Rice Protein Industry to Hit $115 Million by 2024

The rice protein market is expected to increase, with new uses ranging from cosmetics to the food and pharmaceutical industries.


Share this
VegNews.MoneyPile

The rice protein market will reach $115 million by 2024, according to a July report by Global Market Insights, Inc. The findings suggest that continued interest and growth in vegan diets is expected to fuel the industry’s expansion thanks to a “shift in consumer preference towards [a] vegan diet, owing to its benefits of reducing the risk of high cholesterol, heart disease, and obesity.” Thanks to its hypoallergenic, gluten-free, and easily digestible qualities, many health-centric consumers are increasingly using rice protein powders to fuel their workouts. Companies such as Naked Nutrition and NutrioBiotic point to rice powder as a provider of essential amino acids, vitamins B and E, and fiber in protein powders. Other plant-based protein markets are also predicted to grow exponentially in the next decade, with pea protein expected to reach $104 million by 2026.