The rice syrup market is on track to experience remarkable growth, driven by the growing health consciousness and demand for clean-label products among consumers. Recent market research indicates that the market, valued at USD 1.4 billion in 2021, is projected to grow at a CAGR of 3.5 percent during the forecast period.
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As health-conscious consumers seek alternatives to artificial sweeteners in their food choices, rice syrup has emerged as a popular natural sweetening option. The demand for rice syrups is soaring in various industries, including confectioneries, bakeries, beverages, and dairy products, owing to its low-calorie and organic properties. In particular, organic rice syrup is gaining traction as a viable substitute for high fructose corn syrup.
The COVID-19 pandemic has further accelerated the demand for natural and organic food products. Consumers are increasingly concerned about the food they consume, leading to a surge in the popularity of rice syrup as a low-calorie sweetener with high fructose content. Plant-based food items, including rice syrup, are witnessing high demand among health-conscious consumers in developing countries, driving market growth.
Small and medium-scale product manufacturing companies are taking advantage of the growing trend of consuming packaged food items and are establishing their presence in the global market. Market stakeholders from various countries are focusing on increasing the production of plant-based foods to meet the rising global consumption.
The convenience of packaged food, coupled with the preference for clean-label products, is a major factor contributing to the growth of the rice syrup market. Manufacturers are utilizing rice syrup to provide texture and extend the shelf life of their products, making it an attractive choice for the food industry.
Despite the positive growth prospects, the rice syrup market may face challenges such as compliance with different global regulations, inflationary pressures, and fluctuating raw material prices. However, market players are actively engaged in product development and adopting innovative strategies to stay ahead of the competition.
The global rice syrup market is set to capitalize on the increasing health awareness and demand for clean-label products, creating lucrative opportunities for market players.
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