Sugar Syrup Market

The global Sugar Syrup Market was valued at USD 2.3 Billion in 2022 and is projected to reach a value of USD 3.2 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.2% between 2023 and 2030.

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Sugar Syrup is a condiment, a thick, viscous liquid consisting primarily of sugar in water. They often contain a large number of dissolved sugars. However, they show little tendency to deposit crystals. The global Sugar Syrup market is expected to grow rapidly due to rising consumer demand for convenience foods. Increased use of glucose syrup in baked goods like sweets drives the market's expansion. Glucose syrup is needed as a sweetener in sectors like confectionery, pharmaceuticals, and food & drinks. Due to the increased demand for sugar substitutes, glucose syrups are also used to produce ice cream, chewing gum, chocolate, and canned foods.

Due to its long shelf life, Sugar Syrup is becoming increasingly popular. It also provides a superior substitute for regular granulated sugar. The need for Sugar Syrup is driven by its non-toxic, anti-crystal, anti-freezing, humectant (an ingredient that retains moisture and keeps freshness), and preservation characteristics. In addition to being used as a sweetener, Sugar Syrup is increasingly used as a thickener. Also, Sugar Syrup raises the grade's organoleptic value by giving a food grade a shine and varnish. Also, it is anticipated that the leading players in the dextrose syrup market will see an increase in revenue due to the popularity of private-label brands, the growing desire to reduce costs, and industry-wide expenditures.

Sugar Syrup is still the most popular sweetener in the food and beverage business.

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Compared to other sweeteners, it is less expensive, has a larger range of flavour appeal, and serves additional purposes. In addition to adding bulk and structure, it can also improve the product's shelf life and food safety. Before, medical issues like gluten allergies, sensitivities, and intolerance were the main drivers behind the purchase of gluten-free goods. Yet, because free-from-food items are now seen as a healthier alternative to traditional goods, people are more likely to purchase them. The global market for gluten-free Sugar Syrup is expanding primarily due to the growing awareness of the health benefits of gluten-free goods. The market is also expanding due to the rising demand for healthier baked goods and confections.

Economic Insights

The already weak global market growth is anticipated to worsen as more countries fall into a recession. According to a comprehensive new study by the World Bank, the world may be edging towards a global recession in 2023 and a string of financial crises in emerging markets and developing economies that would permanently harm them. This is because central banks around the world are raising interest rates at the same time in response to inflation. The Russian invasion of Ukraine and the worldwide humanitarian catastrophe have increased risk exposures in the world's money flows, trade, and commodities markets.

Top Market Trends

1. Rising Demand for Baked Goods & Cakes: Before, medical issues such as gluten allergies, sensitivities, and intolerance were the main drivers behind the purchase of gluten-free goods. However, the perception that free-from-food products are a healthier alternative to conventional ones has recently led consumers to gravitate towards them. The market for gluten-free Sugar Syrup is expanding primarily due to the increased public awareness of the health advantages of gluten-free products. The rising demand for healthier baked goods and confections further drives the market's expansion. Due to changing food consumption habits, the growth of the food and beverage sectors in developing nations, and an increase in health consciousness, the global market is anticipated to grow in the next years. One opportunity for the market for glucose syrup to expand in the upcoming years is this.

2. Increasing Demand for Beverages: Sugar Syrup is quite important in the beverage market. The Sugar Syrup sweetens these goods. Sugar Syrup also improves the appearance of beverages. Blending the Sugar Syrup allows clear and consistent carbonated beverages to be produced. Also, the market for beverages is growing quickly. These drinks come in a wide range of flavours and kinds. The beverage market is growing, increasing demand for Sugar Syrup. The brands of carbonated beverages will introduce new flavour variations in the following years. All of these variables will increase market adoption in the anticipated time frame. High growth is also due to increasing investments in the Sugar Syrup business.

3. Widening Consumption of Convenience Foods: Despite having few fat calories, glucose syrup is abundant in calories. It is made of cornflour and contains minute amounts of calcium, zinc, and thiamine. Depending on the area's culture, it is widely employed in creating various food and beverage goods. One of the factors fueling the market growth is the rise in demand for convenience foods and the increased use of such syrups in baked goods, notably desserts. Such syrups are required as a sweetener in the food and beverage, pharmaceutical, and confectionery industries. Moreover, these syrups produce ice cream, chewing gum, chocolates, and tinned meals due to the rising demand for sugar replacements.

