Market Synopsis:
Glucose is a simple sugar and is the primary energy source of the body and is ubiquitous in the body mechanisms and processes. Glucose features on the World Health Organization's List of Essential Medicines, due to its crucial role to life sustenance and maintenance. The global market for glucose syrup is projected to reach 29,888 kilo tons by volume at a CAGR of 3.6 % during the forecast period of 2016 to 2022.
Market Dynamics:
Drivers
The essential nature of glucose and its versatile uses in healthcare coupled with growth of complimentary industries and applications such as food and beverage, pharmaceuticals, confectionery etc. are driving the global glucose syrup market.
The concentrated nature of glucose syrup reduces transportation costs resulting in efficiencies. The Government’s support to agriculture especially the sugar beet and sugarcane producers is another driver of the market. The situational growing demand for glucose syrup has resulted in North America and Europe being net importers of sugar as they failed to produce enough sugar from sugar beets. The glut was due to growing demand from confectionary, food and beverages industries. The explosive growth of canned and packaged foods is also charging the market.
Characteristics such as its long shelf-life, humectant and preservative properties, nontoxicity, anti-freezing and anti-crystal formation, and glaze generation are other factors driving the use of glucose syrup.
Restraints
Falling cost due to extreme market fragmentation, diversification of sugar through inefficient rationing and public food systems are restraining the market.
Dominant Players:
The major players in the global glucose syrup market are Cargill Inc. (U.S.), Ingredion Incorporated (U.S.), Archer Daniels Midland Company (U.S.), Agrana Group (Austria), Roquette (France), Tate & Lyle plc (U.K.), Grain Processing Corporation (U.S.) and others.
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Segmentation:
To generate a bird’s view of the market the global glucose syrup market has been segmented by source, grade, application, and region.
Based on the source, the market has been segmented into corn, wheat, barley, potatoes, rice, cassava and others. Corn followed by wheat accounts for the largest market share by source. The liquid form is expected to grow at a CAGR of 3.85 %.
Based on the grade, the market has been segmented into Food, Pharma, Industrial and others
Based on the form, the market has been segmented by liquid, granular and others. Liquid followed by granular form segment is expected to generate the fastest growth.
Based on the application, the market has been segmented by food, beverage, confectionery, pharmaceuticals and others. Food based application expected to triumph the glucose syrup market by application.
Based on the region, the market has been segmented by North America, Asia-Pacific, Middle East and Africa.
Regional Analysis:
Asia-Pacific region holds a lion’s share of more than 30 % by volume reflected by more than 10,000 kilo tons of production. China, India are the leading nations in the Asia Pacific region. Russia is expected to generate significant growth owing to its large production of sugar beet. The Latin American nations of Brazil, Venezuela, and Ecuador are expected to be a large market opportunity.
North America is expected to generate the fastest growth of 3.94 % owing to large scale corn subsidies provided by the Government. Europe is expected to be led by France, Germany, Ukraine and others.
Middle East and Africa market is expected to be dominated by the African region nations of South Africa, Angola and others.
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