Industrial Glucose Market Size & Share 2023-2032
Market Size by Source (Corn, Wheat, Potato, Others), by Grade (Standard Purity, High Purity), by Form (Liquid, Granular), by Application (Food & Beverage, Pharmaceuticals, Industrial, Animal Feed.
Report ID: GMI6124
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Published Date: June 2023
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
Industrial Glucose Market Size
Industrial Glucose Market size was valued at USD 40 billion in 2022 and is estimated to witness 5.2% CAGR from 2023 to 2032. The rising consumption of processed food items, beverages, confectioneries, and baked products will fuel the market demand. The product is employed in numerous pharmaceutical applications including the manufacture of oral suspensions, excipients, and syrups.
Industrial Glucose Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
The high requirement for stable & easily digestible glucose sources in the pharmaceutical industry will contribute to the industrial glucose market size. It also acts as a humectant, moisturizer, and thickening agent, fueling its demand in the personal care & cosmetics industry. The livestock & poultry sector also creates a high demand for industrial glucose due to its extensive requirement for animal feed.
Diverse sectors, such as paper & pulp, textiles, and adhesives, and fermentation processes, exhibit a high industrial glucose demand. Its strong market demand stems from its versatility as an energy source, raw material, and process aid in these industries.
Agricultural crops, including corn, wheat, and tapioca, are the primary raw materials utilized in the manufacture of industrial glucose. High price fluctuations in raw material prices will substantially influence the manufacturing costs and profits earned by industrial glucose manufacturers. The presence of several manufacturers makes the global industrial glucose market highly competitive and dynamic. This extreme competition will severely impact the pricing and profit margins, making it difficult for companies to distinguish their products and retain market share.
A shift in customer inclination, market trends, and economic conditions will affect industrial glucose demand. Demand fluctuations will also create obstacles for manufacturers while considering production planning, inventory management, and market forecasting. The risks caused by industrial glucose may also reduce the adoption rates, further impeding market growth.
COVID-19 Impact
Lockdown orders, border closures, and diminished workforce in manufacturing facilities interrupted the manufacturing & distribution of industrial glucose. COVID-19 resulted in interim shutting and decreased operations in many industries, impacting the industrial glucose market revenue. Industries such as textile, paper & pulp, and construction that used industrial glucose as a raw material witnessed sporadic interruptions and lessened growth during COVID-19. The demand for food & beverage manufacturing, pharmaceuticals, and personal care products stayed constant and even surged at times.
The hospitality, restaurant, and confectionery sectors faced a major decline in demand, affecting market growth. Variations in raw material prices, currency exchange rates, and market dynamics also affected industrial glucose pricing. Manufacturers faced significant hurdles in managing cost and profitability due to uncertainties amidst the pandemic. However, the anticipated reduction in COVID-19 cases and enactments by government & non-government organizations are estimated to spur industry growth.
Industrial Glucose Market Trends
The rising adoption of processed food items & beverages and convenience foods will boost the demand for industrial glucose as a functional ingredient. The emerging consumer trend of opting for green & organic products is also driving the organic industrial glucose demand. Industrial glucose has varied industrial uses, functioning as an excipient in drug formulations in the pharmaceutical industry and as a functional ingredient in skincare, haircare & cosmetic products in the personal care industry.
Rapid industrial development, urbanization, and increasing disposable incomes in countries including China and India have led to increasing demand for food processing and pharmaceuticals & personal care products, fueling the market value. The increasing incidences of blood-related illnesses are also estimated to accelerate industry size.
Industrial Glucose Market Analysis
The industrial glucose market size from corn segment dominated around USD 13 billion in 2022. The abundance & availability of corn as a raw material to produce glucose is primary factors for its high market share. It also offers cost-effectiveness and competitive pricing in comparison to alternate sources. Many regions across the globe have favorable agricultural conditions for corn farming, thereby enabling the provision of reliable & established supply chains for corn-based industrial glucose. Tapioca and rice are the other industrial glucose sources that have specific demand drivers, depending on their regional availability, cost, and definite application requirements.
The industrial glucose market from liquid segment is projected to record 6.6% CAGR through 2032. The ready-to-use liquid glucose is widely used in applications where consistency is required. Food and beverage industries generally employ liquid industrial glucose as a sweetener, thickener, or stabilizer due to its versatility. The other industries that use this product form are pharmaceuticals, cosmetics, and other industries. The utilization of liquid industrial glucose in diagnostic laboratories will also spur business growth.
Based on application, the industrial glucose market is bifurcated into food & beverage, pharmaceuticals, industrial, animal feed, and others. The food & beverage segment accounted for a major market share in 2022. The desire to balance taste, fondness for sweetening agents, and affinity for organic ingredients & sustainable manufacturing processes are major factors that will drive product demand.
Expansion in the pharmaceutical industry & industrial fermentation applications, advancements in medicinal formulations & biotechnology, and the requirement for superior excipients will also drive market growth. These drivers will vary in each application segment based on industry trends, consumer preferences, regulatory requirements, product innovations, and the overall financial ecosystem.
The U.S. industrial glucose market was reached USD 12 billion revenue in 2022. The North American food & beverage sector is a major customer of industrial glucose. The expanding population, shifting customer inclination toward sweeteners & flavor enhancers, and the expansion of new food & beverage products will spur market momentum.
The North America pharmaceutical industry is the chief purchaser of industrial glucose as it can be used as an excipient in medications. The increasing occurrence of chronic diseases, the growing elderly population, innovations in drug development, and the need for superior pharmaceutical products are major factors that will affect product demand.
Industrial Glucose Market Share
Major companies operating in the industrial glucose market are
These companies focus on strategic partnerships, new product launches, and commercialization efforts for market expansion. Furthermore, these companies are making substantial investments in research & development to launch advanced products and gain maximum revenue in the market.
Industrial Glucose Industry News
This industrial glucose market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue and volume (USD Million & Tons) from 2018 to 2032, for the following segments:
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Market, By Source
Market, By Grade
Market, By Form
Market, By Application
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
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