The global high fructose corn syrup (HFCS) market was worth around USD 8,920.5 million in 2021 and is estimated to grow to about USD 9754 million by 2028, with a compound annual growth rate (CAGR) of approximately 1.5 percent over the forecast period.
Industry Prospective:
The global high fructose corn syrup (HFCS) market was worth around USD 8,920.5 million in 2021 and is estimated to grow to about USD 9754 million by 2028, with a compound annual growth rate (CAGR) of approximately 1.5 percent over the forecast period. The report analyzes the high fructose corn syrup (HFCS) market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the high fructose corn syrup (HFCS) market.
High fructose corn syrup (HFCS) Market: Overview
High fructose corn syrup (HFCS) is made by using a process called wet milling for corn. It is regarded as a natural sweetener and is used across the world in multiple food and beverage applications. It contains around 40 to 55 percent of fructose and is similar to many sweeteners.
High fructose corn syrup (HFCS) is majorly used in acidic beverages as it holds composition very well in these mediums. The competitive pricing of high fructose corn syrup (HFCS) as compared to other sweeteners in this category is what majorly drives the high fructose corn syrup (HFCS) market potential over the forecast period.
However, increasing health and fitness trends are expected to majorly restrain the use of high fructose corn syrup (HFCS) in the long run.
COVID-19 Impact:
The COVID-19 pandemic had a significantly adverse impact on the high fructose corn syrup (HFCS) market. Lockdown restrictions and rising focus on health were other factors that led to further slow down of the high fructose corn syrup (HFCS) market potential in 2020.
The global pandemic led to disruptions in the proper functioning of high-fructose corn syrup across the world. Due to the pandemic, people are prioritizing health and wellness, which led consumers to cut sugar, calories, salt, and carbs in food and beverages products.
This has resulted in food and beverage manufacturers launching low/no sweeteners products to cater the consumer demand, which has negatively impacted the high fructose corn syrup (HFCS) market. The high fructose corn syrup (HFCS) market is expected to rise at a sluggish CAGR over the forecast period and in the post-pandemic era.
High fructose corn syrup (HFCS) Market: Growth Drivers
Competitive Pricing to Boost Demand for High fructose corn syrup (HFCS)
High fructose corn syrup (HFCS) is priced competitively and this is what majorly boosts its adoption despite other drawbacks. Food and beverage manufacturers adopt the use of high fructose corn syrup (HFCS) in order to cut costs and boost profitability while still being able to claim they used a natural sweetener is what will drive the high fructose corn syrup (HFCS) market potential over the forecast period.
High fructose corn syrup (HFCS) Market: Restraints
Increasing health and fitness awareness to restrain the market growth
High fructose corn syrup (HFCS) is sweet and is not exactly a healthy sweetener in the eyes of multiple consumers and since the focus on health and calorie intake has increased substantially over the past few years this will restrain the high fructose corn syrup (HFCS) market growth over the forecast period.
Report Scope:
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
Global High fructose corn syrup (HFCS) Market: Segmentation
The global high fructose corn syrup (HFCS) market is segregated based on type, distribution channel, application, and region.
By Distribution channel, the market is divided into online and offline. The offline sales of high fructose corn syrup (HFCS) are expected to have a dominant outlook over the forecast period owing to the rising preference for these channels among end users.
By Application, the high fructose corn syrup (HFCS) market is segmented into Food and Beverages, Pharmaceuticals, Animal Feed, and Others. The food & beverages segment will account for major market share but is expected to lose some share over the forecast period as the popularity of functional and healthy alternatives increases across the world.
Regional Landscape
North America region leads the global high fructose corn syrup (HFCS) market in terms of revenue and volume share. High use of high fructose corn syrup (HFCS) in packaged foods and assorted foods is expected to be the major trend driving growth in the North America region over the forecast period. High fructose corn syrup (HFCS) manufacturers are also expected to see lucrative opportunities from the nation of Japan owing to the rising use of high fructose corn syrup (HFCS) in food and beverages manufactured in these regions. High usage of high fructose corn syrup (HFCS) in confectionery, bakery and soft drink manufacturing is also anticipated to boost market potential in the coming years. Increasing use in the production of processed foods and cereals is also expected to boost demand through 2028.
