Corn Syrup Market Size | Industry Thriving Worldwide at a Significant Growth | Forecast to 2031

According to the report, the global Corn Syrup industry generated $9.8 billion in 2021, and is anticipated to generate $13.5 billion by 2031, witnessing a CAGR of 3.2% from 2022 to 2031.

Prime determinants of growth

Exponential increase in the global population, rapid urbanization, changes in food habits, and surge in demand for packaged food drive the growth of the global corn syrup market. However, increase in prevalence of diabetes and other diseases due to growing consumption of sweeteners and rise in health consciousness among consumers restrict the market growth. Moreover, rise in adoption of corn syrup solids and high fructose corn syrup (HFCS) in the pharmaceuticals industry for producing various drugs present new opportunities in the coming years.

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The demand for high fructose corn syrup (HFCS) is significantly rising for the production of carbonated soft drinks and fruit juices. Moreover, corn syrup solids are utilized in the production of dry powder mixes. Therefore, rise in demand for soft drinks, ready-to-drink beverages, and powder mixes is expected to positively impact the corn syrup market growth in the forthcoming years.

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.

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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).

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Based on region, North America held the highest market share in terms of revenue 2021, accounting for nearly half of the global corn syrup market. This is attributed to huge demand for processed food, confectioneries, baked food, and ready-to-drink beverages in the U.S. However, the Asia-Pacific region is expected to witness the fastest CAGR of 4.5% from 2022 to 2031, owing to presence of huge population, rising popularity of bakery and confectionery food products, rising disposable income, and growing demand for liquid and powdered mixes beverages.

Leading 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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