The Asia Pacific rice syrup market was valued at US$ 244.5 million in 2018 and is projected to reach US$ 361.2 million by 2027; it is expected to grow at a CAGR of 4.4% during the forecast period, 2018-2027.
Rice syrup refers to the processed form of cultured rice. The rice is fermented using some enzyme-like beta and alpha-amylase that breaks down the starch content into simple molecules of sugar such as glucose, maltose, and fructose. Owing to the presence of excessive concentration of starch, the rice syrup finds its application as sweeteners or sweet enhancers in food processing. The nutritional values get reduced during the processing and refining processes. The market is driven by the wide application of rice syrup as an alternative sweetener. Rice syrup is available as a liquid solution of a nutritive sweetener. Moreover, an upsurge in the popularity of organic rice syrup as a result of growing health consciousness among consumers also drives the market growth for rice syrup.
Based on rice type, the rice syrup market is segmented into brown rice and white rice. In 2018, the brown rice segment dominated the Asia Pacific rice syrup market. Based on category, the Asia Pacific rice syrup market is bifurcated into organic and conventional. Based on application, the rice syrup market is segmented into bakery and confectionary, beverages, dessert and dairy products, meat, poultry and seafood products, infant formula, and others. In 2018, the bakery and confectionery segment accounted for the largest share in the Asia Pacific rice syrup market.
Geographically, the Asia Pacific rice syrup market is segmented into China, India, Japan, South Korea, and Rest of APAC. China accounted for the largest share of the Asia Pacific rice syrup market. Rice syrup is extensively consumed by Chinese consumers. China’s economy has rapidly grown in recent years and is now among the second-largest economy globally. Increasing household incomes have provided high purchasing powers to the consumers, and urbanization has made it easier for Chinese families to access better options for food.
Axiom Foods, Inc., Malt Products Corporation, Cargill, Incorporated, Gulshan Polyols Ltd, Habib Rice Products Ltd., and Wuhu Deli Foods Co., Ltd. are among the major players in the Asia Pacific rice syrup market.
Overall size of the Asia Pacific rice syrup market has been derived in accordance to primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Additionally, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the rice syrup market.
Impact of COVID-19 Pandemic on Rice Syrup Market
COVID-19 outbreak first began in Wuhan (China) in December 2019, and since then it has spread across the globe at a fast pace. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the worst affected countries in terms confirmed cases and reported deaths as of March 2020. The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The overall market breakdown due to COVID-19 is also affecting the growth of the rice syrup market due to shutting down of factories, obstacle in supply chain, and downturn in world economy.