High-fructose Corn Syrup (HFCS) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The High-fructose Corn Syrup (HFCS) Market is segmented by Application (Food and Beverage, Pharmaceuticals, and Animal Feed) and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

Market Snapshot

Global High Fructose Corn Syrup Market Summary
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 1.62 %

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Market Overview

The high-fructose corn syrup market was valued at USD 8,873.47 million in 2020, and the market is projected to register a CAGR of 1.62% during the forecast period 2021-2026.

The market was negatively impacted by COVID-19 in 2020. The global pandemic has shown an impact on the proper functioning of high-fructose corn syrup across the world. Due to the pandemic, people were 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 market.

The major factors driving the high-fructose corn syrup (HFCS) market include high solubility, ability to remain in solution, and not to get crystallized, like sucrose under certain conditions. Leading market players are channelizing their efforts into the development of new products through significant R&D investments, utilizing advanced technologies to manufacture superior quality and cost-effective products.

One of the key factors driving the growth includes the competitive price of HFCS as compared to other categories, which helps reduce the prices of end products. Additionally, favorable import and export tariffs of HFCS and subsidizing the basic ingredient of the market, i.e., corn, in countries, such as the United States, further trigger the growth of HFCS production across the world. For instance, corn subsidies in the United States totaled USD 113.9 billion from 1995-2019, according to the EWG Farm Subsidy Record.

Beverages hold the largest market share, primarily owing to their high solubility. Thus, manufacturers are increasingly incorporating HFCS in beverages such as soft drinks and juices. Apart from food and beverage manufacturers, companies from the pharmaceuticals/nutraceuticals sectors have also shown a high demand for HFSC.

Scope of the Report

High-fructose corn syrup is a sweetener made from cornflour and some of whose glucose has been converted to fructose that is used in commercially produced foods and soft drinks as a cheaper alternative to sucrose. The high-fructose corn syrup market is segmented by application into food and beverage, pharmaceuticals, and animal feed. The food and beverage segment is further bifurcated into bakery, confectionery, dairy and desserts, beverages, and other food and beverage applications. Also, the study provides an analysis of the HFCS market in the emerging and established markets across the world, including North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. The report also covers the market sizes and forecasts in value (USD million) for the above segments and for each segment.

Food and Beverages
Dairy and Desserts
Other Food and Beverages Applications
Animal Feed
North America
United States
Rest of North America
United Kingdom
Rest of Europe
Rest of Asia-Pacific
South America
Rest of South America
Middle-East and Africa
South Africa
Saudi Arabia
Rest of Middle-East and Africa

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Key Market Trends

Strategic Investments by Key Players

Across the world, Europe is the largest region, producing a significantly high number of products, including sweeteners from corn starches. According to the European Starch Industry Association, in 2018, the total corn starch production in Europe from EU maize (corn) grain stood at 4.42 million metric ton in comparison to 3.89 million metric ton in 2014. Thus, with the rising demand for corn starch sweeteners, an increasing number of corn starch manufacturers are investing in the corn starch and sweeteners market across the world to support the economy and community of their country origin while positioning the business for long-term growth. For instance, AGRANA opened a new corn starch plant at the Aschach an der Donau site in Austria, with an investment volume of around EUR 80 million. Therefore, such high investments have led to a significant increase in the production of HFCS across the world. In the European Union, the domestic production by volume increased from 600,000 metric ton in 2017 to 675,000 million metric ton in 2019, according to the OECD and FAO. This rise in HFCS productions has been a result of the intensive investments in the HFCS market by the corn starch players as well as the prominent manufacturers of HFCS across the world. For instance, Ingredion Inc. invested USD 30 million in the production capacity at its San Juan del Rio manufacturing facility in Mexico.

High Fructose Corn Syrup Market (HFCS)1

North America Holds the Major Share in the HFCS Market

North America is the largest consumer of HFCS in the world. The market share of the region is majorly driven by the rising demand for HFCS in the United States. The demand for high-fructose corn syrup (HFCS) sweeteners across the country is majorly due to its wide usage in the confectionery, bakery, and beverage industries, especially soft drink manufacturing. The most used varieties of HFCS across the country are the HFCS 42 (used in beverages, processed foods, cereals, and baked goods), HFCS 55 & HFCS 65 (used in soft drinks), and HFCS 70 (used in filling jellies). HFCS 90 has some niche uses, but it is mainly mixed with HFCS 42 to make HFCS. The push factor from value-added and fortified food categories is projected to drive the demand in the years to come. In addition, the exports of HFCS from American producers have grown steadily during the early 21st century. According to the United States International Trade Commission, the United States exported 73,330 MT (dry weight) of HFCS in 2017. Thus, the increase in international trading of HFCS has further propelled the growth of the HFCS market within the country.

