The Europe rice syrup market was valued at US$ 130.22 million in 2018 and is projected to reach US$ 188.47 million by 2027; it is expected to grow at a CAGR of 4.2% during the forecast period, 2019-2027.
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 segmented into brown rice and white rice.In 2018, the brown rice segment dominated the Europe rice syrup market.
Based on category, the Europe 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 Europe rice syrup market.
Geographically, the Europe rice syrup market is segmented into the UK, Germany, France, Italy, and Rest of Europe.Italy accounted for the largest share of the Europe rice syrup market.
Growing demands for instant, convenient, and ready-to-eat foods that require less time for preparation is expected to propel the growth of the Italian rice syrup market.Rapid development in the food and beverage industry in the country is further expected to boost the rice syrup demand in Italy.
For instance, according to Market Monitor Food Italy, the food & beverage industry grew at a rate of 2.4% in 2018, compared to 2.2% in 2017. The rice syrup market is expected to gain momentum with the rising developments in the food industry.
Axiom Foods, Inc., Malt Products Corporation, Cargill, Incorporated, Gulshan Polyols Ltd, Habib Rice Products Ltd., Meurens Natural, Windmill Organics Ltd, and Wuhu Deli Foods Co., Ltd. are among the major players in the Europe rice syrup market.
Overall size of the Europe rice syrup market 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.
Additionally, 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
In Europe, Italy is the worst affected country by the COVID-19 outbreak.It is expected to suffer an economic hit due to a lack of revenue from various industries, as Italy recorded the highest number of COVID-19 cases.
Other member states have implemented drastic measures and travel restrictions, including partially closing their borders. This is anticipated to impact market growth in Europe.
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