Red Yeast Rice Market Share, Size, Trends, Industry Analysis Report, By Application (Pharmaceutical, Herbal Supplement, Dietary Supplement, Functional Food, Cosmetics, and Others); By Product Type; By Sales Channel; By Region; Segment Forecast, 2023 – 2032
- Published Date:Nov-2023
- Pages: 116
- Format: PDF
- Report ID: PM3917
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global red yeast rice market was valued at USD 387.97 million in 2022 and is expected to grow at a CAGR of 9.3% during the forecast period.
The rapidly increasing demand and prevalence for red yeast rice as a cost-effective alternative to various conventional medications that are known to reduce cholesterol levels and support heart health along with its several other advantages, including metabolic syndrome, blood sugar levels, and inflammation, among others, are among the leading factors propelling the global market growth. In addition, growing scientific research and studies on the potential health benefits of red yeast rice and the introduction of several new product types with advanced characteristics have significantly influenced consumer perceptions and purchasing decisions and pushed the market growth forward at a rapid pace.
To Understand More About this Research: Request a Free Sample Report
- For instance, in May 2023, Angel Yeast, the world’s leading manufacturer of yeast, unveiled its new range of products and solutions at Bakery China, in Shanghai. The new range of products include semi-dry yeast for premade baking goods, bread improver, quality protein for sustainable packaging, and new innovations in flavours.
Moreover, the surging use of advanced or innovative fermentation techniques to improve the quality and purity of red yeast rice products and continuously rising innovations in delivery methods and technology to enhance the bioavailability of red yeast rice active compounds are further anticipated to create lucrative growth opportunities and huge growth potential for the product used in different applications in the coming years.
For Specific Research Requirements: Request for Customized Report
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the red yeast rice market. The rapid spread of the deadly coronavirus globally drastically affected global supply chains and production facilities as a result of lockdowns, restrictions on movement, and labor shortages that impacted the production and distribution of various goods, including red yeast rice supplements.
Industry Dynamics
Market Growth Drivers
- Rising importance of maintaining cholesterol levels driving the global market growth
The drastic increase in consumer awareness of cardiovascular health and the growing importance of the maintenance of healthy cholesterol levels and rising incidences of high cholesterol levels as a common health concern, along with the surge in the number of consumers seeking herbal and natural products as an alternative to synthetic drugs are among the primary factors propelling the demand and growth of the market.
The consumer desire to live a fit and healthier lifestyle, which leads to higher consumption of food products and supplements with several potential health advantages along with the rising prevalence of hectic work-life schedules and growing unhealthy eating habits among consumers all over the world, which are unable to provide the required level of vitamins and minerals to the body, are key factors fostering the global market growth.
Report Segmentation
The market is primarily segmented based on application, product type, sales channel, and region.
|
By Application |
By Product Type |
By Sales Channel |
By Region |
|
|
|
|
To Understand the Scope of this Report: Speak to Analyst
By Application Analysis
- Dietary supplement segment accounted for the largest market share in 2022
The dietary supplement segment accounted for a substantial share on account of the growing demand and need for dietary supplements made with natural and herbal ingredients like red yeast rice and constantly growing investments in research & development activities to develop new types of supplements with improved characteristics and beneficial features.
Additionally, with the rising prevalence of various types of cardiovascular diseases such as heart attacks and strokes and a significant increase in the global aging population, who are often required to maintain their cholesterol levels and support heart health, the demand for red yeast rice has been growing drastically as the product is being widely adopted as a preventive measure against these conditions.
- For instance, according to the World Health Organization, the number of people aged 60 years or above was estimated to be around 1 billion in 2020, and is anticipated to reach approx. 1.4 billion by 2030 and 2.1 billion by 2050.
By Product Type Analysis
- Capsule & tablet segment held the significant market share in 2022
The capsule & tablet segment held the significant market revenue share in 2022, which is majorly driven by increased need and demand for these product types, as they provide a convenient and pre-measured dosage of red yeast rice and also eliminate the need for measuring powders or liquids while making it easier for consumers to incorporate the supplement into their daily meal or routines. Along with this, the capsule product type is also easy to swallow, which makes them suitable to consume for all ages and have a longer shelf life compared to other product types like liquid extracts.
By Sales Channel Analysis
- E-commerce segment is anticipated to witness highest growth during forecast period
The e-commerce segment is projected to grow at the highest growth rate over the next coming years, which is largely attributed to the increasing number of online or digital shoppers as a result of increased mobile penetration and easier access to fast internet facilities, especially in emerging economies like India and China. Besides this, the rapid emergence of several new online shopping platforms offering a range of benefits, including a vast array of products from different brands and formulations and making red yeast products accessible to a wider range of consumers all over the world, resulting in significant segment market growth.
Regional Insights
- Europe region dominated the global market in 2022
The European region dominated the global market with a substantial revenue share in 2022 and is anticipated to maintain its dominance throughout the forecast period. The regional market growth can be largely attributable to a surge in the number of consumers looking to live healthy lifestyles and the growing consumption of food and food ingredients that are associated with several health advantages. Apart from this, the robust presence of regulatory environment in Europe, such as the European Food Safety Authority evaluating health claims and safety assessments for food supplements, including red yeast rice, is further promoting the regional market growth.
The Asia Pacific region is anticipated to be the fastest growing region with a healthy CAGR during the forecast period, owing to the region’s fast urbanization rate that is leading to an upsurge in the number of people preferring health supplements like red yeast rice over several synthetic alternatives of the product coupled with the continuous increase in consumer disposable income in the region, which result in significant growth in number of people willing to spend higher on health and wellness products.
Key Market Players & Competitive Insights
The red yeast rice market is highly consolidated with the robust presence of various regional or global market players. The competition in the market has been drastically growing between several retail supplier, product distributor, and third-party online channels and are increasingly focusing of several market development strategies including partnerships, collaborations, mergers, and acquisitions.
Some of the major players operating in the global market include:
- Alesco Srl
- Amazing Nutrition
- Giellepi SpA
- Jarrow Formulas Inc.
- Natures Plus
- NOW Health Group Inc.
- Plamed Green Science Group
- Purelife Bioscience Co. Ltd.
- SunWay Biotech Co.
- Swanson
- Sylvan Wellness
- The Bountiful Company
- Xi’an Sost Biotech Co. Ltd.
- YT Biochem Co. Ltd.
Recent Developments
- In April 2021, OptiBiotix Health, introduced new version of CholBiome X3. The newly launched product is a cholesterol reducing food supplement & natural ingredients delivering similar health benefits like its predecessor and work alongside red yeast rice & Vitamin B3.
- In February 2021, Cymbiotika, introduced its red yeast rice, which contains zero synthetic ingredients and is completely gluten-free, sugar-free, vegan, and keto, and is available in easy-to-use liquid form.
Red Yeast Rice Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 422.77 million |
|
Revenue forecast in 2032 |
USD 938.88 million |
|
CAGR |
9.3% from 2023 – 2032 |
|
Base year |
2022 |
|
Historical data |
2019 – 2021 |
|
Forecast period |
2023 – 2032 |
|
Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
|
Segments covered |
By Application, By Product Type, By Sales Channel, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
© 2024 Polaris Market Research and Consulting. All rights reserved
