Rice Protein Industry to Hit $115 Million by 2024

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.