The new report by Expert Market Research titled, ‘Global Rice Syrup Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global rice syrup market, assessing the market based on its segments like brown rice, white rice and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 4%
Over the projection period, the increased popularity of organic rice syrup over conventional is likely to propel the industry forward. The growing demand for organic products is causing manufacturers to develop items made from high-quality ingredients that are free of synthetic chemicals, which is propelling the growth of this segment and, as a result, the broader industry.
Due to rising consumer health awareness and a growth in demand for organic, natural, and healthy food products in the region, Europe is predicted to account for one of the greatest shares in the global market. A crucial factor driving the industry in Europe is the high consumption of baked goods and confectionaries. Furthermore, the European Union’s (EU) rigorous laws governing the distribution of rice syrup provide consumers with a sense of security, boosting rice syrup sales in Europe.
Industry Definition and Major Segments
Rice syrup is a grain syrup or sweetener made from whole grain rice that has been fermented with enzymes to break down the natural starches in the rice into complex carbs, maltose, and glucose. Rice syrup gives baked goods like cookies, cakes, pies, and puddings a pleasantly sweet butterscotch flavour. When used in baked items, rice syrup produces a crispier or firmer texture.
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The rice syrup industry, based on rice type, can be divided into:
On the basis of nature, the industry is segmented into:
Rice syrup finds application in sectors like:
- Bakery and Confectionery
- Desserts and Dairy
- Infant Formula
- Meat, Poultry, and Seafood
The report also covers the regional markets for rice syrup like:
- North America
- the Asia Pacific
- Latin America
- the Middle East and Africa.
Rice syrup’s global market is being propelled by its increasing use in the food and beverage industry, particularly in the production of processed and baked items. Because of the increased customer desire for organic or natural products over synthetic ones, the industry is experiencing consistent expansion. Furthermore, with a growing vegan population, the demand for plant-based components is driving the rice syrup business ahead.
Because of its anti-crystalline character, high degree of sweetening, and low freezing point, rice syrup is increasingly being used in the confectionery sector as a suitable component for flavoured sweets and in ice creams as a natural sweetener and as an agent to lower its freezing point. As a result of expanding disposable incomes and a growing customer preference for processed foods, the industry is likely to develop even more.
Furthermore, the increasing production and cultivation of organic rice is assisting industry expansion by ensuring a steady supply of raw material for the syrup sector. Furthermore, the many steps taken by governments around the country to support farmers are giving the organic rice business a boost, which will benefit the rice syrup sector globally. Technological advances and new product releases are projected to help the global rice syrup market grow throughout the forecast period.
Following the COVID-19 pandemic, consumers are now more conscious of the food they consume. Natural and organic food products are expected to reap the benefits of the rising number of COVID-19 cases. In developing nations, health-conscious consumers place a high demand on foods made from plants. Due to rising global consumption, market stakeholders from various nations have effortlessly worked to increase plant-based food production.
Manufacturing companies in the food and beverage industry are taking strategic approaches that are opening up lucrative revenue opportunities. Various health professionals around the world use this high-fructose, low-calorie sweetener. Due to the rising incidence of diabetes, high blood pressure, and numerous heart problems, natural sweeteners like rice syrups are becoming increasingly popular. Rice syrups and other food products that contain sugar substitutes are free of harmful chemicals and synthetic agents. This is the reason why rice syrups are becoming more and more popular in the food industry, which will boost the global rice syrup market during the forecast period.
Key Market Players
The major players in the market are Habib Rice Products Ltd., Wuhu Deli Foods Co., Ltd., Lundberg Family Farms, Meurens Natural S.A., and California Natural Products. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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