Glucose Market

The global glucose market is projected to witness significant growth during the forecast period. The key factors driving the growth in the market are escalating demand from bakery and confectionery industry, and rising demand for natural food ingredients across the globe. However, side effects associated with the excess consumption of added sugar and fluctuations in prices of raw materials can impact the growth of the market negatively. Moreover, the flourishing cosmetic sector among the consumers and increasing applications of glucose from various application industries is creating growth avenues for the glucose market globally for the forecast period.

Glucose helps in imparting sweetness in food and beverage products. Along with that it also acts as a texture conferring agent and flavor enhancer. It helps in preventing sugar crystallization, which is a necessary feature in confectionery products, which in turn has greatly augmented its application in confectionery industry. Glucose is usually used in making homogeneous confectionery products such as chocolates and chewing gum. Moreover, liquid glucose is as an excellent alternative to sucrose as corn syrup too has the sweetness needed in bakery products and dairy. Glucose is a kind of a sweetener which helps in efficiently contributing to a much firmer and chewier texture. Liquid glucose also helps in improving the shelf life of bakery products.

The global bakery industry has been experiencing robust growth over the last few years, primarily driven by rapidly evolving consumer preferences for product varieties in taste, flavors, and freshness. Evolving consumer preferences contribute to the sector’s growth as the food industry has the highest levels of product innovation. The market growth is largely driven by changing lifestyles and growing demand for comfort food. The growth in such markets is driven by the increased health consciousness among consumers and increased consumption of indulgence food. Europe and North America are the key markets for the bakery industry generating maximum revenues. However, Asia-Pacific is anticipated to be the fastest-growing region. Furthermore, as per MRFR analysis, the growing bakery industry was worth over USD 475 billion in 2020 and is projected to grow by over 6% in the next couple of years. Countries in Asia-Pacific, such as China, India, Vietnam, Thailand, and Indonesia, and in the Middle East, such as Saudi Arabia and the UAE, are some of the emerging economies that are anticipated to witness a staggering increase in bakery products consumption in the next couple of years. Additionally, bakery industry in China has been developing hastily from past few years, emphasized by the China’s increasing middle class population, ongoing Westernization of diets and lifestyles, and growing demand for convenience food. Furthermore, the growth potential for China’s bakery industry is unparalleled, owing to the country’s population and relatively low consumption base. The per capita consumption of bakery products in China was around 7.2 kilograms per year in 2021.

Moreover, with globalization and the acceptance of cross-cultural festivals and celebrations, the trend of gift exchange has increased across the regions. People tend to gift chocolates on various occasions such as Anniversaries, Birthdays, Valentine’s Day, and different festivals. Owing to this increasing trend of gift exchange, chocolate industry is witnessing a huge demand. Manufacturers are focusing on product innovation and market their products as a suitable gift option during festivals. Numerous players are entering the chocolate market looking at the market demand. This increasing trend of chocolate as a gift has created a huge demand for chocolate. Hence, with the growing consumption of bakery and confectionery products, the glucose market is expected to increase rapidly during the review period.

The cosmetics industry is one of the fastest-growing consumer product industries across the globe. In the recent years, the consumer’s per capita spending on cosmetics products has augmented at a substantial rate owing to the increasing consciousness of appearance among the consumers, predominantly the young population, coupled with growing per capita disposable income. The high adoption of smartphones and easy access to the internet have further increased spending on personal care products through web portals. Also, according to MRFR analysis, the average annual expenditure on cosmetics accounted for nearly USD 175 per consumer in the US, in 2021. The consumption pattern among the young population has drastically changed over the years with an aspiration for looking good, which is estimated to drive personal care products and, subsequently, cosmetic products. Moreover, the growing youth population, increasing adoption of social media platforms, launch of innovative products, and easy availability of the products across the globe are also expected to support the growth cosmetics for the forecast period.

Moreover, glucose is majorly obtained through breaking down various natural starches for cosmetics. Glucose acts as a humectant in cosmetic products and helps in binding moisture to skin products and adding flavor to lip products and facial cleansers. It is also a part of many saccharides that work as prebiotics for reinforcing skin’s microbiome. Moreover, Glucose-D is an exceptionally efficient thickener for hair care and skin care products. It is highly recommended in facial cleansers, shower gels, and shampoos. Owing to its liquid form it is easily incorporated into a wide range of products. Hence, extensive application of glucose in cosmetic industry coupled with increasing demand for cosmetic products among consumers worldwide is expected to create huge growth opportunities for glucose for the forecast period.

Excessive consumption of added sugars has been linked with augmented risk of several chronic diseases such as cardiovascular disease, diabetes obesity, and non-alcoholic fatty liver disease (NAFLD) along with cognitive decline and even some types of cancers. Excessive consumption of added sugar can also shoot blood pressure and cause chronic inflammation, both of which are clinical paths for causing heart disease. Consuming surplus amount of sugar, especially in sugary beverages, causes weight gain by tricking human body into turning off its appetite-control system, as liquid calories are not as satisfying as calories obtained from solid foods. Owing to this, countries such as US where a high consumption of sugars is registered are making considerable efforts for lowering its amount in the final food and beverages products. According to a data released by the American Heart Association (AHA), an adult in America consumes around 77 grams of sugar per day, which is three times more than the recommended amount. For men the recommended amount is around 150 calories per day (equals 9 teaspoons or 37.5g) and for women the recommended amount is around 100 calories per day (equals 6 teaspoons or 25g). The government has also undertaken several initiatives for reducing sugar consumption across the region as sugar has been playing a vital role in health ailments such as diabetes, obesity, and other harmful diseases. For instance, according to the National Heart, Lung, and Blood Institute, the US National Salt and Sugar Reduction Initiative was supported by the New York City Department of Health and Mental Hygiene, finalized in February 2021. The initiative provides sugar-reduction targets for food service providers and manufacturers to use as part of a public health partnership for improving the health of American consumers. The goal of the initiative was to steadily decrease 40% from sugar-sweetened beverages and 20% of added sugar from common food purchases over the coming years. Achieving these targets set by the initiative would help Americans in reducing 6.3 grams of added sugar from sugar-sweetened beverages and 3.7 grams of added sugar from daily food sources. Moreover, over a period of about 100 years, this initiative is predicted to prevent 49 million cardiovascular deaths, 2.48 million cardiovascular disease events, and 75 million diabetes cases. This can impact the growth of glucose market negatively during the forecast period.

The prices of primary ingredients of glucose such as corn are experiencing a surge. Corn is the primary raw material used in the production of glucose, and its price varies depending on numerous factors such as supply and demand, weather patterns, and government policies. Extreme weather patterns, such as droughts and floods, can impact the yield and quality of corn crops, leading to higher prices for raw corn. Also, changing government policies, such as tariffs or subsidies, can affect the supply and demand of corn, causing price fluctuations. For instance, according to the data published by IBISWorld, in 2021, corn prices increased by 54.2% owing to the growing demand for ethanol and its limited supply. Rise in price is expected to continue in 2022, with corn prices projected to rise additional 28.7% in 2022. Rising prices of raw materials are directly responsible for affecting the prices of glucose. Owing to a decreased supply of raw materials and rising demand for glucose, manufacturers tend to source raw materials regionally. However, sourcing raw materials regionally is constrained by high costs. The fluctuating raw material prices can make it difficult for glucose manufacturers to correctly forecast their production costs and set prices for their products. The increasing price of corn can increase the production costs for glucose manufacturers, which can impact their profitability. This can be challenging for the growth of glucose market for the forecast period.