Global Corn Syrup Market Size, Share & Industry Trends Analysis Report By Application (Food & Beverages and Pharmaceuticals), By Distribution Channel (B2C and B2B), By Type, By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Corn Syrup Market
Market Report Description
The Global Corn Syrup Market size is expected to reach $11.1 billion by 2028, rising at a market growth of 4.0% CAGR during the forecast period.
Corn syrup, also known as maize, is a food syrup derived from the starch of corn. The percentage of maltose and other oligosaccharides in corn syrup varies. For confectioners, corn syrup is also referred as glucose syrup. Food items are cooked with corn syrup to soften the texture, add volume, prevent sugar from crystallizing, and improve flavor. By converting a significant amount of its glucose into fructose with the aid of the enzyme D-xylose isomerase, corn syrup is distinguished from high-fructose corn syrup, which is produced from corn syrup.
Dilute hydrochloric acid and maize starch are combined, and the combination is then heated under pressure to create corn syrup. The main uses for corn syrup in commercially packaged foods include humectant, thickener, and sweetener. It keeps food fresh by absorbing moisture. Commercial corn syrup is offered in two varieties viz. dark corn syrup and light corn syrup.
When cornstarch is hydrolyzed, it can be accomplished in one of two ways. Either by heating it with diluted acid or by adding enzymes. Jams, jellies, baked goods, and several more meals like dairy items, confections, and beverages all employ corn syrup in some capacity. Due to the rise in demand for sweeteners in various processed goods, corn syrup demand in the food and beverage industry is predicted to increase dramatically. Under some circumstances, corn syrup does not crystallize and has a higher solubility. It also costs less than sugar and serves as a preservative to increase the shelf life of foods and beverages.
Thus, corn syrup's widespread use in the food and beverage industries is being boosted by a number of advantages that come with it. Additionally, the proliferation of quick-service restaurant chains and fast-food chains, an increase in consumption of ready-to-drink beverages, and a rise in the demand for processed food in both developed and developing countries all contribute to the corn syrup market's expansion.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has been significantly harmful to the worldwide economy. The COVID-19 pandemic also had a detrimental impact on the corn syrup market due to the deployment of the lockdown in several countries by the local governments. Market prospects were impeded by concerns like the temporary shutdown of production facilities, a workforce shortage, a lack of raw materials, as well as supply chain disruptions. The COVID-19 pandemic outbreak in 2020 had a detrimental effect on corn syrup business sales. The government's lockdown measures to stop the virus's spread had a negative effect on the corn syrup industry, leading to a shortage of raw materials along with supply chain disruptions.
Market Growth Factors
Increasing Adoption Throughout The Food And Beverages Industry
The demand for corn syrup in the food and beverages industry is rapidly rising. There are multiple advantages of corn syrup, due to which food and beverage manufacturers are rapidly utilizing this product. In addition, one of the most useful ingredients across the market nowadays is corn syrup. The sweetener gives meals more texture, aids in maintaining their color, improves the flavor of various dishes, and aids in quality. The cost of each of these additions is often lower than that of any other caloric sweetener offered to the food production business, allowing it to offer a number of value-added features without as frequently experiencing price instability as its alternative goods.
Cost-Efficiency And High Quality
Compared to the production of sugar, corn syrup is produced at a much lower cost. In a manner that sugar as well as other sweeteners cannot, corn syrup also gives products a texture and a freshness that they lack. Therefore, before HFCS, food and beverage firms typically had to incur additional costs in order to keep their products fresh. Food producers utilize high-fructose corn syrup in the creation of soft drinks because it gives the finished product a certain freshness that conventional sugars are unable to achieve. Customers would also find the textures and flavors pleasant.
Market Restraining Factors
Risks Related To The Excess Communication Of Syrup
The body would naturally turn too much corn syrup into fat when consumed in excess amounts. Fructose will be converted into stored carbohydrates with a limited storage capacity by the liver because of how it is digested by the liver. Smaller amounts of fructose are easily burned off, but larger amounts, such as those found in baked goods and sugary carbonated beverages, can quickly overload the liver and cause it to generate more fat. Long-term exposure to corn syrup at harmful levels can result in major health problems like obesity, fatty liver disease, and type 2 diabetes.
On the basis of Type, the Corn Syrup Market is segmented into Light Syrup, Dark Syrup, Corn Syrup Solids, and High Fructose Corn Syrup. In 2021, the light corn syrup segment recorded a significant revenue share of the corn syrup market. The rising growth of the segment is owing to the increasing popularity of light corn syrup all over the world. light corn syrup is clear in color and is produced by removing the sugars from cornstarch. It frequently has a small amount of vanilla flavoring. Recipes for caramel popcorn, candy, icing, and sweet sauces all list it as an ingredient.
By the Application, the Corn Syrup Market is bifurcated into Food and Beverages and Pharmaceuticals. In 2021, the food and beverage segment procured the highest revenue share of the corn syrup market. The increase in food and beverage production to meet the rising demand of the world's population is primarily responsible for the growth of the food and beverage industry. In the food and beverage industry, corn syrup is used as a thickening and sweetening agent.
Distribution Channel Outlook
Based on the Distribution Channel, the Corn Syrup Market is divided into B2B and B2C. In 2021, the B2B segment registered a significant revenue share of the corn syrup market. The rapidly rising growth of the segment is owing to the increasing demand for corn syrup in restaurants and other food facilities. Various restaurants are rapidly adopting corn syrup in order to use it as a thickening and moisturizing agent. Therefore, the growth of the segment is increasing.
|Market size value in 2021||USD 8.5 Billion|
|Market size forecast in 2028||USD 11.1 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 4% from 2022 to 2028|
|Number of Pages||175|
|Number of Tables||338|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Type, Distribution Channel, Application, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region-Wise, the Corn Syrup Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, North America accounted for the largest revenue share of the corn syrup market. The growth of the regional market is significantly surging because the United States is one of the top producers as well as consumers of the corn syrup. This is explained by the high demand for prepared beverages, baked goods, confections, and processed foods across the United States.
Free Valuable Insights: Global Corn Syrup Market size to reach USD 11.1 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ACH Food Companies, Inc. (Karo), Grain Processing Corporation (Kent Corporation), Global Sweetners Holdings Ltd., Archer Daniels Midland Company, Cargill Corporation, Ingredion, Incorporated, Tate & Lyle PLC, and COFCO Corporation.
Scope of the Study
Market Segments Covered in the Report:
- Food & Beverages
By Distribution Channel
- High Fructose
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- ACH Food Companies, Inc. (Karo)
- Grain Processing Corporation (Kent Corporation)
- Global Sweetners Holdings Ltd.
- Archer Daniels Midland Company
- Cargill Corporation
- Ingredion, Incorporated
- Tate & Lyle PLC
- COFCO Corporation
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