Market Trends of rice protein Industry
Growing flexitarian or vegan population is offering opportunities for manufacturers
- The changing dietary preferences of consumers are evident globally, and the low inclination toward meat-based products is visible among consumers. The percentage of consumers becoming flexitarian or vegan is offering manufacturers opportunities to introduce and innovate more in the plant protein segment. Globally, plant-based protein alternatives have become popular, as they are the most sustainable alternatives to animal-based meat, as well as due to environmental issues, ethical reasons, and health-related concerns. Germany emerged to be one of the global leaders in vegan product development and launches, accounting for 15% of the global vegan introductions between July 2017 and June 2018.
- The increasing number of young population that are indulging in sports and athletic activities, along with the shifting trends in functional ingredients fortification in the food and beverage industry due to rising demand for added health benefits in various food products, is anticipated to boost plant-based protein demand. For instance, with 210,000 clubs and over 184 million members worldwide, this is an increase of 1 million members since 2019.
- Plant proteins are healthy for all age groups, and it also helps in keeping the body fit. A project led by Merit Foods, which became a global supplier of ingredients and plant-based food, helps manufacturers reach markets by meeting the growing consumer demand. Canada's Health Ministry revamped its food guide and released it in January 2019. This new guide has three categories, namely vegetables and fruits, whole grains, and plant-based proteins. The rising awareness about protein benefits increased protein consumption. The health benefits, coupled with increasing demand from various consumer groups, are driving the demand.
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Asia-Pacific to play vital role in global rice production
- The Asia-Pacific region is the key producer of rice and the key raw material for rice protein since rice requires abundant rainfall or good irrigation facilities. China, India, Bangladesh, and Indonesia are some of the key leading rice-producing countries. Since 1980, China's rice planting area has accounted for 23% of the global rice planting area, contributing to 37% of global rice production. In 2021, China produced around 212.84 million metric tons of rice.
- The East Asia Monsoon zone encompasses the majority of China, providing ideal conditions for rice growth in terms of sunlight, temperature, and precipitation. With over 90% of the total rice area and output, the main rice-growing areas are south of the Qinling Mountains and the Huai River. Irrigated rice is China's principal rice ecosystem, accounting for 93.5% of total rice output and 93% of total rice acreage. Due to low yields, rainfed lowland rice and highland rice account for 5% and 2% of total rice acreage, respectively, and 2.6% and 0.9% of total production. China, India, Indonesia, Bangladesh, Vietnam, Thailand, Myanmar, the Philippines, Pakistan, and Brazil are the top 10 rice-producing countries.
- Rice is considered a vital part of nutrition in much of Asia, Latin America, Africa, and the Caribbean and is estimated to provide more than one-fifth of the calories consumed globally, impacting the production of rice and processing it into various products, including protein, as it is widely accepted protein crop. On the global rice import, Sub-Saharan Africa is the largest rice-importing region, slightly exceeding total imports by all of Asia and accounting for more than 31% of global imports. The Middle East remains a large global import market, accounting for more than 70% of the region's rice consumption.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Asia-pacific held major market share
- Healthy trends in beverages impacting market growth
- Hike in the demand for single-serve packets may augment production
- Dairy alternative to witness significant growth
- Meat protein alternatives are revolutionizing the meat segment
- Healthy snacking preference to support market growth
- Growing demand for compound feed
- Growing flexitarian or vegan population is offering opportunities for manufacturers
- Strong hold of the retail sector is supporting market growth
- Growing preference for convenient breakfast options
- Rising at-home consumption and demand for healthy confectionery products
- Growing nutritional concerns for aging populations
- Ready-to-cook and frozen foods witnessed a surge in sales
- Rising health awareness and growing demand from millennials
- Natural ingredients highly driving the segmental sales
