North America Rice Syrup Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Rice Type; Category; Application , Infant Formula, Others); and Country

The North America rice syrup market was valued at US$ 154.9 million in 2018 and is projected to reach US$ 231.2 million by 2027; it is expected to grow at a CAGR of 4.6% 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 categorized into brown rice and white rice. In 2018, the brown rice segment dominated the North America rice syrup market. Based on category, the North America 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 North America rice syrup market.

Geographically, the North America rice syrup market is segmented into the US, Canada, and Mexico. The US is a developed market for rice syrup due to the rising consumption of convenience products such as bakery and confectionary and surging demand from the working population due to busy lifestyles. Moreover, the presence of well-established food industry in the country is the key factor propelling market growth in the US.

Axiom Foods, Inc., Malt Products Corporation, California Natural Products, Cargill, Incorporated, Gulshan Polyols Ltd, Habib Rice Products Ltd., Lundberg, and Wuhu Deli Foods Co., Ltd. are among the major players in the North America rice syrup market.

Overall North America rice syrup market size 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. Also, 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

The US has the highest number of confirmed cases of COVID-19 compared to Canada and Mexico. This is likely to negatively impact the food and beverage industry in the region, which in turn affects the supply and distribution chain. Additionally, the overall manufacturing processes, research, and development activities will also impact market growth.

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