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DESCRIPTION
High Fructose Corn Syrup Market Global Size:
ELINT Market Research conducted an in-depth analysis of the global high fructose corn syrup market and the latest procurement intelligence report discovered a USD 7.87 billion value in 2022. The food and beverage industry emerged as the major consumer of HFCS goods since this compound comprises a high level of sweetness and versatility qualities. Following the COVID-19 impact, people started prioritizing their health & wellness. Hence, consumer choices shifted towards substitutes that are low in sugar and calories.
Consequently, worldwide sugar substitute-making companies that are operating in the food sector employ high-fructose corn syrup as a sugar alternative to produce reduced or no-sweetener food & drink products in the market to fulfill consumer demands. Therefore, the global HFCS products market is projected to acquire USD 11.73 billion value by 2030 at a CAGR of 5.12%.
Moreover, this procurement report found that the high fructose corn syrup industry is anticipated to expand in 2023 due to several factors including requirements from downstream sectors that can recover the HFCS pricing structures. Another factor is that an elevated level of agricultural input cost inflation has been seen across diverse regions.
Additionally, the study states that the feedstock corn which is a fundamental raw material of high-fructose corn syrup encountered a rise in prices due to adverse weather conditions in significant manufacturing regions such as the US, EU, and China which affected HFCS yields. The supply dynamics of HFCS also impacted. Further few other factors like higher HFCS needs from animal feed and ethanol production segments contributed to the limited supply and availability of high fructose corn syrup goods in the sweetener industry. These intricate aspects of the HFCS sector underscore the significance of industry players to constantly keep track of supply and demand transitions in the market.
Market Definition:
High fructose corn syrup operates as a liquid sweetener. This compound can derived from corn starch which requires the separation of corn into glucose molecules; these molecules try to convert into fructose. Thus, HFCS holds a higher level of sweeter properties compared to glucose in taste and mainly has applications in a wide range of products such as beverages, bakery items, confectioneries, alcoholic drinks, pharma sweeteners, cereals, candies, sauces, convenience foods, and more.
High Fructose Corn Syrup Market Drivers:
- Rising Demands for Sugar Substitutes –
The key role of high fructose corn syrup is to provide sweetness and enhance the flavor of food & beverage items. Hence it is widely used in various packed food products and drives growth in the international market.
- Affordability of HFCS –
High fructose corn syrup is known as a cost-effective alternative to sugar; hence, it can easily meet the high demand for sweeteners in the food industry.
High Fructose Corn Syrup Market Challenges:
- Health Concerns Among People –
Besides multiple sweetening qualities, high fructose corn syrup is linked with diverse health problems like obesity, diabetes, and dysmetabolic syndrome, which pose challenges for the HFCS market.
- Shortage of Raw Materials –
Due to a lack of raw materials and transportation delays, industry participants encounter challenges in the HFCS market, causing them to make changes in their important decisions.
High Fructose Corn Syrup Market Opportunities:
- Expansion in HFCS Variants Development –
Major opportunities for global high fructose corn syrup procurement intelligence companies are investing in research and development operations for developing variants of HFCS goods. These variants can work as more enhanced natural sweeteners in the market.
- Growing Disposable Incomes of People –
As individuals’ disposable income rises, the food & beverages industry experiences development in developing economies like China, India, Indonesia, Brazil, etc. Thus, the global HFCS industry presents vast work prospects for businesses.
High Fructose Corn Syrup Market Segmentation:
- Types of HFCS Goods –
Paramount types of high fructose corn syrup include HFCS 42, HFCS 55, and others that help worldwide companies make food items with low calories.
- End User Sectors of HFCS –
The high fructose corn syrup market comprises fundamental applications in sectors like healthcare, food, beverages, personal care products, and more.
Regional Analysis of the High Fructose Corn Syrup Market:
Multiple noteworthy nations participated in the production, consumption, shipping, and importing activities of high fructose corn syrup in 2022 while holding large portions of the worldwide market. Thus, the list of key HFCS-producing regions includes North America at 65%, China at 20%, Europe at 5%, and Japan at 4%. Further, when it comes to countries that possess siigfcant consumption rates comprise North America at 65%, China at 10%, Europe at 6%, and Japan at 6%.
Moreover, exporting nations’ list of high fructose corn syrup includes the USA at 55%, China at 10%, Hungary & Canada at 5%. Additionally, Mexico with 28%, Canada with 1%, and Indonesia with 10% emerged as prominent importing countries. Furthermore, the price outlook for 2023 in the HFCS industry exhibits the presence of some notable provinces that underwent a rise in cost layouts. These countries include the United States with 13-15%, Mexico with 10-12%, China with 8-10%, EU with 18-20%.
COVID-19 Impact on High Fructose Corn Syrup Market:
Following COVID-19’s impact, the global high fructose corn syrup procurement market experienced reduced levels of production and demand rates. However, the report reveals that by 2022-23 years this industry recovered due to high HFCS demands from the food service sector in primary markets of North America and Western Europe, which also contributed to the price augmentation of corn sweeteners. Moreover, elevated expenses of feedstock corn and alternative sweetener sugar are expected to support HFCS prices.
Pricing and Contract Models in the High Fructose Corn Syrup Market:
The fixed margin model helps decide a preset or fixed price for HFCS goods that provides predictability and stability to stakeholders. While the index-based pricing method allows making adjustments in pricing layout depending on market dynamics. Additionally, a food & beverage sector that operates as a major consumer of HFCS employs quarterly/monthly contracts to execute trading operations. On the other hand, the pharmaceutical sector uses contracts that remain for 3–6 months.
Key Suppliers in the High Fructose Corn Syrup Market:
A few of the biggest brands functioning in the high fructose corn syrup market are Archer Daniels Midland (ADM), Cargill Inc., Tate & Lyle Plc, Roquette Freres, and Tereos SA.
