High-fructose Corn Syrup (HFCS) Market Size (2024 - 2029)

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) 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).