According to the research report titled ‘Rice Syrup Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Rice Type; Category; Application, Infant Formula, Others)’, available with Market Study Report, global rice syrup market was worth USD 635.8 million in 2018 and is estimated to amass USD 928.4 million by the year 2027, while recording a CAGR of 4.3% during 2019-2027.
 

Increasing usage of rice syrup in dairy sector and surging demand for convenience food products are driving the growth of global rice syrup market. In addition, increasing popularity of organic rice syrup among health-conscious consumers further propels the market outlook.
 

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For those unfamiliar, rice syrup can be obtained through fermentation of cultured rice using beta & alpha amylase enzymes. The process breaks down the starch in rice into sugar molecules such as maltose, fructose, and glucose. Due to inordinate portion of starch in rice, the syrup is utilized as sweet enhancer in food processing industry. However, processing and refining of rice hinders its nutritious value, but extensive utilization of rice syrup as sweetener is augmenting the market outlook.
 

The product is used in cookies, muffins, and cakes, and in preparing hard candies, pancakes, muffin gums, and jellies. It is a yellow odorless sweet syrup, utilized for adding viscosity and texture while providing stability to confectionery & bakery products. Rice syrup offers shine and lusciousness, which encourages its adoption for food decoration, further boosting its demand in restaurants and cafes.  
 

The COVID-19 outbreak and consequent lockdown in various economies are negatively impacting rice syrup industry vertical. The spread of coronavirus has paused the materials & chemicals industry operations. Temporary shutdown of confectionaries and bakeries globally is expected to hamper the market expansion in near future.
 

Speaking of type, rice syrup industry is bifurcated into white rice and brown rice. Based on application spectrum, the market is divided into bakery & confectionery, beverages, infant formula, dessert & dairy products, and meat, poultry & seafood products. As per the report, bakery & confectionery segment held majority market share in the year 2018, while dessert & dairy products application is likely to grow substantially over the forecast period.
 

Citing the regional landscape, Asia Pacific held significant share in global rice syrup market in 2018, followed by North America. The growth is attributed to food & beverage industry expansion, coupled with growing health awareness among the population. In addition, shifting preference towards natural sweeteners along with adoption of rice syrup over table sugar are expected to foster the industry expansion in ensuing year.
 

Major contenders in global rice syrup market are Windmill Organics Limited, Wuhu Deli Foods Company Limited, Meurens Natural, Habib Rice Products Limited, Lundberg, Gulshan Polyols Limited, California Natural Products, Cargill Inc., Axiom Foods Inc., and Malt Products Corporation.