Rice Syrup Market Forecasts to 2030 – Global Analysis By Type (Brown Rice Syrup and White Rice Syrup), Nature (Organic and Non-Organic), Application and By Geography

Rice Syrup Market Forecasts to 2030 – Global Analysis By Type (Brown Rice Syrup and White Rice Syrup), Nature (Organic and Non-Organic), Application and By Geography

According to Stratistics MRC, the Global Rice Syrup Market is accounted for $1.84 billion in 2024 and is expected to reach $2.34 billion by 2030 growing at a CAGR of 3.5% during the forecast period. Rice syrup, also known as rice malt syrup, is a sweetener derived from fermented cooked rice. It's made by breaking down the starch in rice into simpler sugars through enzymatic action, resulting in thick syrup with a mild sweetness. This process often involves adding enzymes to cooked rice, which convert the starches into glucose molecules. Rice syrup is commonly used as a natural sweetener in various food products like baked goods, sauces, and beverages. It's prized for its mild flavor, viscosity, and ability to enhance texture while serving as an alternative to refined sugars.

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.

Market Dynamics:

Driver:

Expanding vegan population

The expanding vegan population is propelling the growth of the rice syrup market due to its natural and vegan-friendly properties. Rice syrup serves as an alternative to honey in vegan diets and is used as a sweetener in various food products. As more people adopt vegan lifestyles, the demand for plant-based sweeteners like rice syrup increases. This trend is driving manufacturers to expand their rice syrup production to meet the growing demand, consequently contributing to the market's growth.

Restraint:

Limited consumer awareness

Limited consumer awareness about rice syrup is primarily due to inadequate marketing efforts and lack of education regarding its benefits. This lack of awareness hampers market growth as potential consumers may opt for familiar sweeteners instead. Without understanding its advantages such as being a healthier alternative to refined sugar or its versatility in cooking, consumers are less likely to seek out rice syrup, resulting in stagnant market demand and limited product visibility.

Opportunity:

Growing adoption of gluten-free and allergen-free products

As consumers seek healthier and allergy-friendly options, rice syrup, derived from rice starch, emerges as a popular choice due to its natural origin and absence of common allergens. Its versatility in food and beverage applications, coupled with its low glycemic index, makes it an attractive substitute for traditional sweeteners. This trend drives the expansion of the rice syrup market, catering to the increasing needs of health-conscious and allergy-sensitive consumers.

Threat:

Competition from alternative sweeteners

The market for rice syrup faces competition from alternative sweeteners like high-fructose corn syrup, agave nectar, and maple syrup. These alternatives offer varying sweetness levels and flavor profiles, potentially appealing to different consumer preferences. Additionally, some alternatives may be perceived as more natural or healthier, affecting consumer choices. This competition can hamper market growth for rice syrup by diverting consumer demand and challenging its market share within the sweetener industry.

Covid-19 Impact

The covid-19 pandemic has impacted the rice syrup market by disrupting supply chains, leading to production delays and distribution challenges. Changes in consumer behaviour, such as reduced spending and shifts towards essential items, have affected demand for rice syrup-containing products. Moreover, restrictions on foodservice establishments and changes in consumer preferences towards healthier options have influenced purchasing patterns.

The organic segment is expected to be the largest during the forecast period

The organic segment is estimated to have a lucrative growth. Organic rice syrup, derived from organically grown rice, offers a natural sweetening option with no synthetic additives or pesticides. Its appeal lies in meeting the demands of health-conscious consumers seeking cleaner, environmentally friendly alternatives. With a growing preference for organic products and increasing concerns about chemical residues in food, organic rice syrup presents a competitive advantage in the sweetener market. Its popularity continues to rise as part of the broader trend towards organic and sustainable food choices.

The asian cuisines segment is expected to have the highest CAGR during the forecast period

The asian cuisines segment is anticipated to witness the highest CAGR growth during the forecast period. Rice syrup plays a vital role in Asian cuisines, serving as a traditional sweetener in dishes like desserts, sauces, and marinades. Its mild flavor and sticky consistency make it versatile for both savoury and sweet dishes, enhancing flavours without overpowering them. In Asian cuisines, rice syrup is valued for its ability to provide sweetness while maintaining balance and subtlety, contributing to the rich culinary heritage of the region.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to factors such as increasing health consciousness, rising demand for natural sweeteners, and the versatile applications of rice syrup in various food and beverage products. Key market players are focusing on product innovation and expanding their distribution networks to capitalize on the growing consumer interest. Additionally, the region's rich rice cultivation contributes to the abundant availability of raw materials for rice syrup production.

Region with highest CAGR:

In Europe, the rice syrup market is witnessing steady growth driven by increasing consumer preference for natural sweeteners and dietary alternatives. Growing awareness about health benefits associated with rice syrup consumption, including its low glycemic index and gluten-free nature, is fueling market demand. Furthermore, the rising popularity of vegan and organic products is also contributing to market expansion. Key players are focusing on product innovation and strategic partnerships to capitalize on emerging opportunities in the region.

Key players in the market

Some of the key players profiled in the Rice Syrup Market include Cargill Incorporated, Associated British Foods PLC, Bharat Gluco Industries Pvt. Limited, Pure Life Organic Foods Limited, Wuhu Deli Foods Corporation, Suzanne's Specialties Inc., California Natural Products Inc., Axiom Foods Inc., Gulshan Polyols Limited and Archer Daniels Midland Company.

Key Developments:

In January 2022, Cargill has launched new products with brown rice syrup and rice syrup in response to the growing demand for natural sweeteners: ExtraVeganZa and SimPure Soluble Rice Flour. These ingredients can be used in vegan chocolate, coatings, and fillings.

Types Covered:
• Brown Rice Syrup
• White Rice Syrup

Natures Covered:
• Organic
• Non-Organic

Applications Covered:
• Dairy Products
• Infant Formula
• Confectionery & Bakery
• Asian Cuisines
• Personal & Home Care Products
• Animal Feed
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements