High Fructose Corn Syrup (HFCS) Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 9.31 Billion |
| Market Size (2029) | USD 10.09 Billion |
| CAGR (2024 - 2029) | 1.62 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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High Fructose Corn Syrup (HFCS) Market Analysis
The High-fructose Corn Syrup Market size is estimated at USD 9.31 billion in 2024, and is expected to reach USD 10.09 billion by 2029, growing at a CAGR of 1.62% during the forecast period (2024-2029).
- COVID-19 negatively impacted the market in 2020. The global pandemic has impacted the proper functioning of high-fructose corn syrup worldwide. Due to the pandemic, people prioritized health and wellness, which led consumers to cut sugar, calories, salt, and carbs in food and beverage products. This has resulted in food and beverage manufacturers launching low/no sweetener products to cater to consumer demand, negatively impacting the high-fructose corn syrup market.
- The major factors driving the high-fructose corn syrup (HFCS) market include high solubility, the ability to remain in solution, and not to get crystallized, like sucrose, under certain conditions. Leading market players channel their efforts into developing new products through significant R&D investments, utilizing advanced technologies to manufacture superior quality and cost-effective products.
- One of the key factors driving the growth includes the competitive price of HFCS compared to other categories, which helps reduce the prices of end products. Additionally, favorable import and export tariffs on HFCS and subsidizing the basic ingredient of the market, i.e., corn, in countries such as the United States, further trigger the growth of HFCS production worldwide. For instance, according to the EWG Farm Subsidy Record, corn subsidies in the United States totaled USD 116.6 billion from 1995-2020. Factors driving the HFCS Market are high solubility, the ability to remain in solution, and not to get crystallized, like sucrose, under certain conditions.
- High fructose corn syrup is also widely used in pharmaceuticals because it offers excipient benefits as a humectant and filler while providing nutritional benefits as a carbohydrate source and bulk sweetener. It is incorporated into processed foods such as confectionery, baked goods, and carbonated drinks and is sometimes used as a preservative in pickles. HFCS is more stable than sucrose and is suitable for acidic beverages. It is also available in liquid form, making it easier to mix than granular sucrose. These properties of HFCS have contributed to the growth of the global market.
High Fructose Corn Syrup (HFCS) Market Trends
This section covers the major market trends shaping the High Fructose Corn Syrup Market according to our research experts:
Strategic Investments by Key Players
- Across the global market, according to the European Starch Industry Association, in 2020. Europe is one the largest region, producing a significantly high number of products, including sweeteners from corn starches. Thus, with the rising demand for corn starch sweeteners, many corn starch manufacturers are investing in the corn starch and sweeteners market to support the economy and community of their country of origin while positioning the business for long-term growth.
- For instance, in august 2022, Cargill spent around USD 50 million to build a corn syrup refinery in Fort Dodge, Iowa, which expanded the company's ability to meet the growing demand for the ingredient in a more sustainable way. Therefore, such high investments have led to a significant increase in the production of HFCS across the world.
- According to the US Department of Agriculture and Economic Research Service, the production volume of high fructose corn syrup in the United States was 7,631 (in 1000 short tons). This rise in HFCS production has resulted from intensive investments in the HFCS market by corn starch players and prominent manufacturers worldwide. For instance, Ingredion Inc. invested USD 30 million in the production capacity at its San Juan del Rio manufacturing facility in Mexico. The manufacturing process of HFCS is easier to handle and more cost-effective than table sugar. The US Food and Drug Administration has determined HFCS as a safe ingredient for food and beverage manufacturing
North America Holds the Major Share
- North America is one of the largest consumers of HFCS in the world. The rising demand for HFCS in the United States majorly drives the region's market share. The demand for high-fructose corn syrup (HFCS) sweeteners across the country is majorly due to their wide usage in the confectionery, bakery, and beverage industries, especially soft drink manufacturing.
- The most used varieties of HFCS across the country are the HFCS 42 (used in beverages, processed foods, cereals, and baked goods), HFCS 55 & HFCS 65 (used in soft drinks), and HFCS 70 (used in filling jellies). HFCS 90 has some niche uses, but it is mainly mixed with HFCS 42 to make HFCS.
- The push factor from value-added and fortified food categories is projected to drive the demand in the years to come. In addition, the exports of HFCS from American producers have grown steadily during the early 21st century. According to FDA, the most common forms of HFCS contain either 42 or 55 percent fructose, as described in the Code of Federal Regulations.
- Thus, the increase in international trading of HFCS has further propelled the growth of the HFCS market within the country. High fructose corn syrup is actually cheaper than granulated sugar in America. The government pays subsidies to farmers for corn. Many products made with this ingredient will be more affordable than foods made with whole, natural ingredients.
High Fructose Corn Syrup (HFCS) Industry Overview
The high-fructose corn syrup market is competitive in nature, with many domestic and multinational players competing for market shares. Emphasis is given to mergers, expansions, acquisitions, and partnerships among the companies, along with new product developments, as a strategic approach adopted by the leading companies to boost their brand presence among consumers.
Key players differentiate their offerings and compete on different factors, including product offerings, ingredients, packaging, price, functionality, and marketing activities, to gain a competitive advantage.
Key players dominating the regional market include Cargill Inc., Ingredion Incorporated, Tate & Lyle PLC, Showa Sangyo, Kerry Group Plc, Global Sweeteners Holdings Limited, AGRANA Beteilgungs AG, COFCO Rongshi Bio-technology Co. Ltd, Roquette Freres, and Archer Daniels Midland Company.
High Fructose Corn Syrup (HFCS) Market Leaders
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Cargill, Incorporated
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Ingredion Incorporated
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Tate & Lyle PLC
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Global Sweeteners Holdings Limited
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Archer Daniels Midland Company
*Disclaimer: Major Players sorted in no particular order
High Fructose Corn Syrup (HFCS) Market News
September 2022: Ingredion established a sustainable state-of-the-art starch manufacturing plant in China. With this new plant for specialty starches, Ingredion advances sustainable production and improves supply to the global F&B supply chain while supporting local farmers.
August 2022: Cargill spent around USD 50 million to build a corn syrup refinery in Fort Dodge, Iowa, which expanded the company's ability to meet the growing demand for the ingredient more sustainably.
July 2021: As the demand for reduced-sugar products grew, Cargill invested USD 45 million (EUR 38 million) to add soluble fibers to its European portfolio of starches, sweeteners, and texturizers.
High Fructose Corn Syrup (HFCS) Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Drivers
- 4.2 Market Restraints
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4.3 Porter's Five Forces Analysis
- 4.3.1 Bargaining Power of Suppliers
- 4.3.2 Bargaining Power of Buyers
- 4.3.3 Threat of New Entrants
- 4.3.4 Threat of Substitutes
- 4.3.5 Degree of Competition
5. MARKET SEGMENTATION
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5.1 By Application
- 5.1.1 Food and Beverages
- 5.1.1.1 Bakery
- 5.1.1.2 Confectionery
- 5.1.1.3 Dairy and Desserts
- 5.1.1.4 Beverages
- 5.1.1.5 Other Food and Beverages Applications
- 5.1.2 Pharmaceuticals
- 5.1.3 Animal Feed
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5.2 Geography
- 5.2.1 North America
- 5.2.1.1 United States
- 5.2.1.2 Canada
- 5.2.1.3 Mexico
- 5.2.1.4 Rest of North America
- 5.2.2 Europe
- 5.2.2.1 United Kingdom
