The global corn syrup market was valued at $9,805.2 million in 2021, and is estimated to reach $13,532.1 million by 2031, registering a CAGR of 3.2% from 2022 to 2031.
Corn syrup is produced from corn starch by adding acid or enzymes to the corn starch in hydrolysis process. Corn syrup is frequently used in confectioneries and other food items for softening texture, eliminate sugar crystallization, improve flavor, and add volume. In addition, it is used as a natural sweetener in variety of food and beverages products. Its low cost and abundant availability make it more preferable over sugar among the food & beverage manufacturers.
The global corn syrup market is expected to grow at a significant rate owing to rise in consumption of processed food & beverages. Availability of corn syrup at low cost has made it a popular choice among food & beverages manufacturers. Furthermore, high costs and price fluctuations of sugar have led to increased adoption of corn syrup as an alternative to sugar. In addition, surge in penetration of fast food chains such as Subway, Taco Bell, KFC, and McDonald’s is boosting the demand for processed food and soft drinks. Huge utilization of corn syrups in the production of soft drinks and processed food is significantly driving the growth of the global corn syrup market.
The growth of the global corn syrup market is further driven by rise in global population, which fuels the demand for packaged food & beverages. The presence of huge population in the developing regions of Asia and Africa is anticipated to foster the market growth, owing to the growing pressure on the food manufacturing companies to produce food & beverages at low cost.
The global corn syrup market is segmented into type, application, distribution channel, and region. On the basis of type, the market is segregated into light syrup, dark syrup, corn syrup solids, and high fructose corn syrup (HFCS). By application, it is categorized into food & beverages and pharmaceuticals. Depending on distribution channel, it was divided into B2B and B2C. Region wise, the market was analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, and rest of LAMEA).
The key players operating in the global corn syrup market are constantly engaged in strategic developments like partnerships, joint ventures, acquisition, and mergers to exploit the prevailing corn syrup market opportunities. Business expansion has emerged as a key strategy among the market players to strengthen their position and achieve growth in the long term. The major players operating in the market include Archer Daniels Midland Company, Cargill, Incorporated, Associated British Foods Plc, COFCO Corporation, Global Sweeteners Holdings Ltd., Ingredion Incorporated, Kent Corporation, Luzhou Bio-chem Technology Limited, Roquette Freres, and Tate and Lyle PLC.
It provides detailed qualitative and quantitative analysis of current trends and future estimations that assists to evaluate the prevailing market opportunities.
Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
Extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
The report provides extensive qualitative insights on the potential and niche segments or regions exhibiting favorable growth.
Corn syrup is produced from corn starch by adding acid or enzymes to the corn starch in hydrolysis process. Corn syrup is frequently used in confectioneries and other food items for softening texture, eliminate sugar crystallization, improve flavor, and add volume. In addition, it is used as a natural sweetener in variety of food and beverages products. Its low cost and abundant availability make it more preferable over sugar among the food & beverage manufacturers.
The global corn syrup market is expected to grow at a significant rate owing to rise in consumption of processed food & beverages. Availability of corn syrup at low cost has made it a popular choice among food & beverages manufacturers. Furthermore, high costs and price fluctuations of sugar have led to increased adoption of corn syrup as an alternative to sugar. In addition, surge in penetration of fast food chains such as Subway, Taco Bell, KFC, and McDonald’s is boosting the demand for processed food and soft drinks. Huge utilization of corn syrups in the production of soft drinks and processed food is significantly driving the growth of the global corn syrup market.
The growth of the global corn syrup market is further driven by rise in global population, which fuels the demand for packaged food & beverages. The presence of huge population in the developing regions of Asia and Africa is anticipated to foster the market growth, owing to the growing pressure on the food manufacturing companies to produce food & beverages at low cost.
The global corn syrup market is segmented into type, application, distribution channel, and region. On the basis of type, the market is segregated into light syrup, dark syrup, corn syrup solids, and high fructose corn syrup (HFCS). By application, it is categorized into food & beverages and pharmaceuticals. Depending on distribution channel, it was divided into B2B and B2C. Region wise, the market was analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, and rest of LAMEA).
The key players operating in the global corn syrup market are constantly engaged in strategic developments like partnerships, joint ventures, acquisition, and mergers to exploit the prevailing corn syrup market opportunities. Business expansion has emerged as a key strategy among the market players to strengthen their position and achieve growth in the long term. The major players operating in the market include Archer Daniels Midland Company, Cargill, Incorporated, Associated British Foods Plc, COFCO Corporation, Global Sweeteners Holdings Ltd., Ingredion Incorporated, Kent Corporation, Luzhou Bio-chem Technology Limited, Roquette Freres, and Tate and Lyle PLC.
KEY BENEFITS FOR STAKEHOLDERS
The report provides an extensive analysis of the current & emerging trends and opportunities in the global corn syrup market.It provides detailed qualitative and quantitative analysis of current trends and future estimations that assists to evaluate the prevailing market opportunities.
Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
Extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
The report provides extensive qualitative insights on the potential and niche segments or regions exhibiting favorable growth.
Key Market Segments
By Type
- Light Syrup
- Dark Syrup
- Corn Syrup Solids
- High Fructose Corn Syrup
By Application
- Food and Beverages
- Pharmaceuticals
By Distribution Channel
- B2B
- B2C
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest Of Asia Pacific
- LAMEA
- Brazil
- Argentina
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Archer Daniels Midland Company
- Cargill, Incorporated
- ingredion
- Roquette America, Inc.
