High-fructose Corn Syrup (HFCS) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global 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). The report offers market size and forecast in value terms in USD million for all the above segments.

Market Snapshot

High-fructose Corn Syrup (HFCS) Market Summary
Study Period: 2016 -2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 1.62 %
High-fructose Corn Syrup (HFCS) Market Major Players

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Market Overview

The global high-fructose corn syrup market is projected to register a CAGR of 1.62% during the forecast period, 2022-2027.

The market was negatively impacted by COVID-19 in 2020. The global pandemic has impacted the proper functioning of high-fructose corn syrup worldwide. Due to the pandemic, people prioritized health and wellness, which led consumers to cut sugar, calories, salt, and carbs in food and beverage products. This has resulted in food and beverage manufacturers launching low/no sweetener 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 channeling their efforts into developing 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 compared to other categories, which helps reduce the prices of end products. Additionally, favorable import and export tariffs on 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 worldwide. For instance, according to the EWG Farm Subsidy Record, corn subsidies in the United States totaled USD 113.9 billion from 1995-2019.

Scope of the Report

High-fructose corn syrup is a sweetener made from corn flour. Some of its glucose is converted to fructose, which 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 analyzes 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.

By Application
Food and Beverages
Bakery
Confectionery
Dairy and Desserts
Beverages
Other Food and Beverages Applications
Pharmaceuticals
Animal Feed
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
United Kingdom
Germany
France
Russia
Italy
Spain
Rest of Europe
Asia-Pacific
India
China
Japan
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
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 global market, 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 2020. 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 to support the economy and community of their country of 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 tons in 2020 to 678,000 million metric tons in 2020, according to the OECD and FAO. This rise in HFCS production has resulted from the intensive investments in the HFCS market by the corn starch players and 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 (HFCS) Market : High Fructose Corn Syrup Market: Corn Starch Production (in million metric ton), European Union, 2017-2020

North America Holds the Major Share

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 (HFCS) Market - Market Size (%), by Region, Global, 2021

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 to 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.

Key players dominating the regional market include Cargill Inc., Ingredion Incorporated, Tate & Lyle PLC, Showa Sangyo, Kerry Group Plc, Global Sweeteners Holdings Limited, AGRANA Beteilgungs AG, COFCO Rongshi Bio-technology Co. Ltd, Roquette Freres, and Archer Daniels Midland Company.

Major Players

  1. Cargill, Incorporated

  2. Ingredion Incorporated

  3. Tate & Lyle PLC

  4. Global Sweeteners Holdings Limited

  5. Archer Daniels Midland Company

High-fructose Corn Syrup (HFCS) Market Concentration

Recent Developments

In 2021, as the demand for reduced-sugar products continued to grow, Cargill invested USD 45 million (EUR 38 million) to add soluble fibers to its European portfolio of starches, sweeteners, and texturizers.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    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

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Application

      1. 5.1.1 Food and Beverages

        1. 5.1.1.1 Bakery

        2. 5.1.1.2 Confectionery

        3. 5.1.1.3 Dairy and Desserts

        4. 5.1.1.4 Beverages

        5. 5.1.1.5 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. 5.2.1.1 United States

        2. 5.2.1.2 Canada

        3. 5.2.1.3 Mexico

        4. 5.2.1.4 Rest of North America

      2. 5.2.2 Europe

        1. 5.2.2.1 United Kingdom

        2. 5.2.2.2 Germany

        3. 5.2.2.3 France

        4. 5.2.2.4 Russia

        5. 5.2.2.5 Italy

        6. 5.2.2.6 Spain

        7. 5.2.2.7 Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. 5.2.3.1 India

        2. 5.2.3.2 China

        3. 5.2.3.3 Japan

        4. 5.2.3.4 Australia

        5. 5.2.3.5 Rest of Asia-Pacific

      4. 5.2.4 South America

        1. 5.2.4.1 Brazil

        2. 5.2.4.2 Argentina

        3. 5.2.4.3 Rest of South America

      5. 5.2.5 Middle-East and Africa

        1. 5.2.5.1 South Africa

        2. 5.2.5.2 Saudi Arabia

        3. 5.2.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    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

      9. 6.4.9 Showa Sangyo

      10. 6.4.10 Kerry Group Plc

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. IMPACT OF COVID-19 ON THE MARKET

**Subject to Availability
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Frequently Asked Questions

The High-fructose Corn Syrup (HFCS) Market market is studied from 2016 - 2027.

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 2021.

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

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