High Fructose Corn Syrup Market Size, Share & Industry Analysis, By Application (Food & Beverage, [Bakery, Cereal Products, Confectionery, Dairy, Beverages] Pharmaceutical) and Regional Forecast, 2024-2032

The high fructose corn syrup (HFCS) market is witnessing a significant growth owing to its wide utilization as a sweetener in various processed foods. HFCS is relatively cheap, has better solubility and ability to remain in the solution without forming crystals compared to regular table sugar. The fluctuating price of table sugar coupled with the ease of infusing HFCS in different beverages is driving its global market.

The high fructose corn syrup is also widely utilized in pharmaceuticals, since it provides excipient benefits as a humectant and vehicle, while also providing nutrient benefits as a carbohydrate source and bulk sweetener. The HFCS is incorporated in processed foods such as bakery products, confectionery, and carbonated soft-drinks and sometimes as a preservative in pickles. HFCS has higher stability as compared to sucrose, works well in acidic beverages, and it is available in liquid form which makes it easier to mix better than granulated sucrose. These attributes of HFCS are aiding in its global market growth.

The global high fructose corn syrup market is growing due to the increasing demand for sweeteners from the food and beverage industry. The HFCS has emerged as an alternative to granulated sugar and honey. The processed food manufacturers prefer HFCS over table sugar as it helps in keeping the food fresh, aids in retaining the moisture in bran cereals and breakfast bars, and enhances the fruit and spice flavors. These attributes of HFCS have cumulatively aided in driving its global market.

The evolving lifestyles and growing health consciousness among the consumers have negatively impacted the high fructose corn syrup market. The rising incidences of obesity and diabetes associated with the consumption of high-calorie sweeteners such as HFCS has influenced them to shift towards low or zero-calories sweeteners. The presence of high-intensity natural sweeteners such as stevia has also hampered the global sales performance of HFCS.

Key Players Covered:

The key companies operating in the global high fructose corn syrup market are, Archer Daniels Midland Company, Cargill, Incorporated, Ingredion Incorporated, Global Sweeteners Holdings Limited, Tate & Lyle, Showa Sangyo Co., Ltd., Roquette Frères, DAESANG Corporation, Baolingbao Biology Co., Ltd., Sinofi Ingredients, and Kasyap Sweeteners Ltd.

The beverages segment is the leading owing to the wide incorporation of HFCS in various carbonated soft-drinks and other fruit juices. The confectionery and bakery segments are also witnessing significant traction due to the wide utilization of HFCS in manufacturing products such as jellies, cookies, jams and marmalades. The HFCS is also broadly incorporated in sweetened yogurts and ice creams. The pharmaceutical industry also widely utilizes HFCS in various oral dosages for sweetening purposes, such as in syrups, suspensions and liquids due to its easy diffusibility as compared to the granulated sucrose.

Regional Analysis:

North America is expected to witness significant growth in the high fructose corn syrup market in the forthcoming years. The US Food and Drug Administration (USFDA) grants HFCS the Generally Recognized as Safe (GRAS) status. The U.S. is amongst the leading producer of corn, which aids in wide availability and reliability of corn for the production of HFCS. HFCS has been widely adopted by the U.S. food and beverage manufacturers as it offers higher stability as compared to granulated sugar. The wide incorporation of HFCS in various ready-to-drink (RTD) beverages coupled with the rising trend of RTD beverages among the consumers is anticipated to positively impact the growth of HFCS in the region.

Europe are projected to witness considerable growth in the foreseeable years. The manufacturers are shifting towards high fructose corn syrup as sweetener owing to the scarce availability and increase in price of regular sugar. Thus, these factors are expected to fuel the growth of the regional high fructose corn syrup market.

Asia Pacific is anticipated to witness substantial growth in the upcoming years. The processed food manufacturers in the region are shifting towards relatively cost-effective and convenient sweeteners such as high fructose corn syrup. The wide availability and better diffusibility of HFCS as compared to granulated sugars has increased its incorporation in various soft drinks and other beverages. Thus, these factors are expected to boost the growth of the regional high fructose corn syrup market.

Segmentation

Key Industry Developments

• In January 2018, Cargill, Inc. and ARASCO, a Saudi Arabia-based food manufacturer, entered into a joint venture. The companies together have started a corn milling facility in Saudi Arabia. The new plant establishment as a result of the joint venture is expected to double the glucose and starch production capacities, along with expanding its product portfolio by including high fructose corn syrup.