Global High-Fructose Corn Syrup (HFCS) Market Grows Steadily at a CAGR of 1.72%

Introduction

In the food and beverage industry, high fructose corn syrup has taken the place of sucrose. It is produced from corn syrup using wet milling as a liquid sweetener. Regarding sweeteners, high fructose corn syrup (HFCS) commands a 10% market share globally. HFCS is comparable to other fructose glucose sweeteners like honey, sucrose, and fruit juice concentrates in terms of composition or metabolism. HFCS is simple to handle and transport due to its enhanced stability and compatibility with liquid acidic beverages.

Market Dynamics

Growing Consumer Preference for Processed Food and Convenience Drives the Global Market

The rising demand for convenience and processed foods, such as sweet/sugar-based ready-to-eat foods, ready-to-drink beverages, snacks, and frozen meals, is one of the major factors driving the growth of the high-fructose corn syrup market. The demand for processed and packaged foods is rising in both developed and developing parts of the world, which may increase the need for food packaging and sugar processing solutions and fuel the global demand for high-fructose corn syrup in food and beverage applications. These include a growing middle class, an increase in working women, rising urbanization, and rising disposable income.

Growing Demand for Clean Label High Fructose Corn Syrup (HFCS) Creates Tremendous Opportunities

The market under investigation is working on cutting down on the number of delicate ingredients in food products, and a "clean label" purchasing environment is gradually emerging. The term "clean label" is increasingly used in the industry to describe products free of ingredients like high fructose corn syrup, artificial flavors and sweeteners, and other delicate ingredients, despite not being subject to government regulation. Giants in the ingredients sector have joined Cargill in the clean-label high-fructose corn syrup (HFCS) market.

Due to the rise in obesity worldwide and consumer awareness of the widespread use of HFCS in food products, HFCS initially benefited manufacturers but eventually came under fire. For all these reasons, some consumer groups have quickly rejected its use. Recently, a more comprehensive range of sweeteners suitable for snacks and baked goods and current perceptions of a "clean" label has emerged to contend for a position in formulations. As consumer needs change, developers scramble to meet those needs, and manufacturers look to control costs; ingredient manufacturers have been racing to develop new sweeteners that are tasty, healthy, and practical to replace this outdated powerhouse sweetener.

Regional Analysis

North America is the most significant shareholder in the global high-fructose corn syrup (HFSC) market and is expected to grow at a CAGR of 0.51% during the forecast period. HFCS is widely used in the bakery, beverage, confectionery, and beverage industries, especially in soft drink production. According to the USDA, HFCS production has increased over the past 20 years. In 2017, 8.3 million metric tons of HFCS were produced. In order to meet domestic demand, the country imports more HFCS. Additionally, manufacturers have successfully marketed HFCS with the help of the Corn Refiners Association. FDA considers HFCS "generally safe."

Asia-Pacific is expected to grow at a CAGR of 4.03%, generating USD 3,222.81 million during the forecast period. Corn syrup is one-third cheaper than natural sugar from sugarcane or sugar beets in China. Coca-Cola, one of the country's top carbonated beverage manufacturers, increased the amount of HFCS in its products in 2016, which increased demand. The government's reform of the corn industry to capitalize on high production increased the supply of high-fructose corn syrup at a lower price in 2017, boosting the region's lucrative sweetener market. Insiders say HFCS has other benefits and helps baked goods and cereals retain texture, maintain stability, and blend easily. These factors are anticipated to drive market growth.

Europe is anticipated to grow steadily during the forecast period. France is a significant market for food sweeteners due to its alcohol and baking industries. Fruit preserves, jam, dry fruit, fruit juices, fruit wines, pastries, bread, yogurt, dairy products, oral liquids, cold beverages, French sauces, condiments, and salad dressings all contain HFCS. The increase in lifestyle diseases like diabetes and obesity has coincided with changing drinking patterns. Consumer interest in functional beverages has changed due to excess sugar or artificial sweeteners.

Key Highlights

• The global high-fructose corn syrup (HFCS) market was valued at USD 9,104.18 million in 2021. It is expected to reach USD 10,614.46 million by 2030, growing at a CAGR of 1.72% during the forecast period (2022–2030).
• Based on application, the global high-fructose corn syrup (HFCS) market is bifurcated into food and beverage, pharmaceuticals, and animal feed. The food and beverage segment owns the highest market share and is expected to grow at a CAGR of 1.61% during the forecast period.
• North America is the most significant shareholder in the global high-fructose corn syrup (HFSC) market and is expected to grow at a CAGR of 0.51% during the forecast period.

Competitive Players

Competitive Players

The global high fructose corn syrup (HFCS) market’s major key players are Cargill, Incorporated, Ingredion Incorporated, Tate & Lyle PLC, Global Sweeteners Holdings Limited, Archer Daniels Midland Company, Showa Sangyo Co. Ltd, AGRANA Beteiligungs-AG, COFCO Rongshi Bio-technology Co. Ltd, Roquette Frères, and Hungrana Kft.

Recent Developments

Market News

• In September 2022, Cargill and Yayasan Salam Malaysia (YSM) collaborated on the "Back to School" program for primary school students from B40 families in order to assist underprivileged children in receiving the necessary school supplies. This program aims to support more than 3,000 students from Malaysia's rural and urban areas over the course of two years by assisting more than 60 schools.
• In September 2022, A fiber calculator was introduced by Tate & Lyle PLC, a global leader in ingredient solutions for healthier foods and beverages, to increase public awareness of the "fiber gap" in the population.

Segmentation

Global High-Fructose Corn Syrup (HFCS) Market: Segmentation

By Applications

• Food and Beverages
• Pharmaceuticals
• Animal Feed

By Regions

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East and Africa