Competitive Landscape
Some of the main competitors dominating the global high fructose corn syrup (HFCS) market include - Japan Corn Starch Co., Archer Daniels Midland Company, Cargill, Incorporated, Tate & Lyle PLC, Showa Sangyo Co, Ltd., Global Sweeteners Holding Limited, COFCO International, Kerry Group Plc, Ingredion Incorporated, Roquette
Global high fructose corn syrup (HFCS) market is segmented as follows:
By Type
By Distribution channel
By Application
By Region
High Fructose Corn Syrup (HFCS) is a type of liquid sweetener that makes use of a special form of corn syrup and it is used as a substitute to the sucrose in the food and beverage sector. By making use of the process wet milling, the corn is used for the preparation of high fructose corn. It consists of major part of fructose and the remaining is sugar. High Fructose Corn Syrup (HFCS) has functional properties that enhance foods and beverages. It enhances fruit and spice flavors, prolongs product freshness, aids in fermentation, provides product stability, promotes cooked flavors and also used as surface browning in baked goods. Such factors are expected to drive high fructose corn syrup market growth over the forecast period.
United States is the second largest consumer of caloric sweeteners in the world, which includes high fructose corn syrup, and also considered a major producer of HFCS. Obesity and other related diseases are an important and growing health concern in the United States as well as globally. Soft drinks and other sugar-sweetened beverages are the primary sources of added sugars in the diet of American people. The metabolic syndrome is a cluster of common pathologies, such as abdominal obesity associated with an excess of visceral fat, fatty liver, insulin resistance, hyperinsulinemia, dyslipidemia, and hypertension. Consumption of dietary fructose and high-fructose corn syrup (HFCS) as a sweetener in soft drinks and other foods is expected to reduce such problems.
Based on the type, the high fructose corn syrup (HFCS) market is segmented into HFCS 42, HFCS 55 and others. On the basis of application, the market is segmented into food and beverage, pharmaceutical and others. Food and beverage are further bifurcated into the bakery, confectionery, dairy, processed foods, beverages and others.
North America held major revenue share in the global high fructose corn syrup market in 2017 and the region is anticipated to continue with its regional supremacy over the forecast period. The growth of this regional market is attributed due to the rising adoption rate of HFCS by food and beverage manufacturers in the U.S. and increasing use of HFCS in beverages and processed food products. Asia-Pacific is projected to grow at highest CAGR, due to increased consumption of sweetened food and beverages in the region.
Some of the key players in the high fructose corn syrup market include Cargill Inc., Tate & Lyle, Archer Daniels Midland Company, Ingredion Incorporated, Global Sweeteners Holdings Limited, Showa Sangyo, Japan Corn Starch Co., Kerry Group Plc and COFCO International. Industry players majorly focus on new product launch and merger & acquisition strategy to gain major revenue share in the market.
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Increasing demand from the beverages industry and rising use in packaged bakery products are major trends that guide high fructose corn syrup (HFCS) market growth.
According to the Market Research report, the global high fructose corn syrup (HFCS) market was worth about US$ 8,920.5 million in 2021 and is predicted to grow to around US$ 9754 million by 2028, with a compound annual growth rate (CAGR) of around 1.5 percent.
The North America region leads the global high fructose corn syrup (HFCS) market in terms of revenue and volume share. High use of high fructose corn syrup (HFCS) in packaged foods and assorted foods is expected to be the major trend driving growth in the North America
Some of the main competitors dominating the global high fructose corn syrup (HFCS) market include -- Japan Corn Starch Co., Archer Daniels Midland Company, Cargill, Incorporated, Tate & Lyle PLC, Showa Sangyo Co, Ltd., Global Sweeteners Holding Limited, COFCO International, Kerry Group Plc, Ingredion Incorporated, Roquette
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