High Fructose Corn Syrup (HFCS) Market

High Fructose Corn Syrup (HFCS) Market Size, Share, Growth (2023-2028)

High Fructose Corn Syrup (HFCS) Market size was at US$ 5.65 million in 2023 to US 6.97 billion by 2028 with an annual expansion rate (CAGR) of 4.30%.

High Fructose Corn Syrup (HFCS) Market Overview:

High fructose corn syrup (HFCS) is a type of liquid sweetener that uses a special form of corn syrup and is used as a substitute for sucrose in the food and beverage industry. Through a wet milling process, corn is used in the production of high fructose corn. It consists of most of fructose and the rest is sugar. HFCS does not differ much from other fructose glucose sweeteners such as sucrose, honey, and fruit juice concentrate in terms of composition or metabolism. It generally consists of 42 to 55% fructose. Extends product freshness, fruit and spice flavor, provides product stability, aids fermentation, promotes cooked flavor, and is also used as a browning on the surface of baked goods. These factors are expected to drive the growth of the High Fructose Corn Syrup market during the forecast period. The growth rate of the high fructose corn syrup market is due to the fact that it is widely used as a substitute for sucrose in the food industry with a growing demand for carbohydrate drinks, soft drinks, confectionery, jams, dairy products as diet foods. High fructose corn syrup (HFCS), also known as glucose-fructose, is a sweetener that converts part of glucose to fructose, made from cornstarch that has been processed by glucose isomerase. It is extracted from corn syrup as a liquid sweetener through a process called wet milling. Improvements in government policy on HFCS are expected to boost the market for high fructose corn syrup by becoming a cost-effective substitute for sugar in a variety of manufactured products, including processed foods, bakery products, dairy products, candy and drinks. HFCS has better stability and works well in acidic beverages served in liquid form. This makes HFCS easy to transport and handle. It also mixes substances better than granulated sucrose.

Recent Developments in High Fructose Corn Syrup (HFCS) Industry:

• In 2017, Japanese Corn Starch Co., Ltd. successfully developed a new product "HFCS 70". This product keeps the body the same as the liquid sugar fructose glucose that is used in many soft drinks.

High Fructose Corn Syrup Market (HFCS) Growth:

The rapid increase in the diabetes-prone population may promote the development of the global high fructose corn syrup (HFCS) market in the coming years.

REPORT COVERAGE:

High Fructose Corn Syrup (HFCS) Market Drivers:

The rising need for alternative sweeteners in food making is a principal factor estimated to drive the expansion of the global high fructose corn syrup market. Also, the increasing demand for high fructose corn syrup from the pharmaceutical industry is supposed to support the growth of the high fructose corn syrup market size in the near future. However, changes in the lifestyle of the population, together with increased health problems, are likely to pose a threat to the growth of the high fructose corn syrup (HFCS) market in the coming years. Using high fructose corn syrup as a substitute for sucrose in a wide variety of foods, including beverages, bakeries, processed foods, and confectionery, will expand your business for years to come. With the growing technological innovation in the field of food processing, the increasing need for bakery products, products containing low calorie sweeteners derived from natural ingredients and the growing awareness of the population about the side effects of excessive sugar consumption are factors crucial to growth during the outlook period. The global market for high fructose corn syrup is driven by increasing demand for sweeteners in the food and beverage industry. Key factors driving the market for high fructose corn syrup (HFCS) include high solubility, the ability to stay in solution and not crystallize like sucrose under certain conditions. Major market participants are striving to develop new products through significant investment in R&D, leveraging advanced technology to manufacture cost-effective, superior quality products. HFCS 42 has become a good alternative to sugar and honey in food preparation for those who want to avoid sucrose due to its side effects.

With the increasing demand for a variety of ready-to-eat food and beverage products, there is growing concern about the use of artificial sweeteners in the manufacture of a variety of food and beverage products. Furthermore, as the demand for sweeteners increases due to the increase in the food and beverage industry, the cost-effective advantage of the product when used as a sugar substitute compared to conventional sugar can be considered a major driver of high fructose corn syrup market. The growing demand for high fructose corn syrup from food manufacturers is another important factor that is foreseen to drive the growth of the target market in the coming years, as it offers advantages over sucrose, such as ease of handling and good stability.

Restraints:

Increased consumer health awareness and changes in people's living standards in developing countries are estimated to hamper the growth of the target market to some extent. A major challenge for the market is the increasing adoption of calorie-free sweeteners as a substitute for high fructose corn syrup that causes obesity, diabetes, and increased cardiovascular risk, leading to growing concerns about dietary intake and consumption of sweeteners around the world. Strict rules and regulations regarding processing and preservation prior to distribution and sale are a major problem in some parts of Europe. Lifestyle changes and consumer health concerns in emerging markets are limiting market growth to some extent. This is because high fructose consumption is often associated with the prevalence of obesity and diabetes. Therefore, calorie-free sweeteners are gaining a lot of popularity among consumers.

High Fructose Corn Syrup (HFCS) Market Segmentation Analysis:

By type

• HFCS 55

• HFCS 42

The HFCS 42 segment is expected to record significant revenue growth in the target market as the adoption of HFCS 42 in the food industry increases.

By application

• Food and Beverages

• Pharmaceuticals

Food and beverages are further divided into bakery, confectionery, dairy, processed food and beverage. The food and beverage sector is estimated to account for a large chunk in terms of revenue and maintain its dominance for years to come. This growth is mainly due to the growing demand for bakery and confectionery products around the world.

High Fructose Corn Syrup (HFCS) Market Regional Analysis:

• North America 

• Europe

• The Asia Pacific

• Latin America

• The Middle East and Africa

North America ranked first in the global high fructose corn syrup market in 2019, with sales of $ 1.7 billion in the same year, and is expected to maintain its dominance throughout the conjecture period. The United States has been a major contributor to the growth of this market in North America and is supposed to continue to dominate during the forecast period. North America is the world's largest consumer of caloric sweeteners. In North America, HFCS production has been directed mainly to the domestic market and, until recently, most agricultural products were exported, mainly due to the high availability of corn in the region. Europe is the second largest market in the production of high fructose corn syrup market in 2019. However, due to strict government regulations, participation is expected to decline during the foreseen period.

The Asia Pacific region held a favorable market share in the high fructose corn syrup market in 2019. The growth is driven by higher consumption of sweetened foods and beverages. Carbonated beverages have seen impressive growth in the Asia Pacific region. The market is still in its infancy in this area. Japan leads the Asian countries in consumption of HFCS. Countries such as Indonesia, Thailand, Vietnam, and the Philippines have low HFCS penetration rates, while Mexico, Japan, the United States, and the EU-27 consider sugar to be an inexpensive alternative when switching from sugar to HFCS.

High Fructose Corn Syrup (HFCS) Market Key Players:

1. Cargill Inc

2. Archer Daniels Midland Company

3. Global Sweeteners Holdings Limited

4. Tate & Lyle Plc, Showa Sangyo

5. Ingredion Incorporated

6. Kerry Group Plc

7. Japan Corn Starch Co., Ltd

8. Cofco Rongshi Bio-technology Co. Ltd