The glucose syrup market is estimated to be valued at USD 4.5 Bn in 2024 and is expected to reach USD 6.1 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031. The steady growth in demand from food and beverage industries where glucose syrup is used as a sweetener and texturizer will continue to drive the market during the forecast period.

The glucose syrup market is expected to witness positive growth over the next few years. Increasing health consciousness and preference for natural sugars among consumers has boosted demand for sugar substitutes like glucose syrup. Expanding packaged food sector in developing countries is another key factor supporting the use of glucose syrup.

Market Driver - Increasing demand for glucose syrup in food & beverage industries

The food and beverage industry has seen tremendous growth over the past decade due to changing lifestyles and busy schedules of people. Glucose syrup has emerged as a vital ingredient for these industries owing to its various functional properties. It is widely used for preparation of various food items like breads, biscuits, pastries etc. to add sweetness and texture. The ability of glucose syrup to retain moisture makes baked food fresh for longer duration. Moreover, its low cost as compared to other sweeteners and easy availability has prompted food manufacturers to increasingly use it.

Particularly, the demand from bakery segment has surged significantly. The changing food patterns and growing preference for western-style breads and pastries among urban populations has boosted bakery sales. Since glucose syrup extends the shelf-life of baked products without compromising on taste and quality, most bakery players prefer to use it. Also, the hectic lifestyles have driven demand for convenient snacks which is further propelling growth of biscuit industry. Major biscuit manufacturers rely on glucose syrup for its moistening properties to maintain softness of biscuits. Similarly, confectionery items like candies and chocolates have also contributed to the increasing off-take of glucose syrup.

The beverage industry holds immense untapped potential for growth of glucose syrup market. While traditionally it was used for preparation of fruit juices and soft drinks, the ongoing custom of health drinks has opened newer avenues. Manufacturers are coming up with low-calorie beverages made from herbal extracts and glucose syrup. Also, the burgeoning coffee and tea industry offers scope for using glucose syrup to enhance flavor and indulge customer taste buds. The surging sales of RTD (ready-to-drink) beverages is anticipated to boost glucose syrup demand in the upcoming years.

Market Driver - Expanding pharmaceutical applications due to its functional benefits

Pharmaceutical sector has emerged as a key end-user of glucose syrup owing to its versatile functional profile and health attributes. Its easy absorption properties and quick energy release characteristics make glucose syrup popular for manufacturing medicines, syrups as well as dietary and nutritional supplements. Further, glucose syrup is commonly used as excipient and filler in tablet and capsule formulations due to its solubility, stability and capacity to enhance shelf-life.

Moreover, glucose syrup finds applications in pediatric medicines since it effectively masks unpleasant taste of active ingredients without compromising potency. This has significantly contributed to widespread acceptance of glucose syrup among pharmaceutical manufacturers. Pediatric population being sensitive towards taste openly accepts medicines prepared using glucose syrup. Additionally, it is frequently used as vehicle and carrier for preparation of suspensions containing vitamins, minerals and herbal extracts. The increasing demand for herbal remedies and Ayurvedic medicines is propelling utilization of glucose syrup in this domain.

Furthermore, the rising prevalence of lifestyle diseases like diabetes has created a huge market potential for glucose syrup in dietary management products. It is commonly incorporated in low glycemic index food items meant for diabetics. Also, glucose-based preparations are used as energy bars for sportspersons and gym enthusiasts. Overall, enhanced health awareness and focus on preventive healthcare has opened new growth avenues for glucose syrup in nutraceuticals and functional food & beverage segments. Its multi-dimensional functional profile positions it strongly to capture these opportunities.

Market Challenge - Health concerns such as obesity and lifestyle disorders due to overconsumption

One of the key challenges faced by the glucose syrup market is rising health concerns among consumers regarding obesity and other lifestyle disorders caused by overconsumption of sugar and sugar-rich foods. In recent years, there has been growing awareness about the role of excessive sugar intake in promoting weight gain, diabetes, cardiovascular diseases and certain types of cancer. Public health campaigns have been emphasizing on reducing sugar consumption from daily diets. This has negatively impacted the demand for glucose syrup, which is predominantly used as a sweetener and flavoring agent in various food products like bakery, confectionery, beverages etc. Many consumers are now opting for low sugar or sugar-free alternatives in their food habits. Stringent regulatory norms and taxation policies implemented by governments of various countries to curb obesity have further restricted the use of glucose syrup in the food industry. With increasing health-consciousness, it has become a major hurdle for the glucose syrup market players to promote their products and drive consumption. Considering these aspects, glucose syrup manufacturers need to focus on developing healthier product formulations and positioning their brands appropriately to address modern consumer health and wellness needs.

Market Opportunity - Innovations in glucose syrup formulations to cater to healthier products

Despite the challenges around health concerns, the glucose syrup market players also have significant opportunities to leverage innovative product developments and formulations. With rising demand for low calorie, low sugar foods, glucose syrup producers can expand their product portfolio by introducing fibers, nutraceuticals etc. enriched syrup formulations. This will allow inclusion of glucose syrup in a wider range of health-positioned foods. Additionally, new production technologies for generating low glycemic index glucose syrups can help address diabetes and weight management concerns. Players investing in extensive research & development are likely to gain first mover's advantage through proprietary formulations. Apart from enriching standard glucose syrup, development of allulose syrups, tagatose syrups etc. novel sweetener alternatives also present noteworthy opportunities. By offering specialized product lines, companies can tap into the premiumization trend and bundle additional health and wellness benefits with syrups. This will support progressive market growth even with persistent challenges around sugar intake.

