ID: MRFR/F-B & N/1726-CR | 125 Pages | Published By Harshita Gorade on February 2021
Glucose Syrup Market Size is anticipated to reach USD 5.2 Billion by 2030, registering a CAGR of 5.45% during 2022-2030.
Global Glucose Syrup Market Research (MRFR Insights)
The glucose syrup market is projected to register a CAGR of 5.450% from 2022 to 2030. The glucose syrup market size is expected to reach approximately USD 5.2 billion by 2030. Glucose syrup is a sweetening liquid made from the hydrolysis of glucose molecules. Corn, rice, wheat, and potato are commonly used to make glucose syrup because they are high in starch. Glucose syrup is used in the production of frozen desserts and candy. To add sweetness to baked goods, glucose syrup is also used. Some reasons driving market growth include rising demand for convenience foods and increased use of glucose syrup in baked goods such as sweets. Confectionery, medicines, and food & beverage industries all demand glucose syrup as a sweetener. Furthermore, glucose syrups are utilized in producing ice cream, chewing gum, chocolate, and canned foods due to the increasing demand for sugar substitutes.
For instance, Archer Daniels Midland Co. (ADM) invested USD 129.00 million in R&D operations in 2017. However, the negative effects of excessive glucose syrup use are hampering market expansion. Furthermore, public food systems, sugar diversification over ineffective rationing, and declining costs owing to market fragmentation pose challenges to the market.
COVID-19 Impact Analysis
The spread of the COVID-19 pandemic is affecting all manufacturers and the whole industry. The expected long-term influence will be visible in the industry's growth during the predicted timeframe. Many changes have happened in customer demand and purchasing behavior, and research has highlighted the issues that COVID-19 faces. During the pandemic, there were significant changes in consumer demand, purchasing patterns, supply chain rerouting, industry trends, and governmental actions. The market is expected to grow in the next years.
Glucose Syrup Market Dynamics
The market for baked goods and cakes is expanding. Furthermore, glucose syrup is commonly used in creating sweets due to its consistency. Glucose syrup is preferred for cooking since it does not affect the product's aesthetics and encourages water retention, which keeps the baked food fresh. Because it prevents gritty texture and keeps smoothness, glucose syrups are increasingly used to create confectionery items. Because glucose syrup offers energy to yeast, its use in the beer industry has increased.
Rising cosmetics demand will drive growth opportunities in the market
The increased awareness of the benefits of wearing cosmetics to promote self-esteem and personal hygiene will drive significant expansion in the glucose market. Glucose is an important ingredient in many cosmetics and personal care products. As a result, this element will ensure the glucose market's optimistic expansion. However, producers are developing natural alternatives to glucose, which may stymie the industry. In July 2020, Ingredion Incorporated, a US-based food manufacturer, paid an undisclosed sum to PureCircle Limited. The acquisition resulted in the addition of PureCircles' innovation and production experience to the Ingredion Incorporated product line. PureCircle Limited is a firm established in the United States that produces plant-based stevia sweeteners and glucose syrup.
Many doctors feel fructose is better for people with diabetes than sugar, yet glucose is digested by every cell in the body. On the other hand, the liver is in charge of fructose metabolism. High fructose corn syrup, which contains a lot of free-floating fructose, has been linked to diabetes. Compared to fruit, which contains fructose, fiber, and nutrients to assist the body in digesting it, glucose syrup has little nutritious value. There is nothing but calories and dodgy sugar.
The market is predicted to grow in the next years as the food & beverage sector in developing nations expand, food consumption habits evolve, and health consciousness grows. This is one of the market expansion prospects in the coming years.
By Source Insights
The glucose syrup market segmentation, based on source, is corn, wheat, barley, potatoes, rice, cassava, and others. The glucose syrup market growth was prominently high under the corn category in 2021 and is also expected to rise at the fastest CAGR during the predicted period as Glucose syrup is a sweetening liquid produced by the hydrolysis of glucose molecules; corn is commonly used to produce glucose syrup due to its high starch content. Glucose syrup is used in the production of frozen desserts and sweets. To add sweetness to baked goods, glucose syrup is also employed. Glucose syrup is normally fat-free.
