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Sales of rice syrup to reach US$1.01 bn by the end of 2032
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Friday, 05 August, 2022, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Sales of rice syrup is predicted to reach US$1.01 billion by the end of 2032. The global market is projected to be valued at US$702 million in 2022, and expand at a CAGR of around 4.5% from 2022 to 2032. Growing demand for rice syrup in the production of dietary products, ice creams, desserts, cereals, and energy bars is driving market expansion.
Historically, the rice syrup market has been driven by its consumption in bakeries and confectioneries across developed countries, with consumers willing to pay extra for products made from organically-sourced ingredients, and this trend is projected to continue over the forecast period as well.
Consumers around the world are placing higher value on health and wellness than on materialistic items, resulting in a shift in the notion of a healthy lifestyle. It now refers to a more holistic approach to health rather than a lack of illness and disease. Over the years, this has increased demand for naturally-derived food products, driving demand for organic rice syrup.
Backward supply chain integration from manufacturers to raw material suppliers would assist them in improving quality, enhancing profit margins, and gaining a competitive edge. Farmers have also entered into long-term partnerships with corporations such as Habib Rice Products Ltd. Limited. This allows corporations to use proprietary technology to produce higher-grade rice, thereby improving the quality of rice syrup at a lower cost.
In November 2021, ADM announced a partnership with Farmers Business Network to develop technologies, products, and services for farmers to enable successful, long-term agriculture.
Additionally, to ensure that they continue to drive the sales of their products, vital players are looking forward to partnering with end users in the food and beverage industry, including cereal and energy bar manufacturers, while pitching rice syrup as an alternative to refined sugar and HFCS.
Key Takeaways from Market Study
- By product type, organic rice syrup is projected to provide an absolute $ opportunity worth US$ 281.9 Mn over the forecast period.
- Based on source, demand for brown rice syrup is projected to increase at a CAGR of around 4.3% through 2032.
- On the basis of application, rice syrup consumption across the food and beverage industry is anticipated to expand around 1.5X by 2032.
- North America is projected to capture around 47.5% of the global rice syrup market share by 2032.
- Europe is set to provide an absolute dollar opportunity worth US$ 111.7 Mn by 2032-end
Competition Landscape
ABF Ingredients Ltd., Axiom Foods Inc., Bharat Glucose Pvt. Ltd., California Natural Products Inc., Cargill Incorporated, Ciranda, Gehl Food, Glucorp, GoMacro LLC, Gulshan Polyols Ltd., Habib Rice Products Ltd., IFPC, Lundberg Family Farms, Matco Foods Limited, Nature Bio-Foods Ltd, naVitalo, Om Foods Inc., Shafi Gluco Chem (Pvt) Ltd, Sweet Additions, Windmill Organics Ltd., Wuhu Deli Foods Co. Ltd., and Wuhu Haoyikuai Food Co. Ltd. are major suppliers of rice syrup.
- In October 2021, ADM announced plans to invest in a biotechnology company - Acies Bio.
- In September 2021, ADM entered into an agreement to acquire 75% stake in PetDine, Pedigree Ovens, The Pound Bakery and NutraDine (P4 Companies).
- In January 2021, ADM signed a contract to acquire Soja Protein.
- In September 2021, Natural Bio Foods announced the inauguration of its futuristic organic food processing plant, focused towards organic rice processing, and it also announced its aim to revitalise India's rural communities while bringing organic products to the world.
These insights are based on a report on Rice Syrup Market by Fact.MR.
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