June 22, 2020
According to the research report titled ‘Rice Syrup Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Rice Type; Category; Application, available with Market Study Report LLC, the global rice syrup market was worth USD 635.8 million in 2018 and is estimated to amass USD 928.4 million by the year 2027, while recording a CAGR of 4.3% over 2019-2027.
Rice syrup is obtained by fermenting cultured rice using alpha and beta amylase enzymes, which break down the starch present in the rice into molecules of sugar like fructose, maltose, and glucose. Pertaining to the excessive amount of starch present in rice, rice syrup is used as sweet enhancer or sweetener in food processing industry. Though, refining and processing of rice hampers its nutritional value, but its application as a sweetener is gaining traction. Increasing popularity of natural rice syrup among health conscious consumers is driving the growth of global rice syrup market.
In terms of application spectrum, the market is divided into infant formula, meat, poultry & seafood products, dessert & dairy products, beverages, bakery & confectionery, and others. The bakery & confectionery segment held the largest industry share in 2018. Meanwhile, dessert & dairy products segment is likely to record a strong CAGR over the analysis timeframe, cites the report.
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Rice syrup is widely used in bakery products like muffins, cakes, and cookies, as well as in preparation of jellies, muffin gums, pancakes, and hard candies. It is an odorless clear yellow sweet syrup used for adding texture and viscosity while imparting stability to bakery & confectionery products. Rice syrup is also utilized for decorating food items as it provides lusciousness and shine, which is the key factor boosting the product demand in cafes and restaurants.
The outbreak of COVID-19 pandemic and subsequent lockdown across various nations may have a negative impact on rice syrup market outlook. The pandemic has halted the operations of chemicals and materials industries. Shutdown of bakeries and confectionaries across various nations of the world will impede the market growth.
Regionally, rice syrup industry is fragmented into Middle East & Africa, South America, Asia Pacific, Europe, and North America. Asia Pacific accounted to significant industry share in the year 2018. The growth is credited to expansion of food & beverage sector, along with rising health cognizance among the population in APAC.
The leading organizations in global rice syrup market are Wuhu Deli Foods Company Limited, Windmill Organics Limited, Meurens Natural, Lundberg, Habib Rice Products Limited, Gulshan Polyols Limited, Cargill Inc., California Natural Products, Malt Products Corporation, and Axiom Foods Inc. among others.