High-Fructose Corn Syrup (HFCS) Market - Growth, Trends, and Forecast (2020 - 2025)

Global High Fructose Corn Syrup (HFCS) Market is segmented by Application (Food and Beverage, Pharmaceuticals, Animal Feed, and Others), and by Geography.

Market Snapshot

Study Period:

2016-2025

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

Europe

CAGR:

4.8 %

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Market Overview

The global high fructose corn syrup market is projected to grow at a CAGR of 4.80% during the forecast period 2020-2025.

  • The major factors driving the high-fructose corn syrup (HFCS) market includes high solubility, ability to remain in solution and not 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 help 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 the HFCS production across the globe. For instance, corn subsidies in the United States totaled to be USD 113.9 billion from 1995-2019 according to the EWG Farm Subsidy Record.
  • Beverages hold the largest market share, primarily owing to its high solubility. Thus, manufacturers are increasingly incorporating HFCS in beverages such as in soft drinks and juices.
  • Apart from food and beverage manufacturers, companies from Pharmaceuticals/Nutraceuticals sectors have also shown a high demand for HFSC. For instance, Roquette Frères, a French company, offers HI-SWEET 55 High Fructose Corn Syrup, which can be used for Pharmaceutical and/or Nutraceuticals in oral dosage forms including syrups, suspension, and liquids.

Scope of the Report

The global high fructose corn syrup market is segmented by application into food and beverage, pharmaceuticals, animal feed, and others. The food and beverage segment is further bifurcated into bakery, confectionary, 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 globe, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

By Application
Food & Beverages
Bakery
Confectionery
Dairy and Desserts
Beverages
Others
Pharmaceutical
Animal Feed
Other Applications
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 & Africa
South Africa
Saudi Arabia
Rest of Middle East & Africa

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Key Market Trends

Strategic Investments by Key Players

Across the globe, 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 tons in comparison to the 3.89 million metric ton in 2014 as shown in the adjacent graph. Thus, with the rising demand of corn starch sweeteners, an increasing number of corn starch manufacturers are investing in the corn starch and sweeteners market across the globe, 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 globe. In the European Union, the domestic production by volume increased from 600,000 tons in 2017 to 675,000 million tons in 2019, according to 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 globe. For instance, Ingredion Inc. has invested USD 30 million into the production capacity at its San Juan del Rio manufacturing facility in Mexico, which manufacturers HFCS, glucose starches and adhesives in the year 2017.

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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) sweetener across the country is majorly due to its wide usage in confectionery, bakery, and beverage industries, especially soft drink manufacturing. The highest 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 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 the year 2017, among which 3,375 MT of HFCS-42 and 69,955 MT of HFCS-55; and the cumulative value HFCS exports in the United States were raised to 1.046 MMT in 2018. This increase in 2018 is the result of monthly HFCS-42 shipments were generally stronger this year than last, and total exports of 50,570 MT were up 12 percent from 2017. Thus, increase in international trading of HFCS has further propelled the growth of the HFCS market within the country.

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Competitive Landscape

The global 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 development 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 for 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.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 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 Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Application

      1. 5.1.1 Food & 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 Others

      2. 5.1.2 Pharmaceutical

      3. 5.1.3 Animal Feed

      4. 5.1.4 Other Applications

    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 & Africa

        1. 5.2.5.1 South Africa

        2. 5.2.5.2 Saudi Arabia

        3. 5.2.5.3 Rest of Middle East & 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 Showa Sangyo Co., Ltd.

      7. 6.4.7 AGRANA Beteiligungs-AG

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

** Subject to Availability

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