Market Size of Rice Syrup Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.10 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Rice Syrup Market Analysis
The rice syrup market is projected to register a CAGR of 4.1% during the forecast period (2022-2027).
The COVID-19 pandemic had a very short-term effect on the food processing industry due to trade restrictions and strict government regulations. However, the overall food and beverage industry saw a rise during the pandemic. According to the International Trade Administration (ITA), the food and beverage industry experienced a 7.8% increase in 2019 compared to 2018 and had an expected growth of 16% in 2021.
The market is likely to be driven by several factors, such as a wide range of applications of rice syrup as an alternative sweetener and the increasing popularity of organic rice syrups. The presence of high starch content in rice syrups makes them extensively useful in food processing industries. Brown rice is widely accepted by consumers as a natural sweetener alternative.
Growing demand for organic and natural sweeteners was observed due to the increasing health consciousness among consumers and product developers. However, there are very few natural sweeteners available in the market. Due to this reason, new product launches with natural ingredients, such as rice syrup, are anticipated to drive the growth of the rice syrup market during the forecast period. In Europe, rice syrup is the most preferred natural sweetener used in food processing industries.
Rice Syrup Industry Segmentation
Rice syrup is made by fermenting the rice and subjecting it to natural enzymes, which turns the starch present in the rice into sugar. The liquid produced through this procedure is then heated and turned into syrup.
The scope of the market is segmented by rice type, origin, application, and geography. For each segment, the market sizing and forecast have been done on the basis of value (in USD million).
| By Rice Type | |
| Brown Rice | |
| White Rice |
| By Category | |
| Organic | |
| Conventional |
| By Application | |
| Bakery and Confectionery | |
| Beverages | |
| Dessert and Dairy | |
| Meat, Poultry, and Seafood | |
| Instant Formula | |
| Other Applications |
| By Geography | ||||||||
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Rice Syrup Market Size Summary
The rice syrup market is experiencing a steady growth trajectory, driven by its diverse applications as an alternative sweetener and the rising popularity of organic variants. The market's expansion is fueled by increasing consumer health consciousness, which has led to a growing demand for natural and organic sweeteners. Rice syrup, particularly brown rice syrup, is gaining traction as a natural sweetener alternative, especially in Europe, where it is widely used in the food processing industry. The syrup's high starch content makes it a valuable ingredient in various food products, and its gluten-free and allergen-free properties make it suitable for vegan and vegetarian diets. The market is characterized by a fragmented landscape with key players like Cargill Inc. and California Natural Products Inc. actively launching new products to cater to the demand for natural ingredients.
Europe is anticipated to lead the rice syrup market, driven by the region's increasing preference for organic and healthy food ingredients. The stringent regulations by the European Union are instilling confidence among health-conscious consumers, further boosting the market's growth. The demand for rice syrup is also being propelled by its use in households and the burgeoning bakery industry in the region. The market's competitive nature sees companies focusing on innovative manufacturing technologies and strategic collaborations to enhance their product offerings and market share. Notable collaborations, such as that between Ciranda Inc. and Matco Foods Ltd., highlight the industry's commitment to producing high-quality organic sweeteners, reinforcing the market's growth prospects.
Rice Syrup Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Rice Type
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2.1.1 Brown Rice
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2.1.2 White Rice
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2.2 By Category
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2.2.1 Organic
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2.2.2 Conventional
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2.3 By Application
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2.3.1 Bakery and Confectionery
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2.3.2 Beverages
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2.3.3 Dessert and Dairy
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2.3.4 Meat, Poultry, and Seafood
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2.3.5 Instant Formula
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2.3.6 Other Applications
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2.4 By Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.1.4 Rest of North America
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Russia
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle-East and Africa
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2.4.5.1 Saudi Arabia
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2.4.5.2 South Africa
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2.4.5.3 Rest of Middle-East and Africa
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Rice Syrup Market Size FAQs
What is the current Rice Syrup Market size?
The Rice Syrup Market is projected to register a CAGR of 4.10% during the forecast period (2024-2029)
Who are the key players in Rice Syrup Market?
Archer Daniels Midland Company, California Natural Products Inc., Axiom Foods Inc., Wuhu Deli Foods Co. Ltd and Cargill Incorporated are the major companies operating in the Rice Syrup Market.
