Global demand for rice syrup (volume) enjoyed year-on-year (YoY) growth of 2.9% in 2021 to reach 307.6 kilo tons. Overall, sales of rice syrup are predicted to increase at a CAGR of 4.5% and reach a market valuation of US$ 1.09 Bn by the end of 2032.
Rice syrup, also known as rice malt syrup, is a natural sweetener derived from brown rice. It is produced by fermenting cooked rice with enzymes to break down the starches into simple sugars, primarily maltose. Over the years, rice syrup has gained popularity as a healthier alternative to traditional sweeteners due to its low glycemic index and absence of fructose. The rice syrup market has witnessed significant growth in recent years, driven by increasing consumer awareness regarding health and wellness, as well as the rising demand for clean-label and natural ingredients in food and beverage products.
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Market Dynamics and Trends:
Health and Wellness Trends: Growing consumer concerns regarding sugar consumption and its impact on health have led to a shift towards healthier sweetening options like rice syrup, which offers a lower glycemic index compared to refined sugar.
Clean Label Movement: With consumers becoming more conscious about ingredient transparency and the desire for clean-label products, rice syrup’s natural origin and minimal processing make it an attractive choice for food and beverage manufacturers looking to meet these demands.
Plant-Based and Vegan Diets: The increasing adoption of plant-based and vegan diets has contributed to the rise in demand for alternative sweeteners like rice syrup, which is plant-derived and suitable for vegan diets.
Functional Food and Beverage Market: The incorporation of rice syrup into various functional food and beverage products, such as energy bars, sports drinks, and breakfast cereals, is driving its demand among health-conscious consumers seeking nutritious and convenient options.
Expansion of Applications: Rice syrup’s versatility as a sweetening agent and its ability to enhance flavor and texture have expanded its applications beyond the food and beverage industry into sectors such as pharmaceuticals, cosmetics, and personal care products.
Market Challenges and Opportunities:
While the rice syrup market presents significant growth opportunities, it also faces certain challenges, including:
Competition from Alternative Sweeteners: The rice syrup market competes with other natural sweeteners like honey, maple syrup, and agave syrup, as well as artificial sweeteners and sugar alcohols, which may limit its market share in certain segments.
Supply Chain Disruptions: Factors such as climate change, fluctuations in rice production, and supply chain disruptions can impact the availability and pricing of rice syrup, posing challenges for manufacturers and suppliers.
Regulatory Environment: Regulatory requirements and labeling regulations related to sweeteners may influence the market dynamics and consumer perception of rice syrup, especially regarding claims related to health and nutrition.
Despite these challenges, the rice syrup market presents promising opportunities for growth, driven by:
Product Innovation: Continued research and development efforts focused on enhancing the flavor profile, functionality, and application versatility of rice syrup are expected to expand its market reach and appeal to a broader consumer base.
Market Expansion: The increasing adoption of rice syrup in emerging markets, coupled with rising consumer awareness and disposable incomes, presents untapped opportunities for market expansion and penetration.
Market Segmentations:
Rice Syrup Market by Product Type:
Conventional Rice Syrup
Organic Rice Syrup
Rice Syrup Market by Dextrose Equivalent (DE):
28 DE
42 DE
45 DE
60 DE
Rice Syrup Market by Source:
White Rice
Brown Rice
Rice Syrup Market by Function:
Natural Sweeteners
Binders/Stabilizers/Thickeners
Humectants
Others
Rice Syrup Market by Maltose Content:
Low Maltose (❤6 g/100g) Rice Syrup
High Maltose (>36 g/100g) Rice Syrup
Rice Syrup Market by Form:
Solid Rice Syrup
Liquid Rice Syrup
Rice Syrup Market by Application:
Food & Beverages
Food
Bakeries
Confectioneries
Ice Creams & Desserts
Dairy Products
Meat, Poultry and Seafood
Cereal & Energy Bars
Beverages
Nutrition
Nutraceuticals & Supplements
Infant Formula
Pharmaceuticals
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Competition Landscape
ABF Ingredients, Ltd, Archer-Daniels-Midland Company, Axiom Foods, Inc., Bharat Glucose Pvt. Ltd., California Natural Products Inc., Cargill Incorporated, Ciranda, Gehl Food, Glucorp, GoMacro LLC, Gulshan Polyols Ltd., Habib Rice Products Ltd., IFPC, Lundberg Family Farms, Matco Foods Limited, Nature Bio-Foods Ltd, naVitalo, Om Foods Inc., Shafi Gluco Chem (Pvt) Ltd, Sweet Additions, Windmill Organics Ltd., Wuhu Deli Foods Co., Ltd., Wuhu Haoyikuai Food Co., Ltd
Recent News:
In October 2021, ADM announced plans to invest in a biotechnology company — Acies Bio.
In September 2021, ADM entered into an agreement to acquire 75% stake in PetDine, Pedigree Ovens, The Pound Bakery and NutraDine (P4 Companies).
In January 2021, ADM signed a contract to acquire Soja Protein.
Collaborations and Partnerships: Collaborations between rice syrup manufacturers, food and beverage companies, and research institutions can drive innovation, market development, and the creation of new product formulations to meet evolving consumer preferences and market trends.
In conclusion, the rice syrup market is poised for steady growth, fueled by shifting consumer preferences towards healthier and natural sweetening options, the clean-label movement, and the expanding applications of rice syrup across various industries. To capitalize on these opportunities, stakeholders in the rice syrup market need to focus on product innovation, market expansion strategies, and collaborations to meet the evolving needs of consumers and drive sustainable growth in the long term.
Contact:
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Tel: +1 (628) 251–1583
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