Rice Syrup Market Analysis to 2027|Industry Size and Forecast

Rice Syrup Market Forecast to 2027 - COVID-19 Impact and Global 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)

  • Report Code : TIPRE00011037
  • Category : Food and Beverages
  • Status : Published
  • No. of Pages : 157
Buy Now

The rice syrup market was valued at US$ 635.8 million in 2018 and is projected to reach US$ 928.4 million by 2027; it is expected to grow at a CAGR of 4.3% from 2019 to 2027.

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.

Effect of COVID-19 on Rice Syrup Market

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.

Global Rice Syrup Market

Global Rice Syrup Market

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Market Insights

Rising demand for convenience food

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.

Rice Type-Based Insights

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.

Rice Syrup Market, by Rice Type – 2018 and 2027

Rice Syrup Market, by Rice Type – 2018 and 2027
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Category-Based Insights

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

Application-Based Insights

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.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Rice Syrup Market: Strategic Insights

Rice Syrup Market

  • CAGR (2018 - 2027)
    4.3%
  • Market Size 2018
    US$ 635.8 Million
  • Market Size 2027
    US$ 928.4 Million

Market Dynamics

GROWTH DRIVERS
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX
FUTURE TRENDS
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX
OPPORTUNITIES
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX

Key Players

  • Axiom Foods, Inc.
  • Malt Products Corporation
  • California Natural Products
  • Cargill, Incorporated
  • Gulshan Polyols Ltd.
  • Habib Rice Products Ltd.
  • Lundberg
  • Meurens Natural
  • Windmill Organics Ltd.

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Rice Type
  • Brown Rice
  • White Rice
Category
  • Organic
  • Conventional
Application
  • Bakery and Confectionary
  • Beverages
  • Dessert and Dairy Products
Infant Formula, Others)
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    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.

    Global Rice Syrup Market – By Rice Type

    • Brown Rice
    • White Rice

    Global Rice Syrup Market – By Application 

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

    Global Rice Syrup Market – By Category

    • Organic
    • Conventional

    Company Profiles

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

    Rice Syrup Market Report Scope

    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
    • Brown Rice
    • White Rice
    By Category
    • Organic
    • Conventional
    By Application
    • Bakery and Confectionary
    • Beverages
    • Dessert and Dairy Products
    By Infant Formula, Others)
      Regions and Countries Covered North America
      • US
      • Canada
      • Mexico
      Europe
      • UK
      • Germany
      • France
      • Russia
      • Italy
      • Rest of Europe
      Asia-Pacific
      • China
      • India
      • Japan
      • Australia
      • Rest of Asia-Pacific
      South and Central America
      • Brazil
      • Argentina
      • Rest of South and Central America
      Middle East and Africa
      • South Africa
      • Saudi Arabia
      • UAE
      • Rest of Middle East and Africa
      Market leaders and key company profiles
    • Axiom Foods, Inc.
    • Malt Products Corporation
    • California Natural Products
    • Cargill, Incorporated
    • Gulshan Polyols Ltd.
    • Habib Rice Products Ltd.
    • Lundberg
    • Meurens Natural
    • Windmill Organics Ltd.
      • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
      Report Coverage
      Report Coverage

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

      Segment Covered
      Segment Covered

      Rice Type ; Category ; Application

      Regional Scope
      Regional Scope

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

      Country Scope
      Country Scope

      Argentina, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

      Frequently Asked Questions


      Can you list some of the major players operating in the global rice syrup 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, which region held the largest share of the global rice syrup market?

      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.

      Based on application, why is the desert and dairy products segment expected to grow at the highest rate during 2019-2027?

      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 List of Companies - 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. Meurens Natural
      9. Windmill Organics Ltd.
      10. 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.

      Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

      Trends and growth analysis reports related to Rice Syrup Market