- 5.2.2.2 Germany
- 5.2.2.3 France
- 5.2.2.4 Russia
- 5.2.2.5 Italy
- 5.2.2.6 Spain
- 5.2.2.7 Rest of Europe
- 5.2.3 Asia-Pacific
- 5.2.3.1 India
- 5.2.3.2 China
- 5.2.3.3 Japan
- 5.2.3.4 Australia
- 5.2.3.5 Rest of Asia-Pacific
- 5.2.4 South America
- 5.2.4.1 Brazil
- 5.2.4.2 Argentina
- 5.2.4.3 Rest of South America
- 5.2.5 Middle-East and Africa
- 5.2.5.1 South Africa
- 5.2.5.2 Saudi Arabia
- 5.2.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Most Adopted Strategies
- 6.2 Market Share Analysis
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6.3 Company Profiles
- 6.3.1 Cargill Incorporated
- 6.3.2 Ingredion Incorporated
- 6.3.3 Tate & Lyle PLC
- 6.3.4 Global Sweeteners Holdings Limited
- 6.3.5 Archer Daniels Midland Company
- 6.3.6 AGRANA Beteilgungs AG
- 6.3.7 COFCO Rongshi Bio-technology Co. Ltd
- 6.3.8 Roquette Freres
- 6.3.9 Showa Sangyo
- 6.3.10 Kerry Group Plc
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityHigh Fructose Corn Syrup (HFCS) Industry Segmentation
High-fructose corn syrup is a sweetener made from corn flour. Some of its glucose is converted to fructose, used in commercially produced foods and soft drinks as a cheaper alternative to sucrose.
The high-fructose corn syrup market is segmented by application and by geography. By application is segmented into food and beverage, pharmaceuticals, and animal feed. The food and beverage segment is further bifurcated into bakery, confectionery, dairy and desserts, beverages, and other food and beverage applications. Also, the study analyzes the HFCS market in emerging and established markets across the world, including North America, Europe, Asia-Pacific, South America, and Middle-East & Africa.
For each segment, the market sizing and forecasts have been done based on value (in USD million).
| By Application | Food and Beverages | Bakery |
| Confectionery | ||
| Dairy and Desserts | ||
| Beverages | ||
| Other Food and Beverages Applications | ||
| By Application | Pharmaceuticals | |
| Animal Feed | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Rest of North America | ||
| Geography | Europe | United Kingdom |
| Germany | ||
| France | ||
| Russia | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | India |
| China | ||
| Japan | ||
| Australia | ||
| Rest of Asia-Pacific | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | South Africa |
| Saudi Arabia | ||
| Rest of Middle-East and Africa |
High Fructose Corn Syrup (HFCS) Market Research FAQs
How big is the High-fructose Corn Syrup (HFCS) Market?
The High-fructose Corn Syrup (HFCS) Market size is expected to reach USD 9.31 billion in 2024 and grow at a CAGR of 1.62% to reach USD 10.09 billion by 2029.
What is the current High-fructose Corn Syrup (HFCS) Market size?
In 2024, the High-fructose Corn Syrup (HFCS) Market size is expected to reach USD 9.31 billion.
Who are the key players in High-fructose Corn Syrup (HFCS) Market?
Cargill, Incorporated, Ingredion Incorporated, Tate & Lyle PLC, Global Sweeteners Holdings Limited and Archer Daniels Midland Company are the major companies operating in the High-fructose Corn Syrup (HFCS) Market.
Which is the fastest growing region in High-fructose Corn Syrup (HFCS) Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in High-fructose Corn Syrup (HFCS) Market?
In 2024, the North America accounts for the largest market share in High-fructose Corn Syrup (HFCS) Market.
What years does this High-fructose Corn Syrup (HFCS) Market cover, and what was the market size in 2023?
In 2023, the High-fructose Corn Syrup (HFCS) Market size was estimated at USD 9.16 billion. The report covers the High-fructose Corn Syrup (HFCS) Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the High-fructose Corn Syrup (HFCS) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
High Fructose Corn Syrup (HFCS) Industry Report
Statistics for the 2024 High Fructose Corn Syrup (HFCS) market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. High Fructose Corn Syrup (HFCS) analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
