Global High Fructose Corn Syrup Market Report and Forecast 2024-2032

Global High Fructose Corn Syrup Market Outlook

The global high fructose corn syrup market size attained a value of USD 8.94 billion in 2023. The market is expected to grow at a CAGR of 1.6% between 2024 and 2032, reaching almost USD 10.33 billion by 2032.

Key Takeaways:

• The 2023 "Data & Trends: EU Food and Drink Industry" reported a €1,112 billion turnover, positioning it as the EU's foremost manufacturing sector, consequently driving demand for the global high fructose corn syrup market.

• Producing high-fructose corn syrup (HFCS) is 10-30% cheaper than manufacturing sucrose, offering comparable sweetness and flavour, thereby contributing to the growth of the HFSC market.

• Coca-Cola states the North American region houses roughly 320 million consumers of its products, with an industry worth about USD 350 billion, which augments the global high fructose corn syrup market growth.

High fructose corn syrup is a sweetening agent derived from corn syrup that has been enzymatically modified to increase its fructose content by converting some of its glucose. It is frequently employed in the food and drink sector as a more economical substitute for sucrose (common sugar).

As per the global high fructose corn syrup market report, HFCS is present in numerous items such as soft drinks, sweets, and processed foods, as it boosts sweetness levels and prolongs shelf life. As per the 2023 edition of "Data & Trends: EU Food and Drink Industry," the turnover amounted to €1,112 billion, marking it as the leading manufacturing sector in the EU. Moreover, it stands as the primary employer in the EU, providing jobs for approximately 4.6 million individuals, thus boosting the global high fructose corn syrup market.

EXTERNAL TRADE IN EU FOOD AND DRINK INDUSTRY, 2023, IN € BILLION

Key Trends and Developments

The global high fructose corn syrup market is growing with an enhanced texture, extended shelf life, accessibility, and affordable, growing food and beverages industry.

January 2023

The state of North Carolina invited bids for the delivery of high fructose corn syrup.

August 2023

Gujarat Ambuja Exports experienced a 7% increase following the approval of a new corn wet milling plant in Gujarat.

August 2022

Cargill invested approximately USD 50 million in constructing a corn syrup refinery in Fort Dodge, Iowa, enhancing sustainable production capacity.

Enhanced texture, extended shelf life

High-fructose corn syrup's versatility among sweeteners appeals to food manufacturers due to its ability to enhance texture and prolong shelf life, making it a popular choice in baked goods and processed foods.

Accessibility

Easily obtained and derived from corn crops, high-fructose corn syrup reduces the need for imported sugar. Its convenience in transportation and storage makes it a preferred sweetening option for large-scale food producers.

Affordable sugar substitute

Manufacturing high-fructose corn syrup (HFCS) costs 10-30% less than producing sucrose, with similar sweetness and taste. This affordability, combined with comparable flavour, makes HFCS an attractive alternative for various food and beverage applications.

Growing food and beverage industry

HFCS, a prevalent sweetener and additive, is widely incorporated in processed foods and beverages, including soft drinks, yoghurts, and breads. Its numerous advantages over sucrose, like affordability and versatility, render it appealing to food manufacturers across various sectors.

Global High Fructose Corn Syrup Market Trends

The dynamic food industry's ongoing innovation creates avenues for high-fructose corn syrup (HFCS). It could find application in crafting unique packaged meals and beverages. While the future of the HFCS market is uncertain, demand is likely to persist due to its versatility and cost-effectiveness in the food sector.

As per the global high fructose corn syrup market analysis, Coca-Cola's carbonated beverages predominantly rely on sugar for about 80% of their earnings, with HFCS accounting for approx. 20% of sweeteners.

Market Segmentation

Global High Fructose Corn Syrup Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• HFCS 42

• HFCS 55

• Others

Market Breakup by Application

• Food and Beverages

• Pharmaceuticals

• Animal Feed

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

HFCS 42 is the leading product in the global high fructose corn syrup market since it's a first-generation high fructose syrup

HFCS 42 is a sweetener with low viscosity and high fermentability, suitable for existing liquid sweetener facilities. With a fructose content of 42%, it is utilized in various products like beverages and baked goods beyond its primary use.

HFCS-55, with 55% fructose, is mainly employed in carbonated beverages, such as soft drinks, as its primary application. It has been instrumental in holding a prominent position in the global high fructose corn syrup market.

Based on application, the global high fructose corn syrup market share is dominated by the food and beverage sector

The rising adoption of high fructose corn syrup in carbonated beverages, bakeries, confectionery, condiments, yoghurt, and sweetened foods is propelling segment growth. It enhances browning, moisture, and texture in bakery goods and acts as a preservative in jams, and candies, boosting demand.

Global High Fructose Corn Syrup Market Analysis by Region

North America possesses a considerable portion of the global high fructose corn syrup market. The United States, being a leading corn producer, supports significant production capacity for high fructose corn syrup.

According to Coca-Cola, the region has approximately 320 million consumers of Coca-Cola products and possesses an industry value of around USD 350 billion, thus further boosting the global high fructose corn syrup market development.

CATEGORY'S CASE VOLUME BREAKDOWN, 2022

Asia Pacific presents promising prospects due to the increasing adoption of convenient and cost-effective ingredients by processed food manufacturers. Additionally, the presence of a substantial consumer base for processed and sweetened foods in emerging economies is expected to drive the global high fructose syrup market growth.

Competitive Landscape

The global high fructose corn syrup market competitiveness is improved texture, longer durability, availability, cost-effectiveness, and expanding food and beverage sector.

Cargill, Incorporated, a private multinational food company founded in 1865 and headquartered in the United States, provides diverse products and services encompassing agriculture, animal nutrition, beauty, bio-industrial components, food service, pharmaceuticals, meat and poultry, and transportation, among other sectors. Its primary focus lies in linking grain and oilseed producers with consumers.

Ingredion Incorporated a multinational food enterprise established in 1906 and headquartered in the United States, supplies an extensive array of ingredients like encapsulants, emulsifiers, extracts, fibres, flours, plant proteins, and starch. It stands as one of the leading manufacturers of sweeteners, nutritional components, and biomaterials, serving diverse sectors including food and beverage, paper, and pharmaceuticals.

Tate & Lyle Plc is an international provider of ingredients for the food and beverage industry, as well as various industrial sectors. Established in 1921 and headquartered in London, UK, the company offers a wide range of products including sweeteners, textures, fibre enrichment, crystalline fructose, sucralose, corn syrup, glucose, and dextrose.

Other global high fructose corn syrup market key players are AGRANA Beteiligungs-AG, Roquette Frères S.A., Showa Sangyo Co. Ltd, Tereos Group, Daesang Corporation, and Guangzhou Shuangqiao Company LTD, among others.

Key Highlights of the Report