- Tate & Lyle Ingredients Americas, Inc.
- Karo Syrups
- COFCO Rongshi Bio-technology Co. Ltd.
- Grain Processing Corporation
- Global Sweetners Holdings Ltd.
- Xiwang Sugar Holdings Company limited
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CORN SYRUP MARKET, BY TYPE
CHAPTER 5: CORN SYRUP MARKET, BY APPLICATION
CHAPTER 6: CORN SYRUP MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: CORN SYRUP MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Corn Syrup Market," the corn syrup market size was valued at $9.8 billion in 2021, and is estimated to reach $13.5 billion by 2031, growing at a CAGR of 3.2% from 2022 to 2031.The growth of the food & beverages industry is majorly attributed to rise in production of food & beverages to cater to the growing demand of the global population. According to the United Nations World Population Prospects 2019, the global population is anticipated to rise by 2 billion in the next 30 years, i.e., from 7.7 billion in 2020 to 9.7 billion by 2050. This significant rise in population is expected to boost the demand for food products, which, in turn, propels the need for corn syrup, thereby fostering the growth of the global market.
Furthermore, surge in demand for bakery products due to changing consumer preferences toward ready-to-eat food products and improving living standards is expected to drive the corn syrup market growth. The per capita consumption of bakery products in developed economies ranges from 15 Kg to 50 Kg per annum, while that in developing economies is 1 Kg to 2 Kg per annum. Thus, rise in popularity of the bakery products in developing economies is anticipated to offer lucrative growth opportunities for players operating in the global market, as corn syrup is extensively used in making baked foods.
According to the corn syrup market analysis, the global corn syrup market is segmented into type, application, distribution channel, and region. On the basis of type, the corn syrup market was segregated into light syrup, dark syrup, corn syrup solids, and HFCS. By application, it is categorized into food & beverages and pharmaceuticals. Depending on the distribution channel, it was divided into B2B and B2C. Region wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, and rest of LAMEA).
On the basis of corn syrup market forecast, depending on type, the HFCS segment accounted for 82.2% of the corn syrup market share in 2021. This growth is attributable to huge demand for HFCS among the food & beverages and the pharmaceutical industries for the production of numerous products. However, the light corn syrup segment is expected to register the highest CAGR of 4.2% during the forecast period.
On the basis of application, the pharmaceuticals segment is expected to witness the highest CAGR during the forecast period, owing to surge in adoption of HFCS and corn syrup solids in the production of various tablet and capsule forms of medications. This is attributed to the fact that corn syrup allows the drugs to breakdown into smaller fragments and helps in absorption. Thus, rapid development of the pharmaceutical industry due alarming rise in prevalence of diseases is expected to drive the growth of this segment.
By distribution channel, the B2C is expected to dominate the market, due to rise in penetration of the online grocery delivery platforms across the globe. In addition, manufacturers of corn syrup are emphasizing on their marketing strategies to stimulate a number of people for buying corn syrups. The various B2C channels such as supermarkets, hypermarkets, convenience stores, and other retail stores provide a huge customer base that may help the corn syrup manufacturers to tap into the households and allow them to generate huge revenues apart from the B2B channels.
As per the corn syrup market trends, North America dominated the global corn syrup market in 2021 with highest revenue share, owing to the fact that the U.S. is the highest producer and consumer of corn syrup. This is attributed to huge demand for processed food, confectioneries, baked food, and ready-to-drink beverages in the U.S. Moreover, abundant availability of corn as raw material for corn syrup production is major benefit for regional manufacturers of corn syrup.
The key players operating in the corn syrup industry include Archer Daniels Midland Company, Cargill, Incorporated, Associated British Foods Plc, COFCO Corporation, Global Sweeteners Holdings Ltd., Ingredion Incorporated, Kent Corporation, Luzhou Bio-chem Technology Limited, Roquette Freres, and Tate and Lyle PLC. These players are constantly engaged in various developmental strategies such as partnership, acquisitions, and mergers to exploit corn syrup market opportunities and expand their market share.
Key Findings of the Study
- By type, the HFCS was the highest contributor to the market, with $8,062.9 million in 2021, and is estimated to reach $10,956.2 million by 2031, at a CAGR of 3.0% during the forecast period.
- On the basis of application, the food & beverages accounted for the highest revenue of $8,957.4 million in 2021, and is estimated to reach $12,220.4 million by 2031, at a CAGR of 3.0%.
- Depending on distribution channel, the B2B segment was the major revenue contributor, garnering $8,564.3 million in 2021, and is anticipated to reach $11,721.6 million by 2031, registering a CAGR of 3.1%.
- North America led the market, accounting for $4,450.6 million in 2021, and is estimated to reach $5,874.3 million by 2031, with a CAGR of 2.7%.
Companies Mentioned
- Archer Daniels Midland Company
- Cargill, Incorporated
- Ingredion
- Roquette America, Inc.
- Tate & Lyle Ingredients Americas, Inc.
- Karo Syrups
- Cofco Rongshi Bio-Technology Co. Ltd.
- Grain Processing Corporation
- Global Sweetners Holdings Ltd.
- Xiwang Sugar Holdings Company Limited
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 265 |
| Published | June 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 9805.2 million |
| Forecasted Market Value ( USD | $ 13532.1 million |
| Compound Annual Growth Rate | 3.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
