Fructose Market

The article discusses the forecasted growth of the global fructose market, with expected increases in both consumption volume and market value. It highlights key trends such as the slight increase in market performance, the decline in consumption from 2014-2022, and the notable growth in production in 2021. The top consuming and producing countries are identified, along with trends in import and export volumes and prices. Overall, the article provides a comprehensive overview of the global fructose market dynamics.

Market Forecast

Driven by rising demand for fructose worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.5% for the period from 2022 to 2030, which is projected to bring the market volume to 12M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.9% for the period from 2022 to 2030, which is projected to bring the market value to $13.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Fructose And Fructose Syrup

In 2022, consumption of fructose and fructose syrup increased by 0.8% to 12M tons, rising for the second year in a row after seven years of decline. In general, consumption, however, recorded a pronounced downturn. The growth pace was the most rapid in 2021 when the consumption volume increased by 5.5%. Global consumption peaked at 15M tons in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

The global fructose market size totaled $10.9B in 2022, therefore, remained relatively stable against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, recorded a pronounced reduction. The pace of growth was the most pronounced in 2021 with an increase of 6.8%. Global consumption peaked at $14.7B in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Consumption By Country

China (3.2M tons) constituted the country with the largest volume of fructose consumption, comprising approx. 27% of total volume. Moreover, fructose consumption in China exceeded the figures recorded by the second-largest consumer, the United States (1.2M tons), threefold. The third position in this ranking was taken by India (1.1M tons), with a 9.7% share.

In China, fructose consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-1.5% per year) and India (-1.9% per year).

In value terms, China ($2.4B) led the market, alone. The second position in the ranking was taken by India ($1B). It was followed by Turkey.

From 2012 to 2022, the average annual rate of growth in terms of value in China was relatively modest. The remaining consuming countries recorded the following average annual rates of market growth: India (-1.3% per year) and Turkey (-2.3% per year).

In 2022, the highest levels of fructose per capita consumption was registered in Hungary (20 kg per person), followed by Mexico (5.1 kg per person), the UK (4.7 kg per person) and South Korea (4.1 kg per person), while the world average per capita consumption of fructose was estimated at 1.5 kg per person.

In Hungary, fructose per capita consumption plunged by an average annual rate of -4.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Mexico (-8.7% per year) and the UK (-3.9% per year).

Production

World Production of Fructose And Fructose Syrup

In 2022, production of fructose and fructose syrup increased by 1.1% to 12M tons, rising for the second year in a row after three years of decline. Over the period under review, production, however, continues to indicate a mild curtailment. The pace of growth was the most pronounced in 2021 when the production volume increased by 4.2%. Global production peaked at 15M tons in 2014; however, from 2015 to 2022, production remained at a lower figure.

In value terms, fructose production fell modestly to $10B in 2022 estimated in export price. In general, production, however, recorded a noticeable descent. The most prominent rate of growth was recorded in 2021 when the production volume increased by 11% against the previous year. Global production peaked at $15.4B in 2016; however, from 2017 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (2.7M tons), the United States (2.2M tons) and India (1.2M tons), with a combined 51% share of global production. Thailand, France, Turkey, Brazil, Indonesia, Hungary, the UK, South Korea and Malaysia lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Thailand (with a CAGR of +16.7%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Fructose And Fructose Syrup

In 2022, supplies from abroad of fructose and fructose syrup increased by 11% to 4.6M tons, rising for the third consecutive year after five years of decline. The total import volume increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when imports increased by 41%. Over the period under review, global imports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, fructose imports surged to $3.8B in 2022. The total import value increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, China (1.1M tons), distantly followed by Mexico (670K tons), the United States (271K tons) and Germany (232K tons) were the largest importers of fructose and fructose syrup, together making up 49% of total imports. Indonesia (172K tons), the Netherlands (167K tons), Canada (166K tons), France (116K tons), Vietnam (104K tons), the Philippines (95K tons), Malaysia (85K tons), Belgium (83K tons) and the UK (75K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by China (with a CAGR of +54.4%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest fructose importing markets worldwide were China ($544M), Mexico ($333M) and the United States ($309M), with a combined 31% share of global imports.

Among the main importing countries, China, with a CAGR of +33.7%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average fructose import price amounted to $830 per ton, with an increase of 6.2% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The pace of growth was the most pronounced in 2018 when the average import price increased by 13%. Over the period under review, average import prices reached the maximum at $989 per ton in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($1,426 per ton), while Mexico ($497 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+6.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Fructose And Fructose Syrup

In 2022, shipments abroad of fructose and fructose syrup increased by 12% to 4.9M tons, rising for the third consecutive year after two years of decline. The total export volume increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when exports increased by 14% against the previous year. Over the period under review, the global exports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, fructose exports skyrocketed to $3.7B in 2022. In general, total exports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +61.0% against 2015 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

The shipments of the three major exporters of fructose and fructose syrup, namely the United States, Thailand and China, represented more than half of total export. It was distantly followed by France (375K tons), making up a 7.6% share of total exports. Turkey (202K tons), Hungary (155K tons), Belgium (149K tons), Germany (145K tons), the Netherlands (120K tons), Malaysia (106K tons), Canada (81K tons) and Bulgaria (80K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Thailand (with a CAGR of +46.3%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest fructose supplying countries worldwide were the United States ($696M), China ($519M) and Thailand ($412M), with a combined 44% share of global exports.

Among the main exporting countries, Thailand, with a CAGR of +33.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average fructose export price stood at $756 per ton in 2022, growing by 3.3% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 9.1% against the previous year. Over the period under review, the average export prices attained the maximum at $776 per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Netherlands ($1,632 per ton), while Hungary ($398 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+2.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform