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Industrial Glucose Market Insights and Growth Drivers 2024
Industrial Glucose Market Insights
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According to The Business Research Company's, The industrial glucose market size has grown strongly in recent years. It will grow from $43.95 billion in 2023 to $47.17 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to growth in food and beverage industry expansion of pharmaceuticals sector, increased use in confectionery products, rising demand in biotechnology applications, adoption in animal feed industry, enhanced sweetening properties.
The industrial glucose market size is expected to see strong growth in the next few years. It will grow to $60.5 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to development of high-fructose corn syrup (hfcs), improved production efficiency, rising popularity of glucose in sports nutrition, increased use in personal care products, adoption in the biofuel production process, rise of glucose syrup in gluten-free products, focus on transparency in labeling and sourcing, rising demand for liquid glucose
. Major trends in the forecast period include emphasis on sustainable and eco-friendly production, technological advancements in glucose production, innovation in glucose production technologies, development of non-gmo and organic glucose products, integration of artificial intelligence in production processes, collaboration for research and development in glucose industry.
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Market Drivers and Trends:
The increasing demand for food and beverages is expected to propel the growth of the industrial glucose market going forward. The food and beverage industry refers to all businesses that handle the processing, packaging, and distribution of uncooked food products, freshly prepared foods, and alcoholic and nonalcoholic beverages. Industrial glucose adds sweetness to various foods and beverages, including baked items, jellies and sauces, canned foods, beer, and soft drinks. For instance, in September 2022, according to a report published by Statistics Sweden, a Sweden-based government agency, the revenue generated from food and beverage sales reached $29.85 billion (SEK 334 billion), marking a 2.9 percent growth. This growth can be attributed to a 2.5 percent rise in sales volume and a 0.4 percent uptick in the prices of food and beverages. Therefore, the increasing demand for food and beverages is driving the growth of the industrial glucose market.
Product innovation is a key trend gaining popularity in the industrial glucose market. Major companies operating in the industrial glucose market are introducing innovative products to sustain their position in the market. For instance, in March 2023, Torani, a US-based flavor company, launched Torani's Kettle Corn Syrup, an irresistible combination of sweet and salty glucose. With overtones of sweetness and saltiness, Torani's Kettle Corn Syrup replicates the flavor of freshly popped corn. It also has a very slight taste of the hot oil flavor typical of kettle corn and a cooked Maillard note that gives this starchy, salty, and sweet flavor a unique browned quality.
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Major Key Players of the Market:
Cargill Inc., Archer Daniels Midland Co., Dr. Oetker UK Ltd., Ajinomoto Co. Inc., Ingredion Incorporated, Roquette Freres SA, Agrana Beteiligungs-AG, Tereos SCA, Tate & Lyle PLC, ACH FOOD Companies Inc., Avebe, Gujarat Ambuja Exports Limited, Manildra Group, Nihon Shokuhin Kako Co. Ltd., Luzhou Bio-chem Technology Shandong Co. Ltd., Grain Processing Corporation, Sukhjit Starch and Chemicals Ltd., Gulshan Polyols Ltd., Global Sweeteners Holdings Limited, Universal Starch-Chem Allied Ltd., H.L. Agro Products Pvt. Ltd., Baker's Kitchen Limited, Fooding Group Limited, Devson Impex Private Limited, Foodchem International Corporation, Kasyap Sweetners Ltd., Queen Fine Foods Pty Ltd., Karandikars Cashell Private Limited, Sanstar Bio-Polymers Ltd., Xiwang Sugar Holdings Company Limited
Industrial Glucose Market 2024 Key Insights:
• The industrial glucose market size is expected to see strong growth in the next few years. It will grow to $60.5 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Surging Demand For Food And Beverages Fuels Growth In The Industrial Glucose Market
• Sweet And Salty Innovation Redefining Taste Experiences
• Asia-Pacific was the largest region in the industrial glucose market in 2023
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