Global Wheat Syrup Market: Market Outlook
Wheat Syrup is a purified concentrated aqueous solution of nutritive saccharides obtained from wheat starch. It is a widely accepted ingredient in the food and beverage as well as feed industry and is obtained by controlled partial hydrolysis of food-grade wheat starch through an enzymatic process. It is known for its ability to offer many alternative functional properties to sugar as well as economic benefits. The majority of the key players engaged in the food processing industry are turning towards the increased utilization of wheat syrup as a healthy and economic sugar alternative in confectionery, soft drinks, ice creams, sauces, jams, dairy, and many other industrial applications.
The wheat syrup is gluten-free as it is produced from highly processed wheat starch, thus it works as high protein food for animals. Wheat syrup proves to be an excellent additive in feed suitable for dairy, beef, and swine, the rapid growth in the feed industry is expected to propel the global wheat syrup market. Demand for wheat syrup is also supported by its anti-crystal, anti-freezing properties which helps to preserve moisture and maintains freshness, and offers preservative properties.
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How Will the Commercial Feed Manufacturing Industry Impact Growth of the Wheat Syrup Market?
Animal feeds play a major role in the global food industry and ensures the economic production of animal-based products throughout the world. Commercial production of feed products takes place in a majority of the developed as well as the developing markets across the globe. The wheat syrup is one of the major ingredients used by the majority of the commercial feed manufacturers, owing to its ability to provide high energy and protein, and is highly palatable. The wheat syrup is a well-balanced liquid feed, suitable for a number of feed applications including dairy, beef, and all classes of swine. The surge in demand for feed raw materials and nutritional ingredients is expected to show a positive impact on the global wheat syrup market.
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How is the Demand for Beverages Reshaping the Wheat Syrup Market?
The rapidly growing beverage industry across all the regions is the major factor affecting the sales of wheat syrup. The demand for alcoholic beverages has been increased by the development of urban clusters. In developing countries, the working population is rapidly growing, resulting in high demand for beverages which in turn boosts the wheat syrup demand. Factors such as the growing popularity of wine among the working population are expected to show a high growth rate of the global wheat syrup market over the forecasted period. As there is an increase in the consumption of beverages around the world, the demand for wheat syrup is expected to increase.
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Why Wheat Syrup is gaining popularity in Food and Beverage Industry?
The wheat syrup is widely known for its ability to preserve and increase the sweetness of commercial foods, which is expected to boost its appeal in the food and beverage industry. It is primarily used as a sweetener, thickener, or moisture-retaining agent. It is used in a number of bakery applications to ensure texture management, moisture control, browning regulation, and adhesion of cereals in bars. It is also used in various confectionery products for crystallization control and sweetness management. The appealing functionality of wheat syrup in the food and beverage industry is expected to trigger the growth of the global wheat syrup market.
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What are the Key Challenges that may Restrain Growth of the Wheat Syrup Market?
The wheat syrup is associated with a number of side effects, owing to its high-calorie content. Increasing consumer health awareness, and surge in demand for less processed ingredients are the factors that can affect the growth of the global wheat syrup market. Easy availability of substitutes is another major factor affecting the growth of the wheat syrup market.
Key Segments of Wheat Syrup Market Covered in the Report
Based on the nature, the Wheat Syrup market has be segmented as
Based on functionality, the Wheat Syrup market has be segmented as
- Moisture-retaining agent
Based on the end use, the Wheat Syrup market has be segmented as
- Bakery and Confectionery
- Dairy & ice cream
- Alcoholic Beverages
- Non- alcoholic beverages
- Animal feed
Based on the region, the Wheat Syrup market has be segmented as
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
Some of the key players engaged in the production of Wheat Syrup are
- Amylon A.S.
- Blattmann Schweiz AG
- Crisp Malting Group Ltd
- Simpsons Malt Ltd.
- Muntons Malt plc
- KW Alternative Foods
- few others
What strategies are the Key Players adopting for Increasing their Market Share in the Wheat Syrup Market?
In order to increase the demand and availability of wheat syrup worldwide, manufacturers are working to expand its functionality. The companies engaged in the production and supply activities in wheat syrup production are adopting acquisitions and product launches as their key strategies to create more space for themselves in the market. Companies are focusing on new product launches to increase their market penetration. Companies are working to offer wheat syrup as the main product in their product portfolio.
- For instance, In June 2020, Cargill, Inc. announced the launch of its label-friendly wheat syrup, specifically for European Food manufacturers. This product launch was done to response to increasing consumer demand for minimally processed ingredients. The company strengthened its position in the European food ingredients market.
What are the Key Opportunities for Wheat Syrup Manufacturers?
The overall industry is developing with a growing population and disposable income, along with an increasing number of value-oriented smart consumers. The wheat syrup market is expanding with increasing consumption of beverages due to busy lifestyles coupled with rapid urbanization. Owing to the high consumption rate of beer and whiskey and high disposable income, the beverages industry is flourishing in high potential markets which gives immense opportunity to the wheat syrup manufacturers. The wheat syrup is one of the few ingredients that contain no detectable gluten. The surge in demand for processed food products with gluten-free ingredients is further expected to create increased room for opportunities for the key players operating in the wheat syrup manufacturing industry.
Why is the U.S. a Prominent Market for Wheat Syrup?
The U.S. beverage market is one of the fastest-growing markets, globally. Increasing health concerns among consumers and increased occurrences of obesity and other health disorders have led to the increased consumer preference for healthier, low-sugar, and clean-label beverages. As a part of this larger trend, consumers are embracing more natural and environmentally sustainable products with better plant-based ingredients. The recent health and wellness trends have also shown a negative impact on beverages that are full of artificial ingredients and are perceived as sugary. The wheat syrup market is expected to hold a prominent share in the U.S., owing to its appealing versatility in various beverages.
What are the Key Factors Affecting the Demand for Wheat Syrup in China?
China continues to be a dominant player in the feed industry with promising growth. According to the Alltech Global Feed Survey, China holds more than 6000 animal feed mills, making it the largest producer of feed products globally. The global feed industry is recognized as an essential participant in the food chain that offers affordable, sustainable, safe, and nutritious food for the growing population, globally. Majority of the key players operating in the feed industry are investing huge amounts in research activities to increase the functionality of the products, to make the feed industry in this region more diverse. Owing to its high nutritional profile, the wheat syrup is considered to be an important ingredient in the animal feed industry. Availability of wheat syrup throughout the year and its high nutritional profile are the major factors that have triggered the sales of wheat syrup in China, thereby creating long term opportunities for the global players.
What is the Repercussion of the Pandemic on the Growth of the Wheat Syrup Market?
The COVID-19 epidemic undoubtedly changed the worldwide eating regime of consumers. Consumers now support healthy lifestyles and are searching for products that benefit the immune system and are clean labels. Manufacturers are trying to minimize the impact of the COVID-19 pandemic on their supply chains. The closure of processing industries in various countries hindered the wheat syrup market. The global pandemic had triggered the food eating pattern of consumers across the globe, the consumers now opt for more health benefits products. The consumption of alcoholic as well as non-alcoholic beverages decreased which impacted the sales of wheat syrup. The demand is expected to increase over the next six months. The COVID-19 pandemic altered the buying habits of consumers. In most of the high potential markets due to the enforced lockdown, sales of goods are growing on e-commerce sites. Furthermore, to deal with this situation in the future, the supply chain is being revamped by producers and food manufacturers.
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