Market Trends of Oryzenin Industry
Surge in Demand for Meat Alternative Products
In the past decade, the vegan population has been growing steadily, owing to the rising awareness regarding healthy and sustainable foods, which in turn, increases the demand for plant-based meat alternatives in the global market. According to the Plant-based Food Association, the value of sales of plant-based foods in the United States during the 52 weeks that ended on December 2021 was approximately USD 7.4 billion. As oryzenin is used in the processing of meat substitutes, the growth of meat alternatives has been propelling the market growth.
Although animal sources are rich in protein, the excessive consumption of animal-based products may result in chronic diseases, including obesity, cardiovascular disorder, and diabetes. However, plant-based products have a low level of cholesterol, saturated fats, and calories and are enriched with micronutrients such as calcium and zinc. Thus, the growing consumer consciousness regarding health is increasing the demand for plant-based products, which has led to a surge in demand for plant-based ingredients like oryzenin.
Asia is the Fastest-growing Market
The oryzenin market has witnessed substantial growth across the Asia-Pacific region over the past few years. The various factors contributing to the development of the market studied include the rise in awareness of plant-based meat, dairy alternatives, and other gluten-free products across the major parts of the Asia-Pacific region. According to a survey conducted by the Plant-Based Foods Industry Association and The Good Food Institute, 91% of respondents in the poll on plant-based food awareness among Indian consumers in 2021 were aware of any kind of plant-based milk. In contrast, 66% of customers in India drank plant-based milk in the last year. Also, customers were aware of packaged tofu and vegan cheese, two other widely consumed plant-based foods.
Additionally, the vast production base of raw materials for the oryzenin processing provides lucrative opportunities for companies operating in the market across the region. According to the National Bureau of Statistics of China, rice production in China across various provinces like Heilongjiang, Hunan, Jiangxi, Jiangsu, Hubei, Anhui, and Sichuan was 29.14, 26.83, 20.74, 19.85, 18.84, 15.9, and 14.93 million metric tons respectively in the year 2021. The availability of raw materials in bulk quantity is expected to give the players operating in the market an upper hand in the value chain attracting more players into the market as well as encouraging the existing players to strengthen their portfolio in the oryzenin offering. Hence, various factors like the demand for gluten-free bakery products, meat substitutes, dairy alternatives, and other factors are expected to drive the market during the forecast period.
