North America Rice Syrup Market to Grow at a CAGR of 4.6% to reach US$ 231.2 Million from 2020 to 2027

North America Rice Syrup Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Rice Type (Brown Rice, White Rice); Category (Organic, Conventional); Application (Bakery and Confectionary, Beverages, Dessert and Dairy Products, (Meat, Poultry and Seafood Products), Infant Formula, Others); and Country

Publication Month : Jun 2020

  • Report Code : TIPRE00011599
  • Category : Food and Beverages
  • Status : Published
  • No. of Pages : 105
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The North America rice syrup market was valued at US$ 154.9 million in 2018 and is projected to reach US$ 231.2 million by 2027; it is expected to grow at a CAGR of 4.6% during the forecast period, 2018-2027.

Rice syrup refers to the processed form of cultured rice. The rice is fermented using some enzyme-like beta and alpha-amylase that breaks 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. The nutritional values get reduced during the processing and refining processes. 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. Moreover, an upsurge in the popularity of organic rice syrup as a result of growing health consciousness among consumers also drives the market growth for rice syrup.

The US contributed to the largest share of the North America rice syrup market. The US is a developed market for rice syrup due to the rising consumption of convenience products such as bakery and confectionary and surging demand from the working population due to busy lifestyles. Moreover, the presence of well-established food industries in the country is the key factor propelling the market growth in the US.

Impact of COVID-19 Pandemic on Rice Syrup Market

The US has the highest number of confirmed cases of COVID-19, compared to Canada and Mexico. This is likely to negatively impact the food and beverage industry in the region, which in turn affect the supply and distribution chain. Additionally, the overall manufacturing processes, research, and development activities is also expected to impact the market growth.

North America Rice Syrup Market

Market Insights

Growing use of rice syrup from dairy industry

A significant shift in the consumer’s taste and preferences are causing a major transition in the food & beverage industry, and accordingly, manufacturers are striving to reinvent their product offerings so as to meet up the expectations of the changing and trending consumer preferences. Rice syrups have gained acceptance in several dairy & frozen desserts products such as frappes, flavored milk, smoothies, milkshakes, yogurts, and whipped creams. The growth of the dairy sector in developed and developing countries is driving the growth of the rice syrup market. The dairy industry has become an important part in North America and is projected to grow at a significant rate during the forecast period. This factor is expected to  boost the demand for rice syrups in the near future. The overall rise in the production of dairy and dairy products and the surging demand for dairy-based products is anticipated to bolster the demand for rice syrups in North America.

Rice Type-Based Market Insights

Based on rice type, the rice syrup market is segmented into brown rice and white rice. The brown rice segment accounted for the largest share of the North America rice syrup market in 2018. Brown rice syrup is also known as rice syrup or rice malt syrup. It is produced by fermenting the brown rice, breaking the starches with the help of certain enzymes, a then finally reducing the substance until it turns into a syrup-like consistency. Broken down brown syrup is pure glucose. Brown rice syrup is used in many healthy and organic food products like snack bars or breakfast cereal as an alternative to artificial sweeteners, white sugar, and high fructose corn syrup. Granola bars are a type of recipe and are also called brown rice syrup.

North America Rice Syrup Market, by Application– 2018 and 2027

Category Market Insights

Based on category, the rice syrup market is segmented into organic and conventional. In 2018, the organic segment accounted for the largest share of the North America rice syrup market. Organic rice syrup is a type of sweetener that is applied in various food & beverage applications. It is normally used as a sugar alternative and is a form of glucose that contains sugar. Organic rice is fermented without making use of pesticides and synthetic agents which protects the syrup and make it fit for consumption for consumers belonging to all age groups. Organic rice is mainly produced from pesticide and fertilizer free farming, and therefore organic rice is considered to be high-quality grain.

Application-Based Market Insights

Based on application, the rice syrup market 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 dominated the North America rice syrup market; whereas, the desserts & dairy products segment is expected to grow at the fastest rate during 2019–2027. Rice syrup is sourced from brown rice and white rice and has gained magnanimous adoption in food items, especially in bakery and confectionery. Rice syrup is a product recommended by health experts to be used in the absence of alternative sweeteners. Rice syrup is used in baking as a substitute for honey and white table sugar. It is about one-half as sweet as table sugar and has to be used wisely in baking.

Rice syrup Market – By Rice Type

  • Brown Rice
  • White Rice


Rice syrup Market – By Category

  • Organic
  • Conventional


Rice syrup Market – By Application

  • Bakery and Confectionary
  • Beverages
  • Dessert and Dairy Products
  • Meat, Poultry and Seafood Products
  • Infant Formula
  • Others

Company Profiles

  • Axiom Foods, Inc.
  • Malt Products Corporation
  • California Natural Products
  • Cargill, Incorporated
  • Gulshan Polyols Ltd
  • Habib Rice Products Ltd.
  • Lundberg
  • Wuhu Deli Foods Co., Ltd.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Rice Type, Category, Application, and Country

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada

The List of Companies - North America Rice Syrup Market

  1. Axiom Foods, Inc.
  2. Malt Products Corporation
  3. California Natural Products
  4. Cargill, Incorporated
  5. Gulshan Polyols Ltd
  6. Habib Rice Products Ltd.
  7. Lundberg
  8. Wuhu Deli Foods Co., Ltd.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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