Market Segmentation

The global Sugar Syrup market can be segmented into Type, Application, and Region. Based on Type, the market can be categorized into Glucose Syrup, Corn Syrup, Maple Syrup, Cane Syrup, and Other Types. Furthermore, by Application, the market can be further split into Baked Food, Confections, Seasonings, Pharmaceuticals, and Other Applications. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Type

Glucose Syrup to Account for the Largest Market Share Owing to Rising Applications in Confectionary and Bakery Solutions

The global Sugar Syrup is expected to be dominated by the segment of glucose syrup in terms of revenue and share during the forecast period. It is a component in confectionary goods like gum, jelly, and jam. Glucose syrup gives the product viscosity, anti-crystallization, and sweetening power. In the beverage industry, it is also utilized for industrial fermentation. The product's healthy ingredient composition, which includes calories and carbs from a negligible quantity of iron, riboflavin, and sugar, is another reason why end consumers prefer it. The expansion of the baking industry and the high demand for sweeteners in the confectionery grades are the main drivers of the segment's growth. Furthermore, during the past few years, the use of soft drinks has surged fivefold. The sales of glucose syrup are anticipated to increase as a result. Maple syrup is expected to grow with the fastest growing CAGR during the forecast period owing to the rising pancake utilization and a wider range of breakfast foods.

Based on Application

Baked Foods to Dominate Sales Owing to Increasing Application in Confectionary Foods

Baked foods are expected to account for the largest market share in revenue and share during the forecast period. The growing use of gluten-free Sugar Syrup in baked foods is anticipated to fuel market expansion. In recent years, gluten-free Sugar Syrup has seen widespread use in baking and confectionery products as a texturizer and stabilizer to enhance mouthfeel and provide additional health advantages. The market for gluten-free bakery products is expanding in industrialized nations due to increased knowledge of lifestyle-related health issues linked to using gluten. The expansion of the bread business and the high demand for sweeteners in confectionery grades are the main factors influencing category growth. The other categories include beverages like cold drinks. A sizeable chunk of the market is made up of this segment. Fruit and soft drinks comprise most of the segment's revenue and contain a sizable amount of this syrup. This is anticipated to have a positive impact on sales overall. The pharmaceutical segment is expected to grow with the fastest-growing CAGR during the forecast period owing to the rising medical benefits of Sugar Syrup.

Based on Region

North America to Lead Global Sales Owing to Rapidly Growing Trend of Healthy Consumption

The global Sugar Syrup market is expected to be dominated by the region of North America during the forecast period in terms of revenue and share. Due to the continued free-from trend in the continent, North America's gluten-free Sugar Syrup market is predicted to increase significantly. Today's consumers are quickly adjusting their preferences to clean-label food items that adhere to the latest health trends without losing flavour or taste. Producers are launching novel goods to meet the rising demand for delicious foods free of gluten. For instance, in January 2019, NuNaturals, a leader in quality natural sweeteners, unveiled a new line of flavoured Sugar Syrup: non-GMO, vegan, gluten-free, and low-glycemic. With greater understanding, people are becoming more interested in other processed food categories, such as gluten-free and low-sugar baked desserts and confectionery. Gluten-free flours and bakery items have already acquired appeal. A few tactics, like introducing inexpensive goods and flavour-infused, gluten-free Sugar Syrup, provide tremendous growth prospects in the area.

Europe is expected to grow with the fastest-growing CAGR during the forecast period. "Free-from foods" are quickly becoming a popular subcategory of bakery goods, dairy goods, and beverages. The growing knowledge of the negative health effects of excessive gluten consumption drives the region's demand for gluten-free goods. The market is expanding in Europe due to the rising demand for gluten-free meals among celiac disease patients and those who are gluten intolerant.

Competitive Landscape

The global Sugar Syrup market is expected to be dominated by a handful of players. Dominant players invest heavily within their infrastructure to increase their production capabilities and widen their yield from the same source. Players are also focused on investing within their research and development departments to widen their product portfolio. The market leaders are also expected to increase their marketing activities to appeal to a wider consumer base.

The key players in the global Sugar Syrup market include - Cargill Inc. (U.S.), ADM (U.S.), Ingredion (U.S.), Tate & Lyle (UK), Agrana Group (Vienna), Avebe (Netherlands), Nowamyl (Poland), Grain Processing Corp (U.S.), Roquette (France), Matsutani (U.S.) among others.

Recent Market Developments

· October 2019: The newest liquid sugar alternative from Swoon, created from monk fruits, was presented. In terms of mouthfeel, viscosity, and sweetness, it tastes like sugar. Swoon identified an ongoing trend that people would be able to kick their sugar habit and enjoy drinks without having to sacrifice flavour.

· October 2018: Pourable Syrups, a new line of sugar-free, all-natural products from NuNaturals, was introduced. It would satisfy the requirements of anyone living a low-sugar, paleo, or ketogenic lifestyle. It is vegan, gluten-free, keto, and low glycemic.

Segmentation of the Global Sugar Syrup Market