The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global rice syrup market. In addition, complete analysis of changes on the global rice syrup market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. During COVID-19 pandemic, global rice syrup market was more or less affected due to supply chain distribution, declining demand for rice syrup from various application like food & beverages which has certainly affected the market growth to major extend. However, post COVID-19 the market has witnessed the rising new growth opportunities and is expected to have emerging demand in upcoming years.
Growing health consciousness among consumers has led to a shift in their preferences toward the consumption of organic food products, which are sourced from high-quality natural ingredients and are devoid of any synthetic additives. The increasing popularity of organic rice syrup is due to several product launches. For instance, US-based Ciranda collaborated with Matco Foods to launch two new natural sweeteners, namely organic clarified brown rice syrup and organic brown rice syrup. This demand for organic rice syrup will lead to the expansion of the global rice syrup market at a CAGR of over 4% during the forecast period.
Since the demand for healthy sweeteners is growing at the global level, the market participants will be getting a potential opportunity in the global organic rice syrup market during the forecast period. Furthermore, growing demand for organic food products is increasing the use of organic food ingredients including the organic rice syrup. This is further creating the favorable market scenario for the manufacturer of organic rice syrup market.
Processing and refining processes reduce the nutritional values of the syrup, hamper growth of the market. The processing and refining process reduce nutritive value due to different chemical process and this also effect the consumers health.
Major challenge of the market is organic rice syrup is a derivate of brown rice which contains traces of arsenic which can cause serious harm to human bodies such as cancer.
The report provides in-depth analysis of global rice syrup market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various rice syrup in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2028.
The global rice syrup market comprises of different market segment like rice type, application, origin, and geography.
The rice type studied in the global rice syrup market are brown rice and white rice. In 2021, 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 global rice syrup market finds its major application in bakery and confectionery, beverages, dessert and dairy, meat, poultry, and seafood, and infant formula. Bakery and confectionery is likely to gain major market share during the estimated time 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.
Organic and conventional are the major origin type of rice syrup in the market. Organic rice syrup is the fastest growing segment in the market. Growing demand for organic and natural sweeteners has been observed, owing to the increasing health consciousness among consumers and product developers. However, there are very few natural sweeteners available in the market right now. Due to this, the launches of new products with natural ingredients, such as rice syrup, is anticipated to drive the growth of the global rice syrup market during the forecast period. In Europe, rice syrup is the most preferred natural sweetener used in food processing industries.
The global rice syrup market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is likely to witness rising demand for rice syrup market. Owing to the high consumption of sugar alternative products in the region. Whereas, Europe, followed by the North America is also witnessing the considerable market value share in global organic rice syrup market, the major contributing factor is growing consumption of organic food products in the region. However, the South and East Asia is projected the higher market growth, attributable to the increasing per capita expenditure on food products which led the higher use of new emerging food ingredients in food products in these regions.
The competitive landscape analysis of rice syrup market is certainly based range of market players operating in the food & beverage market with increasing demand for production of rice syrup. Besides, number of market players offered wide range of products for different application in various geographic locations. The market has major competitive analysis based on new product launches as well as other developments.
The key players studied in market are Axiom Foods, Inc., Malt Products Corporation, California Natural Products, Cargill, Incorporated, Gulshan Polyols Ltd., Habib Rice Products Ltd., Meurens Natural, Windmill Organics Ltd., Wuhu Deli Foods Co., Ltd., among others.
July 2018: Wuhu Deli Foods Co., Ltd. participated in the international food expo - IFT18 (Institute of Food Technologists), which brings more than 20,000 food professionals and other market participants such as distributors and suppliers together in order to promote mutual business collaborations
November 2018: the company presented a report titled, ‘Plant Protein Innovation and Industry Forecasting’, which provides forecast data up to 5 years and helps food formulators understand the importance and demand of plant-derived proteins in food and beverage products, in order to attract more industrial consumers
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. The global rice syrup market comprises of different market segment like rice type, application, origin, and geography. The rice type studied in the global rice syrup market are brown rice and white rice. In 2021, 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. The global rice syrup market finds its major application in bakery and confectionery, beverages, dessert and dairy, meat, poultry, and seafood, and infant formula. Bakery and confectionery is likely to gain major market share during the estimated time period. Organic and conventional are the major origin type of rice syrup in the market. Organic rice syrup is the fastest growing segment in the market. The global rice syrup market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is likely to witness rising demand for rice syrup market.
1) What are the drivers for rice syrup market?
The key driving factors of the market are growing demand for organic and natural sweeteners and increasing health consciousness among consumers
2) Which is the leading application segment for rice syrup market?
Bakery and confectionary have accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
3) Which region is gaining majority of market share during the forecast period (2022-2028)?
North America is expected to gain major market share during the forecast period (2022-2028).