Until just a few years ago, the protein market relied on whey or soy. However, after the COVID-19 pandemic, awareness of health and sustainability grew, leading 'plant-based protein' to emerge as a new trend. Amid this trend, a startup focusing on the new possibilities of domestic food resources has gained attention.
RiceValue is a food tech corporation that produces high-quality plant-based protein by processing 'rice bran', a byproduct of rice.
CEO Jung Kwang-ho is a veteran in the food protein field, having served as a senior researcher at CJ CheilJedang's Food Research Institute, a technical committee member at the Ministry of Agriculture, Food and Rural Affairs, and the head of the Research Institute at Cheongwon Nonghyup RPC.
"The issue I felt while developing food was simple. Most of the protein we consume relies on imports. However, I thought we could create high-quality protein using rice grown in our land."
The core of RiceValue is rice bran, one of the byproducts of rice. Annually, more than 400,000 tons of domestically produced rice bran has been classified as a raw material with low utility and rapid rancidity, making it difficult to process. However, RiceValue has completed technology that prevents rancidity and extracts high-purity protein through its proprietary protein separation and purification technology, SCR (Separation Concentration Refining).
"Rice bran quickly goes rancid due to its high fat and enzyme content. Because of its short shelf life, supply and processing are challenging. We have a technology that fundamentally solves this problem."
As a result, RiceValue has succeeded in producing domestic rice bran protein powder with over 70% purity. This has a higher price competitiveness (about 300 won per kg) compared to imported soybean protein (about 580 won per kg) and poses a lower risk of allergy, making it suitable for the health food market. Above all, it is noteworthy as an alternative for a sustainable future food industry, as it is Non-GMO, gluten-free, and can be certified as vegan.
CEO Jung emphasizes that rice bran protein could serve as a substitute for existing protein raw materials including whey and soy. "What our clients are most curious about is whether it's possible to offer 'truly domestic protein' at such a price. I wanted to show that it is possible if supported by technology."
Their business model goes beyond 'materialization'. RiceValue has entered into agreements with three rice bran suppliers, including Cheongwon Life Nonghyup, to establish a sustainable protein supply chain. In the future, they aim to venture into overseas markets. With the demand for rice protein increasing in the U.S. and Europe, they plan to demonstrate their competitiveness as a domestic raw material that aligns with the vegan trend.
"We have viewed rice solely as a 'staple', but now is the time to see it as a material with functionality and industrial value. Rice bran is a byproduct of rice, but it can be a very strategic resource for safeguarding our food sovereignty."