According to the latest research report by The Rice syrup market was valued at US$ 635.8 million in 2018 and is projected to reach US$ 928.4 million by 2027; it is expected to grow at a CAGR of 4.3% from 2019 to 2027.The report highlights key factors driving the market growth along with prominent players and their developments in the market.
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Rising demand for convenience foods to drive rice syrup market growth at CAGR of 4.3% during 2019-2027
The refined version of cultured rice is rice syrup. In order to ferment the rice, beta and alpha amylase enzymes convert the starch content into straightforward sugar molecules like glucose, maltose, and fructose. Because of the increased starch concentration, rice syrup is used in food processing as sweeteners or sweetener enhancers. However, the nutritious content of the syrup is diminished during the processing and refining stages.
Due to rising customer desire for processed or convenience goods, rice syrup demand is rising. Convenience foods are utilised to save the time and effort required for food preparation and need little to no processing. In order to enhance the flavour of convenience meals including dairy products, ready-to-eat foods, frozen desserts, and beverages consumed on the move, rice syrup is utilised as an ingredient. Consumers in both developed and emerging nations are gravitating increasingly toward convenience foods as a result of the expansion of the food and beverage sector and the rise in income levels.
Impact of COVID-19 Pandemic on Rice Syrup Market
The COVID-19 outbreak started in Wuhan (China) in December 2019, and it has since spread quickly across the globe. In terms of confirmed cases and reported deaths as of March 2020, China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the nations that have been most severely impacted. Due to lockdowns, travel restrictions, and business closures, the outbreak has been having an impact on the economics and industries of many different nations. One of the key businesses affected by this outbreak’s substantial disruptions, including office and factory closures, supply chain breakdowns, and cancellation of technology events, is the food and beverage industry.
The market for Rice syrup is concentrated with some very well-established players. Some of the key players in the Rice syrup Market include
- ANSELL LIMITED
- CAREPLUS GROUP BERHAD
- GLOBUS GROUP
- HARTALEGA HOLDINGS BHD
- HONEYWELL INTERNATIONAL INC
- KOSSAN RUBBER INDUSTRIES BHD
- RIVERSTONE HOLDINGS LIMITED
- SEMPERIT AG HOLDING
- SUPERMAX CORPORATION BERHAD
- TOP GLOVE CORPORATION BHD
Rice syrup Market is Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America
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