The global corn syrup industry generated $9.8B in 2021, and is anticipated to generate $13.5B by 2031, witnessing a CAGR of 3.2% from 2022 to 2031, according to a report from Allied Market Research.
Exponential increase in the global population, rapid urbanization, changes in food habits, and surge in demand for packaged food drive the growth of the global corn syrup market. However, increase in prevalence of diabetes and other diseases due to growing consumption of sweeteners and rise in health consciousness among consumers restrict the market growth. Moreover, rise in adoption of corn syrup solids and high fructose corn syrup (HFCS) in the pharmaceuticals industry for producing various drugs present new opportunities in the coming years.
The outbreak of the Covid-19 pandemic has had a negative impact on the global corn syrup market, owing to implementation of the global lockdown. Factors such as temporary closure of manufacturing facilities, lack of labor force, unavailability of raw materials, and disruptions in the supply chain hampered the market on the global level.
Based on type, the high fructose corn syrup segment held the highest market share in 2021, accounting for more than four-fifths of the global corn syrup market, and is estimated to maintain its leadership status throughout the forecast period. The demand for the HFCS is significantly high in the food & beverages industry for its several characteristics such as higher solubility and resistance to crystallization in all conditions. However, the light syrup segment is projected to manifest the highest CAGR of 4.2% from 2022 to 2031. The rising demand for the light syrup in making baked foods, jams, jellies, desserts, candies, and various other food items in the food processing industry is expected to boost the growth of the light syrup market.