Rice syrup market is projected to grow at a CAGR of 6.13% during the forecast period, reaching the total market size of US$1,081.161 million in 2024 from US$756.488 million in 2018. Rice Syrup is a sweetener which is produced by continuous cooking of rice starch with enzymes. Rising demand for natural products is expected to be a key driver for rice syrups market. Further, budding food and beverage industry is expected to add on to the demand for rice syrups in the coming years. Furthermore, rising health consciousness among the population is anticipated to boost the market for rice syrups in the near future. Additionally, changing lifestyle along with rapid urbanization is a factor which is estimated to impact the demand for rice syrups positively. Low availability of rice syrup products is expected to compel manufacturers to launch new products which in turn are anticipated to widen up the growth opportunity for the rice syrup market. The market has been segmented on the basis of raw material, source, end-use, and geography. Geographically, Asia Pacific is expected to grow at a substantial rate owing to the rapid urbanization, changing lifestyle along with the growing food & beverage industry in developing countries like India and China.
DRIVERS
Rising health consciousness.
Budding Food & Beverage industry.
Growing adoption of plant-based products
RESTRAINT
Availability of alternatives.
The major players profiled in the rice syrup market include Wuhu Deli Foods Co. Ltd., California Natural Products, Habib ADM Ltd., Matco Foods Limited, Bharat Glucose Pvt. Ltd., Nature Bio-Foods Ltd., Axiom Foods Inc.
Segmentation
The rice syrup market has been analyzed through the following segments:
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