New York, NY, May 29, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “High Fructose Corn Syrup (HFCS) Market by Type (HFCS 42, HFCS 55, others), by Application (Food and Beverage {Bakery, Confectionery, Dairy, Processed Foods, Beverages, Others}, Pharmaceutical, Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024” . According to the report, the global high fructose corn syrup market was valued at approximately USD 4,500.9 million in 2017 and is expected to generate revenue of around USD 5,317.7 million by end of 2024, growing at a CAGR of around 2.4% between 2017 and 2024.
HFCS is a liquid sweetener and it is considered as an alternative to sucrose, which is made from corn. HFCS is gaining popularity as an additive and sweetener and has wide application in food and beverage industry. Benefits associated with HFCS include solubility, sweetness and acidity will increase demand for the product and it is expected to drive high fructose corn syrup market growth over the forecast timeframe. Moreover, increasing demand for soft drinks, carbohydrate drinks, jams, confectionery products, dairy products as a diet food leads will further drive industry growth. HFCS as a cost-effective sugar substitute for sugar in various manufacturing commodities including processed foods, bakery products, dairy products, confections, and beverages increase demand for the product.
Browse through 83 Tables & 21 Figures spread over 110 Pages and in-depth TOC on "Global High Fructose Corn Syrup (HFCS) Market: Industry Type, Size, Share, Trends and Forecast, 2017 – 2024”.
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Government policies have made corn cheap and it resulted into cost-effective HFCS. In the U.S., HFCS consumption pattern is associated with the soft drink consumption. Sweetener consumption is high in the country, and it is mostly accounted by HFCS in soda consumption. Furthermore, agricultural policies in the U.S. have raised the price of sugar and decreased the price of corn. However, changing lifestyle of people and growing health concerns, as more people are susceptible to diabetes may restrain industry growth.
The high fructose corn syrup market is segmented on the basis of type into HFCS 42, HFCS 55 and others. HFCS 55 held major revenue share in 2017, as it is mostly used in food industry and has a major advantage over other sweeteners. HFCS 42 is used in baked goods, cereals, processed food and in some beverages which will increase demand for the product.
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Based on the application the market is segmented into food and beverage, pharmaceutical and others. Food and beverage are further bifurcated into the bakery, confectionery, dairy, processed foods, beverages and others. Food and beverage dominated the HFCS market in 2017 with 84.64% revenue share. HFCS consists of functional properties that will improve food and beverages and it is expected to drive segment growth.
North America dominates the high fructose corn syrup market due to the presence of major industry players in the region, favorable regulations for HFCS and large corn availability in the region. In the U.S., HFCS has replaced sugar as a sweetener in many goods which includes beverages and processed food products. Furthermore, North America was the largest geographical market for HFCS 55 due to its sweetness which is equivalent to sugar and it is used mostly in carbonated soft drinks in the U.S.
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Asia Pacific was the second largest market for High Fructose Corn Syrup (HFCS) in 2017 with 22.49% revenue share. Increased consumption of sweetened food and beverages in the region is expected to drive HFCS market growth. Developing countries in the region such as China, India, and Japan will provide growth opportunities. Carbonated beverages contributed for significant growth in the Asia Pacific. The Coca-Cola Company in China held volume consumption of 4.06 million tons in 2017, which marked an increase by 18% from 2016.
Europe was the third largest regional market and is expected to show significant growth in the future years due to regulatory and societal trends, such as increasing number of policy recommendations and industry commitments decrease sugar content of in food and drinks, recommend that total consumption of sugar in EU will remain stable or even decrease. For instance, in 2016, the European Commission launched discussions with industries EU and member states to decrease added sugar content across various product categories by 10% in 2020. Such initiatives are expected to drive industry growth over the forecast period.
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Latin America HFSC market contributed for significant revenue share. The growth is attributed due to rising demand for confectionary food, growing investments in government organizations and private companies in the food industry. The Middle East & Africa held lucrative growth in high fructose corn syrup market. Increasing government initiatives to support the development of food export sector and growing middle class population coupled with high disposable income are the foremost factors which are expected to drive industry growth.
Some of the key players in high fructose corn syrup market include Cargill Inc., Tate & Lyle, Archer Daniels Midland Company, Ingredion Incorporated, Global Sweeteners Holdings Limited, Showa Sangyo, Japan Corn Starch Co., Kerry Group Plc and COFCO International. Major players are engaged in mergers & acquisitions to retain their market position and diversify their product portfolio.
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This report segments the global high fructose corn syrup (HFCS) market as follows:
Global High Fructose Corn Syrup (HFCS) Market: Type Segment Analysis
- HFCS 42
- HFCS 55
- Others
Global High Fructose Corn Syrup (HFCS) Market: Application Segment Analysis
- Food and Beverage
- Bakery
- Confectionery
- Dairy
- Processed Foods
- Beverages
- Others
- Pharmaceutical
- Others
Global High Fructose Corn Syrup (HFCS) Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Middle East and Africa
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