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A new report forecasts the rice protein industry will exceed $115m by 2024, earlier this year the same publishers predicted that the pea protein industry will exceed $104m by 2026. Published by Global Market Insights the most recent report predicts that demand for rice protein will continue to rise, with the publishers attributing this to the continued interest and demand for healthy vegan products.
As the report stated the global vegan population grew to over 360 million last year, with more people choosing a vegan diet “owing to its benefits of reducing the risk of high cholesterol, heart disease, and obesity”, the demand for rice protein will keep growing.
The food and beverage industry is expected to see the most growth, although they predict increased use of rice protein within pharmaceuticals, animal feed and cosmetics. Rice protein is rich in amino acids, vitamin E, ferulic acid, allatoin, glutamine, alanine and starch which can be used effectively in skin care products to strengthen and moisturise skin. As demand for cruelty free and vegan cosmetics and beauty products increase the publishers believe pea protein will continue to feature heavily in natural products. The authors state:
“[The] Global cosmetics and skin care market is poised to surpass USD 250 billion in 2016, owing to increasing demand for natural ingredients. Natural ingredients account for over 65% in the overall cosmetic industry. High demand for natural or organic cosmetic products which reduces the risk of any possible side effects should enhance product demand.”
Brown and white rice are converted to high protein flour and the manufacturing process increases the protein content by decreasing the starch content. As such rice protein has continued to grow in demand within the protein powder industry. It’s more easily digestible, as it’s gluten free, making it a great alternative to whey based powders. As more athletes, bodybuilders and professional fighters switch to vegan protein powders like rice and pea, demand is expected to keep growing.
Image Credit: Shutterstock
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