Global High Fructose Corn Syrup market was valued at US$ 4.57 billion in 2016, according to Global High Fructose Corn Syrup Market Report by Type (HFCS 42, HFCS 55, HFCS 65 and HFCS 90), by End-Use Industry (Food Industry, Beverage Industry, Pharmaceuticals and Others) published by Coherent Market Insights. The high fructose corn syrup market is expected to exhibit a CAGR of 3.64% over the forecast period (2017–2025) to reach US$ 6.28 billion by 2025.
Major factors propelling growth of the global high fructose corn syrup market includes its greater compatibility with acidic food and beverages. Moreover, HFCS does not contain color ingredients or artificial ingredients, which is another key factor responsible for the growth of the market. However, rising concerns regarding health and wellbeing, coupled with the changing lifestyle have allowed the consumers to shift to low calorie sweeteners, which is a key factor restraining the growth of the market currently.
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Key Trends and Analysis of High Fructose Corn Syrup Market:
- Based on types, the HFSC 42 segment is anticipated to witness the fastest growth in the global high fructose corn syrup market through 2025. This is majorly attributed to the increasing demand for HFCS 42 from the food and beverage industry. According to USDA (US Department of Agriculture), in 2017, major HFCS 42 users include 42% of the beverage industry, 22% of the manufacturers of processed food, 14% of the bakery and cereal producers, 12% of the multiple-use food manufacturers, 9% of the dairy industry and 1% of the confectionery industry.
- Among the end-use industries, the beverage industry was the dominant segment in the global high fructose corn syrup market in 2016 and is expected to retain market dominance throughout the forecast period. This can be attributed to the increasing consumption of carbonated beverages among the populace. According to Parliament of India, National Informatics Centre, North America accounts for the largest market of about 27% of the worlds carbonated drinks sales with per capita consumption of 48 gallons per year.
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Key Takeaways of the Market:
- North America was the dominant region in the global high fructose corn syrup market in 2016 with a market share of 37.33% in the same year and is expected to maintain its supremacy throughout the forecast period. U.S is the major contributor to the growth of this market in North America. According to USDA, the per capita consumption of HFCS in 2013 was 25.7 lbs/yr, which has decreased to 24 lbs/yr in 2016. This is due to the consumers being more health conscious and shifting their preference towards the consumption of low calorie products, which is responsible for market slowdown at present.
- Europe was the second largest market for high fructose corn syrup accounting for a revenue of US$ 1.54 billion in 2016. According to Birmingham Food Council, in 2015 the European Union’s total production of high fructose corn syrup was 700,000 tons. However the high fructose corn syrup market in Europe is expected to have a declining market share, owing to the stringent government regulations, regarding limiting added sugar content in the food and beverage industry. Asia Pacific is projected to record the fastest growth for high fructose corn syrup during the forecast period. This is due to the increasing intake of sweetened food and beverage products among the populace.
Major players in the global high fructose corn syrup market include Archer Daniels Midland Company, Cargill Inc., Tate & Lyle, Global Sweeteners Holdings Limited, Ingredion Incorporated, Showa Sangyo, Japan Corn Starch Co., Ltd., Kerry Group, COFCO Rongshi Bio-technology Co. Ltd and various others.
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