Dublin, Aug. 10, 2021 (GLOBE NEWSWIRE) -- The "High-Fructose Corn Syrup (HFCS) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The global high fructose corn syrup market was valued at USD 8,873.47 million in 2020 and the market is projected to grow at 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 globe. Due to pandemic people were prioritizing health and wellness which led consumer to cut sugar, calories, salt and carbs in food and beverages products. This has resulted food and beverage manufacturer to launch low/no sweeteners products to cater the consumer demand which has negatively impacted high-fructose corn syrup market.
Over the medium term, 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.
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.
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.
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.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Degree of Competition
5 MARKET SEGMENTATION
5.1 Application
5.1.1 Food and Beverages
5.1.1.1 Bakery
5.1.1.2 Confectionery
5.1.1.3 Dairy and Desserts
5.1.1.4 Beverages
5.1.1.5 Other Food and Beverages Applications
5.1.2 Pharmaceuticals
5.1.3 Animal Feed
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.1.4 Rest of North America
5.2.2 Europe
5.2.2.1 United Kingdom
5.2.2.2 Germany
5.2.2.3 France
5.2.2.4 Russia
5.2.2.5 Italy
5.2.2.6 Spain
5.2.2.7 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 India
5.2.3.2 China
5.2.3.3 Japan
5.2.3.4 Australia
5.2.3.5 Rest of Asia-Pacific
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Rest of South America
5.2.5 Middle East & Africa
5.2.5.1 South Africa
5.2.5.2 Saudi Arabia
5.2.5.3 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Cargill, Incorporated
6.4.2 Ingredion Incorporated
6.4.3 Tate & Lyle PLC
6.4.4 Global Sweeteners Holdings Limited
6.4.5 Archer Daniels Midland Company
6.4.6 AGRANA Beteilgungs-AG
6.4.7 COFCO Rongshi Bio-technology Co. Ltd
6.4.8 Roquette Freres
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/bnm7lp