High Fructose Corn Syrup Market (HFCS)2

Competitive Landscape

The high-fructose corn syrup market is competitive in nature, having a large number of domestic and multinational players competing for market shares. Emphasis is given on mergers, expansions, acquisitions, and partnerships among the companies, along with new product developments as a strategic approach adopted by the leading companies to boost their brand presence among consumers. For instance, in August 2018, Caldic and Cargill reached an agreement making Caldic Ingredients Deutschland GmbH the exclusive distribution partner of Cargill’s starches, sweeteners, and texturizers for food applications in Germany and Austria.

Key players dominating the regional market include Cargill Inc., Ingredion Incorporated, Tate & Lyle PLC, Global Sweeteners Holdings Limited, and Archer Daniels Midland Company, among others.

Recent Developments

  • In 2020, Tate & Lyle PLC (Tate & Lyle) announced the launch of SWEETENER-VANTAGE™ Expert Systems, a set of new and innovative sweetener solution design tools, together with an education program, which is designed to help formulators create sugar-reduced food and drink using low-calorie sweeteners.
  • In 2018, Archer Daniels Midland Company announced an agreement to acquire a 50% equity stake in the sweeteners and starches business of Russia-based Aston Foods and Food Ingredients. ADM will become 50% owner of Aston’s corn wet mills in Ibredand Novlyanka, which are strategically located close to major customers in the Russian food and beverage industry.
  • In 2018, through a joint venture between Cargill and ARASCO, the Kingdom of Saudi Arabia (KSA) had a new corn milling facility to meet the growing demand of the region's food and beverage industry. The MEFSCO (Middle East Food Solutions Company) facility was built to serve the Gulf Cooperation Countries (GCC), which includes Saudi Arabia, the United Arab Emirates, Kuwait, Oman, Bahrain, and Qatar. With the new plant, the joint venture would be able to double its glucose and starch production capacities, triple total production volume, and expand its product portfolio to include high fructose corn syrup to meet the growing demand across the confectionery, juice, bakery, and catering segments in the region.

Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitutes

      5. 4.3.5 Degree of Competition


    1. 5.1 Application

      1. 5.1.1 Food and Beverages

        1. Bakery

        2. Confectionery

        3. Dairy and Desserts

        4. Beverages

        5. Other Food and Beverages Applications

      2. 5.1.2 Pharmaceuticals

      3. 5.1.3 Animal Feed

    2. 5.2 Geography

      1. 5.2.1 North America

        1. United States

        2. Canada

        3. Mexico

        4. Rest of North America

      2. 5.2.2 Europe

        1. United Kingdom

        2. Germany

        3. France

        4. Russia

        5. Italy

        6. Spain

        7. Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. India

        2. China

        3. Japan

        4. Australia

        5. Rest of Asia-Pacific

      4. 5.2.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.2.5 Middle-East and Africa

        1. South Africa

        2. Saudi Arabia

        3. Rest of Middle-East and Africa


    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Cargill Incorporated

      2. 6.4.2 Ingredion Incorporated

      3. 6.4.3 Tate & Lyle PLC

      4. 6.4.4 Global Sweeteners Holdings Limited

      5. 6.4.5 Archer Daniels Midland Company

      6. 6.4.6 AGRANA Beteilgungs AG

      7. 6.4.7 COFCO Rongshi Bio-technology Co. Ltd

      8. 6.4.8 Roquette Freres

    5. *List Not Exhaustive


**Subject to Availability

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Frequently Asked Questions

The High-fructose Corn Syrup (HFCS) Market market is studied from 2016 - 2026.

The High-fructose Corn Syrup (HFCS) Market is growing at a CAGR of 1.62% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Cargill, Incorporated, Ingredion Incorporated, Tate & Lyle PLC, Global Sweeteners Holdings Limited, Archer Daniels Midland Company, Showa Sangyo Co., Ltd are the major companies operating in High-fructose Corn Syrup (HFCS) Market.

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