Many top players have expanded their production facilities to cater to the growing demand for glucose syrup, especially in emerging markets. For example, in 2018, Corn Products International opened a new plant in Egypt to strengthen its presence in the Middle East and Africa region. The company invested $100 million in the new facility. Such expansions helped players tap into high growth regional markets.

Leading companies are innovating and launching new product variants to attract more customers. In 2019, Archer Daniels Midland (ADM) introduced a new line of glucose syrups under the Osage brand with varying dextrose equivalents (DE), densities, and flavors to provide customized solutions. This helped ADM expand its product portfolio and target diverse customer segments.

Strategic acquisitions have been a key strategy for top players to grow their global footprint and production capabilities. In 2020, Cargill acquired Lundyco, a leading glucose syrup manufacturer in Brazil. This acquisition strengthened Cargill's position in the Latin American market, which is projected to exhibit strong demand growth. Such deals allow players to rapidly scale their operations with minimum investment.

Leading companies are focusing marketing efforts on developing countries in Asia Pacific and Latin America to tap the high growth potential. For example, Roquette dedicated significant resources to promote its glucose syrup product FRUCTOSE under its Tasteistry program in India and other South Asian markets. This helped Roquette gain an early mover advantage in lucrative emerging economies.

Insights, By Application: Food & beverages sub-segment drives growth through wide range of uses

The food & beverages sub-segment contributes the highest share of 52.4% in the global glucose syrup market owing to its wide range of applications in the industry. Glucose syrup plays a vital role in manufacturing various food products such as bakery items, confectionery items, jams and jellies, beverages, and dairy products.

Glucose syrup is widely used in bakery products such as cakes, pastries, biscuits, donuts, and bread to add moisture, enhance texture, and boost volume. It improves the shelf life of bakery products by preventing staling. In confectionery items like chocolates, candies, and gums, glucose syrup maintains the texture and acts as a binding agent. It is commonly used in dairy products like ice cream, yogurt, and flavored milk to lend a smooth and creamy texture.

The beverages industry also utilizes significant amounts of glucose syrup. It is added to carbonated drinks, fruit juices, energy drinks, and flavored water to regulate viscosity, balance sweetness levels, and cut manufacturing costs. Glucose syrup finds application in the preparation of jams, jellies, and preserves to boost pectin gel formation. Rising health-consciousness is prompting manufacturers to replace high calorie sugars with glucose syrup in various reduced sugar and low calorie food products.

Insights, By Formulation: Ease of use of liquid glucose syrup boosts its consumption

Within the glucose syrup market, the liquid glucose syrup segment holds the largest share of 65.2% primarily due to its ease of use in various industrial applications. Liquid glucose syrup has a medium viscosity and is ready to use without requiring any preprocessing steps like dissolving. This leads to simpler production workflows and processes for manufacturers across industries.

Liquid glucose syrup readily blends with other ingredients and dissolves easily into mixtures compared to powdered variants. This homogeneous mixing property allows for uniform dispersion of flavors, textures and sweetness levels in final products. It can be conveniently pumped and metered during large scale manufacturing using standard equipment with minimal effort or pretreatment.

The versatility of liquid glucose syrup in working with both hot and cold processes further expands its usage in a wide temperature range. This compatibility with diverse production techniques boosts productivity for industries like food, beverages and pharmaceuticals. Absence of lumps and easier handling compared to granular glucose syrup has propelled the popularity of the liquid form globally.

• The glucose syrup market is expected to see consistent growth, fueled by its wide-ranging applications across food, beverages, and pharmaceuticals. Its functional properties, like moisture retention and texture enhancement, are particularly vital in bakery and confectionery products. As companies like Cargill and Archer Daniels Midland Company increase production capacity, the market will benefit from increased availability and improved product formulations.

The major players operating in the glucose syrup market include Cargill, Incorporated, Archer Daniels Midland Company (ADM), Ingredion Incorporated, Roquette Frères, Tereos FKS, Global Sweeteners Holdings Limited, Shandong Zhonggu Starch Sugar Co., Ltd., Gulshan Polyols Ltd., Manildra Group, HL Agro Products Pvt. Ltd., Makendi WorldWide, Hefei TNJ Chemical Industry Co., Ltd., Dr. Oetker, Queen Fine Foods, Avebe U.A., and TME Pharma.

• In January 2024, Tate & Lyle PLC's patent for stabilized allulose syrup upheld by the Australian Patent Office, despite challenges. This secures their innovation and market presence in glucose syrup production.
• In October 2023, Tate & Lyle PLC invested in expanding their corn wet mill in Slovakia to increase PROMITOR Soluble Fibre production, catering to the demand for healthier food ingredients.

• By Application
  • Food & Beverages
  • Pharmaceuticals
  • Cosmetic Industries
  • Others
• By Formulation
  • Liquid Glucose Syrup
  • Powdered Glucose Syrup