The global glucose syrup market is expected to grow at a CAGR of 6.22%, reaching a market size of US$7.181 billion in 2029 from US$5.311 billion in 2024.
Glucose syrup is a type of refined and concentrated solution of dextrose, maltose, and higher saccharides, which are commonly obtained from the hydrolysis of starch. Glucose syrup is known to be a thick, sweetish liquid and is less sweet than its globally recognised counterpart, sugar. Glucose syrup is known to have a wide range of applications, which include confectionery, beverages, sauces, bakery, and pharmaceuticals. It is widely used in the confectionery sector because glucose syrup is known to add volume to sweet products, helping them become chewier, sweeter, and stickier.
Introduction:
The global glucose syrup market is expected to witness an increase in growth during the forecasted period. Due to the increasing growth of the confectionery products market and the increased awareness of glucose syrup as a sugar alternative,
The Canadian government released a report on the confectionery industry, displaying the market growth from 2017 to 2021. The global confectionery product market accounted for an increase from US$36,162.3 million in 2017 to US$40,929.9 million in 2021, which is a CAGR of 3.1%. It also states that the increase in volume accounted for an increase from 8,642.8 million kilograms in 2017 to 9,356 million kilograms in 2021, which is a CAGR of 2%. The increase in the volume and value of the market signifies that the demand for confectionery products is increasing and will be expected to increase during the forecasted period, further influencing the global glucose syrup market growth during the forecasted period.
Glucose syrup is considered a cost-efficient alternative to sugar and also provides a similar sweetness to sucrose, attracting its use as a suitable sugar alternative. The World Health Organization has also insisted on the reduced usage of non-sugar sweeteners for weight loss or the reduction of risk of noncommunicable diseases since it has been found that there can be undesirable side effects from the long-term use of non-sugar sweeteners, which include increased risk of type 2 diabetes, cardiovascular diseases, and mortality in adults. This will be able to attract consumers in the market for sugar alternatives, which include glucose syrup, further driving the glucose syrup market growth during the forecasted period.
The North American region is expected to witness significant growth in the glucose syrup market during the forecasted period of 2024-2029. Glucose syrup is commonly known as corn syrup in the United States and is known to be used as a type of liquid sweetener that is often used in commercial foods to enhance the taste, texture, and aroma of the food product. Glucose syrup is also known to be commonly used in confectionery products since the sweetening properties of glucose syrup serve as the perfect ingredient for confectionery dishes such as muffins, cakes, and many others. Glucose Syrups are known to be essential ingredients that enable producers to balance and control the viscosity of sweets in a precise manner.
The United States and Canada account for the majority of the confectionery product market growth in the region. The Canadian Government stated in their report that the United States confectionery product market displayed a significant increase in growth from US$4,886.9 million in 2020 to US$5,619.7 million in 2021, which accounts for a market share percentage of 13.7% of the global market share. Canada displayed an increase from US$1,415.6 million in 2020 to US$1,638.2 million in 2021, which accounts for a market share percentage of 4%. The increase in the consumption of confectionery products will drive the regional glucose syrup market growth during the forecasted period.