Glucose Market

The global glucose market is projected to witness significant growth during the review period, exhibiting a CAGR of 5.07%. The market was valued at USD 50.83 billion in 2021 and is expected to reach a value of USD 78.70 billion by the end of the forecast period (2030).

Based on form, the syrup segment accounted for a market share of 74.44% in 2021 and is expected to exhibit a CAGR of 5.60% owing to the wide production of corn which is further used in the manufacture of glucose syrup. For example, according to United States Department of Agriculture, estimates for 2021 put the amount of corn needed to produce grains at 15.1 billion bushels, an increase of 7% from those for 2020. A record-breaking 177.0 bushels per acre were expected to be the average production in the United States, which is 5.6 bushels more than the 2020. 85.4 million acres were anticipated to have been harvested for grain, an increase of 4% from the 2020 projection.

Based on nature, the conventional segment accounted for a market share of 68.28% in 2021 owing to the large pool of people suffering from diabetes, along with their preferences for healthy eating products coupled with the increasing strategies adopted by major players operating in the market to strengthen its foothold in the market. For example, in February 2022, to treat diabetes, Abbott entered a partnership with important health-tech firms BeatO, Sugar.fit, PharmEasy, GOQii, 1MG, Zyla Health, Healthifyme, and Fitterfly. Abbott anticipates reaching 8 million people with diabetes through these partnerships, 6.5 million of whom will have access to these medications through PharmEasy and 1MG. The business emphasizes excellent glucose level management coupled with online consultations, coaching for people with diabetes, and meal plans. Abbott wants to make personalized lifestyle and therapy interventions possible through these partnerships so that persons with diabetes can accomplish their overall glucose management objectives.

Based on the source, the sugarcane segment accounted for a market share of 41.93% in 2021 and is expected to exhibit a CAGR of 4.64% during the forecast period. It is followed by corn and wheat owing to the increased production of wheat particularly across the APAC region, which is further used to make glucose. For instance, according to Wantstats analysis, following maize in terms of production, wheat is the cereal grain that is traded internationally the most. There were 760 million tons of wheat produced worldwide in 2020. With around 41% of the world's total wheat production, China, India, and Russia are the three greatest individual wheat producers. The United States is the fourth-largest individual producer of wheat in the world.

Based on the application, the food and beverages segment accounted for a market share of 36.99% in 2021 owing to the increasing government support to strengthen the food sector. For example, The Indian government's "Make in India" strategy focuses and promotes investment in the food processing sector. In order to extend the food processing supply chain, the government has also created 134 cold chain projects and 18 mega food parks. Businesses that process food will likely benefit from these initiatives. Additionally, recent government initiatives, including the USD 1.35 billion program announced by Mrs. Nirmala Sitharaman, the finance minister, to boost this business, have put the food processing sector on a high growth trajectory.

Based on the distribution channel, the supermarket and hypermarket segment accounted for a market share of 45.42% in 2021 and is expected to exhibit a CAGR of 4.59% in the upcoming years owing to the increased benefits provided by supermarkets and hypermarkets. For instance, a consumer has more options for the same product, which is an additional benefit. For instance, if an individual wants to buy glucose syrup, a retail store clerk will give the customer one or two possibilities, however in a supermarket, an individual will have eight to ten options of different glucose brands, allowing customers to choose the product that best suits their needs and preferences.

The escalating demand of glucose from the bakery and confectionary industry is set to boost its market growth. For example, liquid glucose syrup is essential for controlling a product's qualities in the baking sector. It makes it possible for the biscuits, pies, and cakes to absorb water, prevent drying, and increase shelf life. Hence, the growing baking and confectionary industry is set to increase the demand for glucose market which in turn would boost its market growth. For instance, according to Wantstats analysis, in March 2021, many customers sought out activities they could do at home, which resulted in a 24% increase in sales of baking-related products in 2021, reaching USD 26.5 billion. The performance in 2020 was an improvement over 2016–19, when sales of baking products only slightly increased. During those three years, sales of ingredients for baking, such as white granulated sugar, decreased.

Furthermore, the increased demand among consumers for organic products or natural ingredients products owing to the increasing health benefits associated with its consumption, has increased its sales which in turn is another factor boosting its market growth. For example, according to Wantstats analysis, over the past 15 years, sales of organic food have consistently climbed, rising from USD 13.26 billion in 2005 to USD 57.5 billion in 2021. Sales increased by USD 6.43 billion between 2019 ($50.07 billion) and 2020 ($56.5 billion), the year with the largest annual increase, because of the pandemic-induced rise in health consciousness in 2020. In addition, Because of health concerns, 76% of adult respondents stated they bought organic food. Even though these customers are unfamiliar with the term "organic," they generally grasp those organic goods are meant to be healthier than conventional ones. Convenience (22%) and environmental concerns (33%) were the next two most common justifications for purchasing organic food. Apart from this, the flourishing cosmetic sector may serve as an opportunity for market growth. However, the fluctuations in prices of raw materials may serve as a challenge for its market growth.

By region, the Asia Pacific dominated the glucose market with a market value share of 63.72% in 2021 and is expected to exhibit a CAGR of 5.57% in the upcoming years. It is closely followed by Europe and North America which accounted for 15.88% and 13.72% market share respectively in 2021.