factor leading to the growth of the rice protein market in Europe. There is significant support from the governments for the production and consumption of plant protein, such as rice, as they require fewer natural resources to derive the same protein level. Rice-based proteins are the most popular plant protein in France. Major players are expanding their product ranges by introducing proteins from new sources of plants, and more players are entering the market to expand their bases.
The market for rice protein in Europe is highly competitive, with innovation in products being a major strategic approach adopted by the leading players. This trend is likely to continue in the future, as the established players seek to garner increased market shares. Some of the major players in the European rice protein market are Kerry Group (PEVESA), Euroduna Food Ingredients GmbH, Nagase America Corporation (Prinova Group LLC), Südzucker AG (BENEO), and AIDP, among others.
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