By Application Insights
The glucose syrup market segmentation, by application, is food, beverage, confectionery, pharmaceuticals, and others. Beverage held the market share in 2021 and is expected to grow at the fastest CAGR. Sugar is an essential component of all wines. Grapes accumulate sugar in the form of glucose and fructose during fermentation. Natural glucose tastes less sweet than wine's fructose. As a result, dextrose syrup is employed in various wines to boost the sweetening effect. During fermentation, dextrose syrup is added, and the stirring speed is adjusted to give the wine a light pinkish tint, making it look appealing. This is one of the primary reasons for using dextrose syrup during fermentation.
By Grade Insights
By grade, the market is segmented into food, pharma, industrial, and others. The food-grade segment generated the most revenue in 2021 and is expected to expand at the fastest CAGR throughout the forecast period. High demand for sweeteners in confectionery grades, as well as the expansion of the bread industry, are driving category growth. The other two categories are pharmaceutical and industrial. This category has a substantial market share. Fruit drinks and soft drinks include a significant amount of glucose syrup. Furthermore, soft drink consumption has surged fivefold in the last few years. This is predicted to have a positive influence on glucose syrup sales.
By Form Insights
Based on form, the market is segmented into liquid and granular. The liquid category dominated the market in 2021. In the food & beverage industry, liquid glucose or glucose syrups play an important role. Glucose syrups' excellent properties make them a popular ingredient in various food products.
Global Glucose Syrup Market Share by Region, 2021 (%)
Glucose Syrup Market Overview, by Region
By region, the glucose syrup market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Europe accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
Europe had the largest revenue market share due to high customer preference and rigorous rules regarding sugar levels in food goods. However, Latin America is expected to grow at a significant rate during the forecast period due to rapid urbanization and rising disposable income levels, which have increased consumer demand for packaged foods such as confectionery and beverages, particularly among the youth, which have increased spending on snacks and beverages by around 40%.
Asia-Pacific is predicted to be the fastest-growing market, with the highest CAGR in the forecast period, owing to an increasing diabetic population in China and India and increased consumer health awareness. Furthermore, rising disposable income levels in emerging nations such as China and India are expected to drive glucose syrup demand over the predicted period
Glucose Syrup Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as Cargill, Archer Daniels Midland Company, Tate & Lyle, and others dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base.
For instance, in February 2021, Tate & Lyle purchased an 85% stake in Chaodee Modified Starch, a well-established tapioca-modified food starch producer based in Thailand. This acquisition sought to increase Tate & Lyle's footprint in specialty tapioca-based restaurants and allow companies to offer a broader range of tapioca-based solutions to meet customers' demands for better-tasting and clean-label foods.
Prominent players in the glucose syrup market research include Cargill, Archer Daniels Midland Company, Tate & Lyle, and Others.
Scope of the Glucose Syrup Market Segmantation
By Usage By Source Outlook
By Application Outlook
By Grade OUtlook
By Form Outlook
By Region Outlook
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the glucose syrup market report segmented by source, application, grade, and form by value (in US dollars). Also, to understand the consumption/ demand created by consumers' glucose syrup market forecast between 2022 and 2030.
To identify and infer the drivers, restraints, opportunities, and challenges in the glucose syrup market growth
To find out the factors which are affecting the glucose syrup market size among consumers
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||USD 5.2 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Source, Grade, Form, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Cargill,Archer Daniels Midland Company,Tate & Lyle,Others|
|Key Market Opportunities||Higher Demand For Healthier Ingredients, Increase In Scope For Specialty Foods|
|Key Market Drivers||Rise In Demand For Bakery Products, Increasing Demand For Beverages|
The glucose syrup market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~5.45% over the next ten years, according to glucose syrup market research
Asia-Pacific is expected to register the highest CAGR during 2022 - 2030
Europe held the largest share in 2021
The market size is expected to be USD 5.2 billion by 2030.
Cargill, Archer Daniels Midland Company, Tate & Lyle, and Others are the major companies operating in the market.