Rice syrup is the processed form of cultured rice. The rice is fermented using beta and alpha amylase enzymes that break down the starch content into simple molecules of sugar such as glucose, maltose, and fructose. Owing to the presence of excessive concentration of starch, the rice syrup finds its application as sweeteners or sweet enhancers in food processing. However, processing and refining processes reduce the nutritional values of the syrup. The market is driven by the wide application of rice syrup as an alternative sweetener. Rice syrup is available as a liquid solution of a nutritive sweetener. Besides, upsurge in the popularity of organic rice syrup as a result of growing health consciousness among consumers also drives the growth of the rice syrup market.
In 2018, Asia Pacific held the largest share of the global rice syrup market whereas North America is expected to register the fastest CAGR during the forecast period. In Asia Pacific, the demand for rice syrup is expected to increase due to the gradual shift of the consumers toward convenience foods. The consumers in developed and developing Asian countries such as Australia, China, and India are much oriented around their professional lives, which reflects in high demand for convenience or on-the-go food. The growing urbanization, increasing disposable income, and upsurge in FDI in the retail sector are among the other key factors fuelling the growth of the rice syrup market in this region.
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Rice Syrup Market: Strategic Insights
The COVID-19 outbreak first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace worldwide. As of March 2020, China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the worst-affected countries in terms confirmed cases and reported deaths. The outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Food and beverages is one of the major industries suffering serious disruptions such as office and factory shutdown, supply chain breaks, and technology event cancellations, as a result of this outbreak.
The demand for rice syrups is increasing due to growing consumer preference toward processed or convenience foods. Rice syrup is used in convenience food items such as bakery and confectionery products, dairy products, ready-to-eat foods, frozen desserts, and on-the-go beverages to improve their taste. With the growth of the food and beverages industry, and the rise in income levels, consumers in developed and developing countries are inclining more toward convenience foods. Moreover, innovative packaging methods due to developing technologies attract more consumers toward these food products. Currently, the globally rising demand for food is highly met by convenience foods. The urbanization of society has resulted in the prominence of these foods in the modern diet; for instance, there has been an increase in the trend of consumption of rice syrups mixed with carbonated water, coffee, pancakes, waffles, tea, cake, etc., in breakfast. Further, the increase in population, coupled with a rising economic standard; hike in disposable incomes; and diversification in food habits are also surging the demand for convenience foods. To meet the increasing demands, companies are coming up with the improved quality of rice syrups and efficient distribution channels to serve the wider customer base.
The rice syrup market, based on rice type, is segmented into brown rice and white rice. In 2018, the brown rice segment accounted for a larger share of the global market, while the white rice segment is expected to register a higher CAGR during the forecast period. Brown rice syrup is also famous as rice malt syrup. The fermentation of the brown rice is followed by enzymatic breakdown of starches; the substance is then reduced until it turns into a syrup-like consistency. The demand for brown rice syrup is increasing around the world owing to its nutritional properties; this type of rice syrup is used in many healthy and organic food products, including snack bars or breakfast cereal, as an alternative to artificial sweeteners, white sugar, and high-fructose corn syrup.
The rice syrup market, based on category, is segmented into organic and conventional. In 2018, the organic segment accounted for a larger share of the market, whereas the conventional segment is expected to register a higher CAGR during the forecast period. Organic rice syrup is natural, gluten-free, non-genetically modified, and allergen-free type. As organic rice syrup is produced from a plant source, it is suitable for vegan or vegetarian foods. It also acts as a sweetener in cereals, snacks bar, tea, coffee, juices, and bakery products. Besides this, it is also taken as a healthy hypo-allergenic diet supplement that helps fight diabetes and other diseases
The rice syrup market, based on application, is segmented into bakery and confectionary; beverages; dessert and dairy products; meat, poultry, and seafood products; infant formula; and others. In 2018, the bakery and confectionary segment accounted for the largest share of the global market, whereas the dessert and dairy products segment is expected to register the highest CAGR during the forecast period. The dominance of this segment is primarily attributed to the rising demand for bakery and confectionery products in emerging economies of Asia Pacific. Rice syrup is odorless, sweet, and clear yellow viscous liquid, and it is used in bakery and confectionaries products that require high amount of invert sugars. Rice syrup is increasingly being used in baking food items such as cookies, cakes, and muffins as well as in the preparation of hard candies, pancakes, muffins gums, and jellies. It is used to add viscosity and texture, along with stability, to bakery and confectionery items. Other than this, it is also used to decorate food items as it offers shine and lusciousness. This adds to their demand in restaurants and cafes.
Several strategic initiatives are commonly adopted ideas by companies to expand their footprint worldwide. The players present in the rice syrup market such as Gulshan Polyols Limited, Cargill Incorporated, Wuhu Deli Foods Co., Ltd., and Malt Products Corporation are implementing this strategy to enlarge the customer base and gain significant share in the global market, which also allows them to maintain their brand name globally.
The regional trends and factors influencing the Rice Syrup Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Rice Syrup Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2018 | US$ 635.8 Million |
| Market Size by 2027 | US$ 928.4 Million |
| Global CAGR (2018 - 2027) | 4.3% |
| Historical Data | 2016-2017 |
| Forecast period | 2019-2027 |
| Segments Covered |
By Rice Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Rice Syrup Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Rice Syrup Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies - Rice Syrup Market
In dairy industry, brown rice syrups find its application in preparation of rice milk and yoghurts. Also, these syrups are used in preparation of ice cream as they helps to optimize sweetness and freezing point along with minimization of fat and enhancing body and melt character. The rise in demand for desserts made from rice syrups along with growth of dairy industry is expected to provide opportunity for the growth of the market.
The major players operating in the global rice syrup market are Axiom Foods, Inc., Malt Products Corporation, California Natural Products, Cargill, Incorporated, Gulshan Polyols Ltd., Habib Rice Products Ltd., Lundberg, Meurens Natural, Windmill Organics Ltd, and Wuhu Deli Foods Co., Ltd.; among many others.
In 2018, the rice syrup market was predominant in Asia Pacific at the global level. The consumers in developed and developing Asian countries such as Australia, China, and India are engaged in their professional lives; therefore, they are gradually shifting their preference towards convenience food, which reduces their cooking time and provides them instant food. Rice syrups are used in various convenience food and beverages such as pancakes, ice cream, cocktails, and waffles, among others.