Increase in demand from food and beverage industries drives growth of Glucose Syrup Market
The glucose syrup market involves the manufacturing and sale of glucose syrup which is used as a sweetener and texturizing agent in various food and beverage products. Glucose syrup is made from corn starch, wheat starch or potato starch through hydrolysis. It has wide applications in bakery, confectionery, dairy, beverages and other products due to its high calorie content, neutral taste and ability to retain moisture. The growth of packaged food industry has increased the demand for glucose syrup significantly. Additionally, it is commonly used as an alternative to cane and beet sugar in many products due to its lower production cost.
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 Cargill, Ingredion, Tate & Lyle, Roquette, Archer Daniels Midland and others. These players are focusing on capacity expansion activities to cater to the rising demand.
The growing demand for packaged food and beverages is one of the major factors driving the growth of the Glucose Syrup Market. As glucose syrup has a long shelf-life and retains moisture in bakery products, its demand is increasing from these industries.
Technological advancements have led to development of high fructose syrup and maltodextrin which can be used as substitutes for glucose syrup. However, glucose syrup remains the most widely used syrup due to availability of raw materials and established production facilities.
Market Trends
Production of specialized syrups - Manufacturers are focusing on production of syrups like organic glucose syrup, low calorie syrups and fruit flavored syrups to expand their product portfolios.
Increased demand in Asia Pacific - Countries like India, China and Indonesia are witnessing rapid urbanization and rise in disposable incomes. This is expected to propel the demand for packaged food and beverages and subsequently glucose syrup in these markets.
Market Opportunities
Growing health conscious consumer base - With increasing health awareness, consumers prefer sugar alternatives like glucose syrup which provides sweetness but has lower calories compared to table sugar. This creates opportunities for glucose syrup producers.
Expanding applications in non-food industries - Glucose syrup finds applications as texturizing agent in non-food products like animal feed, paper manufacturing etc. Expanding into these new application areas can present lucrative growth opportunities.
Impact of COVID-19 on Glucose Syrup Market Growth
The outbreak of COVID-19 pandemic has significantly impacted the growth of global glucose syrup market. With imposition of nationwide lockdowns across various countries, there was complete shutdown of food processing industries which are the major consumers of glucose syrup. This led to sharp decline in demand from confectionery, bakery, beverage and other end use industries during initial months of 2020. Supply chain disruptions and restrictions on export-import of goods further aggravated the situation. However, with relaxation in lockdown norms and resumption of operations, the market is witnessing gradual recovery since mid-2020. The demand is projected to normalise from 2021 with opening up of food services sector.
During crisis, manufacturers faced difficulties in terms of shortage of raw material supply and labour unavailability which hampered production schedules. This led to imbalance between supply and demand dynamics in glucose syrup market. With rising health consciousness among consumers, there has been higher tendency of purchasing immunity boosting foods and beverages which is likely to boost demand for glucose syrup in coming years. Industries are focusing on innovation and product development to cope up with changing consumer preferences. Overall, the pandemic has emphasized the need for manufacturers to develop efficient distribution networks and strengthen operational resilience to withstand future disruptions.
Geographical Regions with High Glucose Syrup Market Concentration
Asia Pacific dominates the global glucose syrup market and accounts for more than half of total market value. China, India and Japan are the major revenue generating countries in the region. Availability of raw materials, large food processing industry base and increasing consumption of packaged food products drives the glucose syrup demand. North America is second leading regional market driven by US, Canada and Mexico. Developed confectionery, bakery and beverage industries supplement the market growth. Europe is another prominent region with high concentration of key manufacturers.
Fastest Growing Regional Market for Glucose Syrup
Latin America is identified as the fastest growing regional market for glucose syrup. Countries like Brazil, Argentina and Colombia are exhibiting higher growth rates compared to matured markets. Expanding retail sector, rising disposable incomes, growing health awareness and changing lifestyle and food habits are some of the factors fueling glucose syrup demand. Manufacturers are investing in capacity expansions to cater emerging economies of Latin America. With steady economic growth and developing industrial infrastructure, the glucose syrup consumption is projected to increase substantially over the forecast period in the Latin American countries.
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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. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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