Rice Syrup Market
Rice Syrup Market (Nature: Organic and Conventional; Raw Material: Brown Rice and White Rice; and End Use: Bakeries, Beverages, Confectionaries, Desserts & Dairy Products, Food Services, and Infant Formulae) — Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Analysts’ Viewpoint on Rice Syrup Market Scenario
The increasing focus of health-conscious consumers in finding alternatives for artificial sweeteners in bakery products, desserts, dairy products, etc. is driving the demand for rice syrups. Organic rice syrup is considered a low-calorie sweetener and widely used as an alternative to high fructose corn syrup. Increasing applications of rice syrup in confectionaries, bakeries, beverages, dairy products, etc. driving market growth. Product manufacturers are taking efforts to increase the production of organic food products. There is a surging demand for such products after the coronavirus outbreak. Small and medium-scale product manufactures companies are taking advantage of the growing trend of consuming packaged food items, and marking their presence in the global market.
Increasing Awareness of Using Rice Syrup as Natural Sweetener Drives Market Growth
The demand for plant-based sweeteners with natural components is a major factor generating revenue opportunities for manufacturers operating in the global rice syrup market. The increasing usage of rice syrup in food processing industry is expected to witness value-grab opportunities for the manufacturers. Rice syrups are widely used as a natural sweetener in the food & beverage industry. This factor is likely to propel market growth in the upcoming years. Furthermore, innovative product offerings, particularly in the U.S., where rice syrup has been recently accepted as a natural sweetener, is projected to fuel the market in the near future. Consumers are more conscious about the food they eat after the threatening spread of COVID-19 virus. The rising awareness of using rice syrup as a natural sweetener is driving the demand for products. Manufacturers of rice syrup market are increasing their production capacity to fulfil the rising demand from consumers.
Surging Demand for Clean Label Products from Consumers
Rapid urbanization, changing food habits, increasing popularity of packaged food items, and awareness of consuming clean label products are some of the factors driving the demand for rice syrups in developing economies. The rising trend of convenience food due to hectic lifestyle is a major factor contributing to the growth of the rice syrup market. Rice syrup is increasingly being used to provide texture to the food items, including bakery and confectionary. Extended shelf-life is also a key factor attracting various food manufacturers to use rice syrups in packaged food items. Market players are focusing on product development using innovative strategies to stay ahead of the competition in the global rice syrup market.
Rising Health Awareness in Consumers Augmenting Demand for Product
Consumers are now more conscious about the food they eat after the COVID-19 pandemic. The increasing number of COVID-19 cases is anticipated to revive the growth of the natural and organic food products. Plant-based food products are highly demanded by the health-conscious consumers in the developing countries. Market stakeholders from different countries have been effortlessly working on increasing production of plant-based food due to increasing consumption all over the world. Strategic approach by manufacturing companies in the food & beverage sector are creating lucrative revenue opportunities. This low-calorie sweetener with high-fructose content is adopted by many health practitioners across the globe.
There is an increasing adoption of products made from natural sweetener such as rice syrups due to rising prevalence of diabetes, high blood pressure, and various heart complications in people. Food products that contain sugar substitute such as rice syrups are free from synthetic agents and harmful chemicals. This factor is responsible for increasing popularity of rice syrups in food industry, consequently driving the global rice syrup market.
Increasing Distribution Channels in Global Rice Syrup Market
The rising sales of plant-based food in coronavirus pandemic help product manufacturers to compete with top market players. Factors such as growing offline and online channels, development of the eCommerce industry, and rapidly expanding online businesses boost the sales of packaged food items, which, in turn, supports global rice syrup market. Increasing presence of distribution channels such as hypermarkets/supermarkets, convenience stores, food and drink specialty stores, and online retail stores in the global rice syrup market are developing innovative products to fulfil demand of consumers. Manufacturers are increasing the availability for an innovative range of products in a variety of different forms. Various ongoing research activities in developing plant-based food products help grow market exponentially. Manufacturers in the global rice syrup market are exploring opportunities in product quality and nutritional advantages.
