The latest report by Market Research Future (MRFR) gives an insightful analysis of the global glucose syrup market, with the predictions of it reaching the valuation of USD 29,888 kilo tons by 2022. The report also states that the market will be depicting a lucrative growth pattern at a CAGR of 3.6% during the forecast period (2016-2022).
Market Drivers and Top Barriers
The primary use of glucose syrup is for making frozen dessert and candy. It is also used for making baked food items for adding sweetness. Generally, glucose syrup is free from fat, however it contains high amounts of calories. There are times when times when glucose sugar is used to manufacture beer. It is a common household item, which is used to make iced tea or homemade lemonade drink. A number of world class chefs make use of glucose sugar to enhance the taste of their food.
On that note, the surging demand for baked food items and cakes globally will leave a highly positive impact on the growth of the glucose syrup market. This is expected to happen in the years to come, as glucose syrup is extensively used for making candy owing to the consistency of the glucose syrup which helps prevent crystallization. Apart from this, glucose syrup is the preferred option by various chefs since glucose syrup has no effect on the appearance of the product, and improves moisture retention, keeping the baked food fresh. There are few restraining factors as well such as, Foods which contains glucose syrup make you feel hungry every time because you do not feel full, hence people gain weight in a short period of time. However, the fact that the large consumption of glucose syrup can make people gain weight, can be a deterring factor in the growth of the market in the coming years.
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But with the growing use of glucose syrups in the making of confectionary items, due to its quality of preventing grainy texture and maintaining the smooth texture of the food items, the market will most likely have a relentless growth pattern throughout the assessment period. Furthermore, glucose syrup is a great source of energy for yeast, a fact that renders it an ideal component in the brewery industry. Not just this, but glucose syrup also provides glaze to fruit tart as well as jams, thereby increasing its use in the food industry to a large extent. Adding on the long list of benefits of glucose syrup, the short carbohydrates present in it makes it easily digestible for the elderly people as well as infants. The sum of these factors has been responsible for the growing popularity of glucose syrup, and the subsequent market size expansion during the review period.
The Glucose Syrup Market Size is segmented on the basis of source, grade, application, and region.
The market, on the basis of the source, has been segmented into corn, wheat, barley, potatoes, rice, cassava and others. Corn is at the top with the largest market share, followed by wheat.
Depending on the grade, the market caters to food, pharma, industrial and others.
Form-wise, the market is considered for liquid, granular and others. The liquid form will be growing at the fastest rate of 3.85% among all the types of forms in the next few years. The second-fastest segment will be that of granular in the global market.
The various applications in the glucose syrup market are food, beverage, confectionery, pharmaceuticals and others. Out of these, the food-based application will take the lead in the glucose syrup market, with the expanding food industry across the globe making extensive use of glucose syrup.
The key regions where the glucose syrup market is set to expand during the forecast period are Europe, Asia Pacific, Middle East & Africa and North America.
The market in Asia Pacific has proved its mettle with over 30% of volume and more than 10,000 kilo tons of glucose syrup production, thus securing the top position among all the regions. Countries like India and China are leading the region, being the largest producers of the product. With the growing demand for baked goods and candies, the demand for glucose syrup is increasing at a rapid pace.
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In the region of Europe, Russia will be growing at a substantial rate, on account of its massive production of sugar beet whereas the countries in Latin America like Venezuela, Brazil, and Ecuador hold immense potential, providing the regional market with numerous growth opportunities.
North America, on the other hand, is projected to grow at the fastest rate of 3.94%, as a result of the large-scale corn subsidies that are provided by the government. Also, the growing need to curtail costs, increasing research and development (R&D) investments by food & beverages industries, growing strength of private label brands, and fierce competition among regional players will also benefit the growth of the regional market from 2016 to 2022.
Lastly, the growth of the Middle East and Africa market will be primarily due to the region of Africa, with countries like South Africa and Angola contributing massively to it.
Ingredion Incorporated (U.S.), Cargill Inc. (U.S.), Roquette (France), Agrana Group (Austria), Archer Daniels Midland Company (U.S.), Tate & Lyle plc (U.K.), Grain Processing Corporation (U.S.), are some of the renowned vendors competing in the global glucose syrup market.
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