The glucose syrup market is an integral part of the food processing industry as glucose syrup finds widespread applications across various food verticals. Glucose syrup is manufactured by cornstarch through a chemical process known as hydrolysis. It is used as a sweetener and texturizer in various food products such as confectionaries, bakery items, jams & jellies, processed cheese, soups and sauces among others. Due to its functionality and affordability, glucose syrup is a popular alternative to cane and beet sugar.
The glucose syrup market is estimated to be valued at USD 4.5 Bn in 2024 and is expected to reach USD 6.1 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.
Key Takeaways
Key players operating in the glucose syrup market are Ingredion, Roquette, Archer Daniels Midland, Tate & Lyle, Cargill etc. Glucose syrup manufacturers are focusing on capacity expansion to meet the escalating global demand. For instance, in 2021, Roquette inaugurated a new plant worth US$ 165 million in Vietnam to double its production capacity.
The Glucose Syrup Market demand for glucose syrup is increasing from the food and beverage industry owing to rising consumption of processed and convenience foods worldwide. Changing lifestyle patterns and growing health awareness is propelling the demand for low calorie and low fat foods where glucose syrup finds wide application.
Technological advancements are helping glucose syrup manufacturers enhance the functionality and quality of their products. Advanced production techniques are enabling the development of high fructose glucose syrup, crystalline glucose syrup and low calorie glucose syrup to expand product portfolio and market reach.
Market Trends
Rising demand for organic glucose syrup: With the growing health and wellness trend, demand for organic and clean label products is increasing. To capitalize on this opportunity, glucose syrup manufacturers are developing organic varieties using organic cornstarch.
Innovation in end-use applications: Glucose syrup manufacturers are innovating new applications of glucose syrup in dietary supplements, clinical nutrition and personal care products to diversify revenue streams.
Market Opportunities
Growth in developing economies: Countries like India, Brazil, China, Mexico etc. offer lucrative growth opportunities for glucose syrup manufacturers due to rising population, increasing disposable incomes and growth of food processing industry.
Emergence of Functional glucose syrup: With increasing nutrition consciousness, there is scope for glucose syrup manufacturers to develop functional varieties fortified with vitamins, minerals, proteins etc. to enhance nutritional profile.
Impact of COVID-19 on Glucose Syrup Market Growth
The COVID-19 pandemic has had a significant impact on the glucose syrup market. In the initial months of the pandemic, lockdowns and restrictions imposed worldwide brought economic activities to a standstill. This severely affected the demand for glucose syrup from end-use industries like food and beverages, pharmaceuticals, etc. Supply chains were disrupted globally affecting the availability of raw materials. Many production facilities had to temporarily halt operations due to lockdowns to curb the spread of the virus. This led to a steep decline in revenue for glucose syrup manufacturers.
However, with lifting of lockdowns and restarting of economic activities, the demand is steadily recovering, especially from the food and beverage industry. There is increased consumption of packaged food, drinks and other convenience products during the pandemic. This fuels the demand for glucose syrup which is widely used in these products. Furthermore, healthcare and pharmaceutical sectors witnessed growth during the pandemic. Glucose syrup finds applications in medicines, healthcare products and nutritional/dietary supplements. It is expected that the increased health consciousness post-COVID will drive its usage. Manufacturers are focusing on innovating new product formulations and strengthening supply chains to cater to the evolving needs. Though short-term impacts were negative, long-term outlook remains positive with innovations and adaptations to the new normal.
Geographical Concentration of Glucose Syrup Market
North America has been the largest regional market for glucose syrup, led by the US and Canada. This is attributed to well-established food processing industries and significant consumption of packaged food and beverages in the region. Europe is another major lucrative market due to substantial demand from countries like Germany, UK, France etc. The Asia Pacific region is emerging as the fastest growing market globally. China dominates the APAC glucose syrup market owing to rising incomes, westernization of diet and growing health awareness. Other rapidly expanding markets include India, Southeast Asian countries, Japan and Australia.
Fastest Growing Regional Market for Glucose Syrup
The Asia Pacific region, especially South Asian countries like India, is projected to be the fastest growing regional market for glucose syrup over the forecast period. This is due to rising population, accelerating urbanization, growing participation of women in the workforce and expanding middle-class in these economies. There is increased consumption of packaged and convenience food products. Furthermore, awareness about nutrition and health is surging the demand for low-calorie sugar substitutes like glucose syrup. Domestic glucose syrup manufacturers are strengthening their presence while global players are also exploring opportunities in the region. The economic growth and changing demographics in South Asia will majorly fuel the glucose syrup market growth.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
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