Rising application of sweeteners such as glucose syrups across different industry verticals such as food & beverage, confectionary, pharmaceuticals, etc. is likely to proliferate the expansion of the market over the next couple of years. It is in excessive demand for the production of candies, chocolates, ice creams, etc. An upswing being observed in demand for these food products by the urban population backed by increasing purchasing power has been presumed to drive the proliferation of the glucose syrup market in the years to come.
The increasing demand for replacing sugar with a healthier alternative is projected to work in favor of the producers of glucose syrups. According to Market Research Future (MRFR)’s report, the Global Glucose Syrup Market is anticipated to register a steady CAGR of 3.6% across the projection period 2016 to 2022.
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The longer shelf-life of glucose syrups due to its low moisture content is anticipated to have a favorable impact on the expansion of the glucose syrup market over the assessment period. It is widely used as a humectant for the production of jellies and candies. This, in turn, has unleashed development opportunities for the market participants that are likely to lead the shift towards glucose syrup as the ideal sweetener. Also, these syrups enhance the organoleptic value of products by adding glaze to it which is anticipated to increase its consumption levels by leaps and bounds across the review period.
The players of the glucose syrup market that are expected to capitalize on the developmental opportunities include-
- Cargill Inc. (U.S.)
- Tate & Lyle plc (U.K.)
- Archer Daniels Midland Company (U.S.)
- Agrana Group (Austria)
- Roquette (France)
- Grain Processing Corporation (U.S.)
- Ingredion Incorporated (U.S.)
In May 2019, Valsoia Gelato, a leading vegan food manufacturer in Italy, has recently launched its brand in the states which use glucose syrups for sweetening.
In March 2019, Rowntrees’ Jelly Tots have been officially announced to be vegan and are made from glucose syrup, sugar, and fruit juices.
In January 2019, ice cream company Ben & Jerry’s has added two variants to its product portfolio – Chocolate Cookies & Cream and Salted Caramel Brownie that are sweetened with glucose syrups.
In June 2018, a global supplier of certified organic ingredients, Ciranda, Inc., has partnered with Matco Foods Ltd., a rice exporter in Pakistan, for the production of two sweeteners – organic clarified brown rice syrup and organic brown rice syrup.
The Global Glucose Syrup Market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is estimated to hold the lion’s share of over 30% share of the market and maintain its prominence in the upcoming years. The regional market has been forecasted to consume over 10,000 kilo tons of the total production of the syrup. The rising levels of production and consumption are anticipated to have a favorable impact on the expansion of the glucose syrup market in the region. In addition, North America is anticipated to register a relatively higher CAGR in the years to come. It is poised to expand at a CAGR of 3.94% through the assessment period.
Global Glucose Syrup Market has been segmented by source, grade, form, application, and region
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