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corn starch market
rise in production of food & beverages to cater to the growing demand of the global population.
WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATES, February 14, 2024 /EINPresswire / -- According to a new report published by Allied market Research, titled,“Corn Syrup Market ," The corn syrup market size was valued at $9.8 billion in 2021, and is estimated to reach $13.5 billion by 2031, growing at a CAGR of 3.2% from 2022 to 2031.
The growth of the food & beverages industry is majorly attributed to rise in production of food & beverages to cater to the growing demand of the global population. According to the United Nations World Population Prospects 2019, the global population is anticipated to rise by 2 billion in the next 30 years, i.e., from 7.7 billion in 2020 to 9.7 billion by 2050. This significant rise in population is expected to boost the demand for food products, which, in turn, propels the need for corn syrup, thereby fostering the growth of the global market.
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Furthermore, surge in demand for bakery products due to changing consumer preferences toward ready-to-eat food products and improving living standards is expected to drive the corn syrup market growth. The per capita consumption of bakery products in developed economies ranges from 15 Kg to 50 Kg per annum, while that in developing economies is 1 Kg to 2 Kg per annum. Thus, rise in popularity of the bakery products in developing economies is anticipated to offer lucrative growth opportunities for players operating in the global market, as corn syrup is extensively used in making baked foods.
According to the corn syrup market analysis, the global corn syrup market is segmented into type, application, distribution channel, and region. On the basis of type, the corn syrup market was segregated into light syrup, dark syrup, corn syrup solids, and HFCS. By application, it is categorized into food & beverages and pharmaceuticals. Depending on the distribution channel, it was divided into B2B and B2C. Region wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, and rest of LAMEA).
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On the basis of corn syrup market forecast, depending on type, the HFCS segment accounted for 82.2% of the corn syrup market share in 2021. This growth is attributable to huge demand for HFCS among the food & beverages and the pharmaceutical industries for the production of numerous products. However, the light corn syrup segment is expected to register the highest CAGR of 4.2% during the forecast period.
On the basis of application, the pharmaceuticals segment is expected to witness the highest CAGR during the forecast period, owing to surge in adoption of HFCS and corn syrup solids in the production of various tablet and capsule forms of medications. This is attributed to the fact that corn syrup allows the drugs to breakdown into smaller fragments and helps in absorption. Thus, rapid development of the pharmaceutical industry due alarming rise in prevalence of diseases is expected to drive the growth of this segment.
By distribution channel, the B2C is expected to dominate the market, due to rise in penetration of the online grocery delivery platforms across the globe. In addition, manufacturers of corn syrup are emphasizing on their marketing strategies to stimulate a number of people for buying corn syrups. The various B2C channels such as supermarkets, hypermarkets, convenience stores, and other retail stores provide a huge customer base that may help the corn syrup manufacturers to tap into the households and allow them to generate huge revenues apart from the B2B channels.
As per the corn syrup market trends, North America dominated the global corn syrup market in 2021 with highest revenue share, owing to the fact that the U.S. is the highest producer and consumer of corn syrup. This is attributed to huge demand for processed food, confectioneries, baked food, and ready-to-drink beverages in the U.S. Moreover, abundant availability of corn as raw material for corn syrup production is major benefit for regional manufacturers of corn syrup.
The key players operating in the corn syrup industry include Archer Daniels Midland Company, Cargill, Incorporated, Associated British Foods Plc, COFCO Corporation, Global Sweeteners Holdings Ltd., Ingredion Incorporated, Kent Corporation, Luzhou Bio-chem Technology Limited, Roquette Freres, and Tate and Lyle PLC. These players are constantly engaged in various developmental strategies such as partnership, acquisitions, and mergers to exploit corn syrup market opportunities and expand their market share.
Key findings of the study
By type, the HFCS was the highest contributor to the market, with $8,062.9 million in 2021, and is estimated to reach $10,956.2 million by 2031, at a CAGR of 3.0% during the forecast period.
On the basis of application, the food & beverages accounted for the highest revenue of $8,957.4 million in 2021, and is estimated to reach $12,220.4 million by 2031, at a CAGR of 3.0%.
Depending on distribution channel, the B2B segment was the major revenue contributor, garnering $8,564.3 million in 2021, and is anticipated to reach $11,721.6 million by 2031, registering a CAGR of 3.1%.
North America led the market, accounting for $4,450.6 million in 2021, and is estimated to reach $5,874.3 million by 2031, with a CAGR of 2.7%.
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David Correa
Allied Market Research
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