Rice Syrup Market: Introduction
A latest research report published by Transparency Market Research (TMR) on the global market for rice syrup covers industry analysis and growth opportunity assessment of Latin America, North America, Oceania, Middle East, and Africa, Europe, East Asia, South Asia, Middle East, and Africa for 2021-2031.
Europe holds a value share of 42.6% of the global rice syrup market, which is valued at US$ 685.9 Mn in 2021, and it is estimated to rise at a CAGR of 3.7% to reach US$ 985.3 Mn by 2031.
Demand for Plant-based Sweeteners Boosting Rice Syrup Market
The demand for plant-based sweeteners with natural components is a major demanding factor for manufacturers to withstand in the consolidated rice syrup market. Moreover, the usage of rice syrups in various industries such as beverages and packaged food is expected to rise in the existing as well as untapped markets across the globe. 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.
According to Plant-Based Food Association, in the U.S. grocery market place, plant-based market is estimated to increase by two digit in 2020; this growth will constant across the country and with more than 25% growth in every U.S census region. Moreover, in 2020, more than 55% of U.S household purchased plant-based foods, which is approximately 5% more than previous year.
Growing Urbanization and Changing Lifestyles Leading to Surge in Demand for Clean Label Products
Due to urbanization, the processed food market is expected to witness significant growth in the upcoming decade. However, the improvement of re-formulated products to swap table top sugar is expected to drive the demand for clean label products in the coming years. Additionally, customer demand for convenience food is rising at a rapid rate, which is the key driver for specialty ingredients such as rice syrup, as these offer functionalities such as texture to the food products, extended shelf-life, and stability texture to the food products. This has led manufacturer to put emphasis on innovative initiatives to offer clean label ingredients to customers.
Rice Syrup as Alternative for Corn Syrup Offering Market Growth Opportunities
Rice syrup is gaining market traction as it is a low-calorie sweetener with high-fructose content which acts as a gateway for consumer looking for low calorie product or health conscious. Moreover rice syrup is a plant-based sweetener which includes no synthetic contents, fertilizers or pesticides which makes it a safe and acceptable to the consumer of all age groups.
Backward Integration from Manufacturers to Raw Material Suppliers Reducing Costs and Enhancing Quality
Backward integration of supply chain from manufacturers to raw material suppliers would help to improve quality, increase profit margins, and provide a competitive advantage to manufacturers. Moreover, companies such as Habib Rice Products Ltd. Limited have entered into long-term agreements with farmers. This enables companies to produce higher-grade rice using patented technology, thus, enhancing the quality of the rice syrup at an economic cost.
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