High fructose corn syrup market

High-fructose corn syrup (HFCS), also known as glucose-fructose is a sweetener made manufactured from corn starch processed by glucose isomerase to convert some of its glucose into fructose. The sweetener is widely used in food industry a replacement for sucrose. Production quotas of domestic sugar, import tariff on foreign sugar, and subsidies of U.S. corn are some of the factors responsible for increasing demand for HFCS. Moreover, raise in the price of sucrose compared to HFCS also contributes to high usage of HFCS. HFCS is used most commonly in soft drinks and is the primary ingredient in most brands of commercial pancake syrups.  

The High Fructose Corn Syrup market was valued at US$ 5.1 Billion in 2021 in terms of revenue, exhibiting a CAGR of 4.0% during the forecast period (2022 to 2030).

Drivers

The manufacturing process of HFCS is easier to handle and more cost-effective than table sugar. The U.S Food and Drug Administration has determined HFCS as a safe ingredient for food and beverage manufacturing. However, rise in consumption of low calorie foods and beverage items is one of the major factors restraining the growth of the market at present. Moreover, excess consumption of added sugar in any form, including HFCS, can pose several negative effects on human health such as obesity, which is another major factor responsible for the slowdown of the high fructose corn syrup market.

Among region, North America region held highest market share of global High Fructose Corn Syrup market in 2021. The manufacturing process of HFCS is easier to handle and more cost-effective than table sugar. The U.S Food and Drug Administration has determined HFCS as a safe ingredient for food and beverage manufacturing.

Figure 1. Global High Fructose Corn Syrup Market Value Share (%), By Region, 2021

Market Restraints

Rise in consumption of low calorie foods and beverage items is one of the major factors restraining the growth of the market at present. Moreover, excess consumption of added sugar in any form, including HFCS, can pose several negative effects on human health such as obesity, which is another major factor responsible for the slowdown of the high fructose corn syrup market.

Market Trends

Increasing disposable income of people is propelling growth of food & beverages industry in emerging economies and in various sub regions such as China, India, South Africa, Indonesia, Brazil, ASEAN etc. Thus, expanding food & beverages industry is expected to boost demand for high fructose corn syrup, which in turn is expected to boost growth of market.

Figure 2. Global High Fructose Corn Syrup Market Value Share (%), By Application, 2021

Among applications, the beverage industry segment accounted for a dominant market share of 38.77% in 2021. The beverage industry was the major end user of high fructose corn syrup in 2016 and is expected to retain market dominance throughout the forecast period. According to Coherent Market Insights, approximately two-third of the high fructose corn syrup consumed in the U.S. is in the form of beverages.

Global High Fructose Corn Syrup Market - Impact of Coronavirus (COVID-19) Pandemic

Market was negatively impacted by the effect of COVID-19 pandemic. Major manufactures such as AGRANA Beteilgungs AG, Archer Daniels Midland Company, Cargill Inc., Global Sweeteners Holdings Limited and Tate & Lyle Plc.are operating market have their manufacturing & supply chain bases across the globe. These players have halted the production of High Fructose Corn Syrup in first and second wave of COVID 19 due to the lowered demand, lockdown measures, supply chain bottlenecks, and to protect the safety of their employees.

Recent Developments

• In May 2022, Archer Daniels Midland Company had announced that it will investment o significantly expand starch production at its Marshall, Minnesota in U.S., facility in order to meet fast-growing demand of various fructose’s from the food and beverage sectors, and to support the continued expansion of the company’s Bio solutions platform. Archer Daniels Midland is a leading player in nutrition and sustainable solutions.
• In November 2021, Archer Daniels Midland Company, a global leader in nutrition and agricultural origination and processing, completed acquisition of Sojaprotein, a leading Europe based provider of non- genetically modified organism (GMO) soy ingredients. The addition represents a significant expansion of ADM’s global alternative protein capabilities and its ability to meet growing demand for various plant-based foods and beverages such as high fructose corn syrup.
• In November 2021, ADM completed the acquisition of Deerland Probiotics & Enzymes Company. ADM is a global leader in nutrition and agricultural origination and processing. Deerland Probiotics & Enzymes is a trusted global provider of dietary supplements using probiotic, prebiotic, and enzyme technology. Through this acquisition ADM widened their product portfolio.

Competitive Section

Major players operating in the global High Fructose Corn Syrup market include AGRANA Beteilgungs AG, Archer Daniels Midland Company, Cargill Inc., COFCO Rongshi Bio-technology Co. Ltd, Global Sweeteners Holdings Limited, Ingredion Incorporated, Japan Corn Starch Co., Ltd., Kerry Group Plc, Roquette Freres, Showa Sangyo and Tate & Lyle Plc. .

Detailed Segmentation:

• Global High fructose corn syrup Market, By Formulation:
  • HFCS 42
  • HFCS 55
  • HFCS 65
  • HFCS 90
• Global High fructose corn syrup Market, By Application:
  • Food Industry
  • Beverage Industry
  • Pharmaceuticals
  • Others
• Global High fructose corn syrup Market, By Region:
  • North America
    • By Formulation:
      • HFCS 42
      • HFCS 55
      • HFCS 65
      • HFCS 90
    • By Application:
      • Food Industry
      • Beverage Industry
      • Pharmaceuticals
      • Others
    • By Country:
      • U.S
      • Canada
  • Latin America
    • By Formulation:
      • HFCS 42
      • HFCS 55
      • HFCS 65
      • HFCS 90
    • By Application:
      • Food Industry
      • Beverage Industry
      • Pharmaceuticals
      • Others
    • By Country:
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
  • Europe
    • By Formulation:
      • HFCS 42
      • HFCS 55
      • HFCS 65
      • HFCS 90
    • By Application:
      • Food Industry
      • Beverage Industry
      • Pharmaceuticals
      • Others
    • By Country:
      • Germany
      • U.K
      • France
      • Italy
      • Spain
      • Russia
      • Rest of Europe
  • Asia Pacific
    • By Formulation:
      • HFCS 42
      • HFCS 55
      • HFCS 65
      • HFCS 90
    • By Application:
      • Food Industry
      • Beverage Industry
      • Pharmaceuticals
      • Others
    • By Country:
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
  • Middle East & Africa
    • By Formulation:
      • HFCS 42
      • HFCS 55
      • HFCS 65
      • HFCS 90
    • By Application:
      • Food Industry
      • Beverage Industry
      • Pharmaceuticals
      • Others
    • By Country/Region:
      • Middle East
      • Africa