Rice Syrup Market: Overview
The market value for rice syrup stood is estimated to value US$ 1.6 Bn in 2021, finds Transparency Market Research (TMR) in a recent study
Regions such as South Asia and Oceania are expecting the highest growth rate of 5.3% and 5.0%, respectively
Based on end use, infant formula accounts for the largest share of the global market, solely accounting for around 4.6% market value share and market value of US$ 151.6 Mn
In terms of raw material, brown rice accounts for the largest market share with 74.8%
Rice syrup is obtained by converting the starch derived from the carbohydrates in the rice. Due to the presence of high concentration of starch, rice syrups are used as sweeteners or sweet enhancers. Due to its inherent characteristics of being natural, organic, non-GMO, allergen-free rice syrup has been used in wide application in food and beverages industries.
Rice Syrup: Market Frontrunners
Health benefits of rice syrup has driven key players to expand their product portfolio. Hence, the use of rice syrup is increasing in various industry use to its nutritional value.
Rice syrup can be used as a natural replacement for artificial sweeteners; therefore, it is mainly demanded by vegan consumers. Due to this, rice syrup witnessed huge demand from various industries.
Rice syrup are used in various end-use industries including bakeries, confectioneries, beverage, desserts & dairy products, infant formula, and foodservices. This segment of product types shows significant market growth with a CAGR value of 3.7% during the forecast period, 2021-2031.
According to research, the organic segment holds value CAGR around 4.6% during the forecast period
In the global market, Europe is expected to dominate the global market followed by North America. Together, both regions capture more than 72.3% share of the global market. However, this market in Latin America and Middle East & Africa is expected to show significant growth during the forecast period.
Rice Syrup Market: Trends
Rice syrups act as a natural sweeteners; hence, they play an essential role enhancing sweetness of wide range of food and beverages, which include muffins, salads, pancakes, carbonated drinks, etc. Therefore, it has been widely in demand by the foodservice industries such as quick service restaurants, cafes, and hotels in recent years
Increasing demand for rice syrup in infant formulae: Breast milk is the most essential milk for infant, as it helps provide the necessary immunoglobulins for infant to build its immune system. According to World Health Organization (WHO) suggests exclusive breastfeeding for the first six months, and continued breastfeeding for as long as possible. In recent years, rice syrup is increasingly being used in infant nutrition as a healthy alternative for breast milk for better digestion. Brown rice syrup can also help treat diarrhea in infants by promoting better digestion and supplementing adequate nutrition. As such, rice syrup is expected to have wider opportunities in infant formulae during the forecast period.
Rising demand for clean label food products boosting market growth: The demand for clean label food has been witnessing substantial increase all over the world in recent years. Increasing consumer awareness regarding the health benefits of products containing organic ingredients are bracing the development of clean label food products. As clean label ingredients are produced without excessive addition of artificial ingredients and chemicals, and are minimally processed, consumers show keen interest towards them, which is one the major driving factors of the global rice syrup market.
According to International Food Information Council’s (IFIC) survey from “Chemical-sounding” to “Clean” on June 2021: nearly 65% of the consumer stated that they would prefer food made by clean ingredients. According to the consumer they define clean ingredient as, “not artificial or synthetic” the most preferred choice of more than 20% consumer, while more than 15% go for “organic” while rest of the consumer opted for nutritious, natural, and others.
Inclination toward plant-based ingredients pushing farmers into cultivating more raw materials to make rice syrup: Rise in agriculture across the globe and plant-based ingredient cultivation has witnessed immense growth. Along with the rise in production of rice for staple diets, white rice, brown rice, as a plant-based ingredient, has witnessed huge demand for its industrial processing as a sweetener. This is mainly endorsed to the increased awareness about the benefits of brown rice crop in the upcoming years.
Rice Syrup Market: Strategies
Manufacturers are focusing on widen their customer base by presenting innovative products through various marketing campaigns and publishing report describing the benefits of their product. This strategy is helping the companies to reach large number of focused audience in-short period of time.
In 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
In 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