For the Quarter Ending September 2025
North America
• In USA, the Dextrose Price Index fell by 4.92% quarter-over-quarter, driven by eased import costs.
• The average Dextrose price for the quarter was approximately USD 631.67/MT reported by CFR NY
• Weak dollar and lower freight reduced landed costs, pressuring the Dextrose Spot Price despite consumption
• Inventory replenishment cycles fluctuated; Dextrose Demand Outlook signals moderate restocking ahead of Q4 production schedules
• Chinese export surplus and tariff shifts drove volatility, influencing the Dextrose Production Cost Trend globally
• August declines contrasted June spikes; Dextrose Price Forecast shows short-term consolidation with mixed signals currently
• Food, pharmaceutical and personal-care sectors sustained demand, supporting the Dextrose Price Index amid tightening persistently
• Port efficiency and logistics normalization eased pressure, but buying maintained firm offers in spot markets
Why did the price of Dextrose change in September 2025 in North America?
• Reduced Chinese export prices and tariff relief lowered landed costs, easing import-cost pressures in September
• Elevated inventories and buyer destocking weakened spot demand, exerting downward pressure on the Price Index
• Stable U.S. port operations and falling freight rates improved logistics, reducing urgency for premium procurement
MEA
• In South Africa, the Dextrose Price Index rose by 8.09% quarter-over-quarter in Q3 2025, reflecting import constraints and logistics disruptions.
• The average Dextrose price for the quarter was approximately USD 641.67/MT, reflecting elevated landed import costs and tighter inventories.
• Elevated freight and Rand weakness supported higher Dextrose Spot Price and sustained the Dextrose Price Index momentum.
• Rising feedstock and energy costs drove the Dextrose Production Cost Trend upward, pressuring margins for processors.
• Dextrose Demand Outlook remained firm with steady food and pharmaceutical procurement, supporting near-term replenishment activity.
• The Dextrose Price Forecast anticipates modest volatility as seasonal restocking and stabilized imports balance demand and cautious buying.
• Limited export availability and port congestion tightened inventories, reinforcing the Dextrose Price Index and prompting precautionary buying.
Why did the price of Dextrose change in September 2025 in MEA?
• Import dependence and Rand depreciation increased landed costs, transmitting international supply pressure into local markets.
• Port congestion and elevated freight rates delayed shipments, producing inventory shortages and upward price pressure.
• Steady food and pharmaceutical demand combined with precautionary restocking and importers' hedging amplified short-term market tightness.
APAC
• In Indonesia, the Dextrose Price Index fell by 1.30% quarter-over-quarter, reflecting supply and subdued demand.
• The average Dextrose price for the quarter was USD 531.67/MT, reflecting import and logistics costs.
• Dextrose Spot Price movements tracked Chinese feedstock inflation, keeping landed costs elevated despite freight improvements.
• Dextrose Production Cost Trend rose with higher corn and energy costs, pressuring domestic Price Index.
• Dextrose Demand Outlook remains subdued as food and pharmaceutical buyers optimize inventories, curbing restocking activity.
• Dextrose Price Forecast suggests modest volatility with month-to-month adjustments driven by shipments and procurement behavior.
• Inventory alignment and Chinese and Thai exports stabilized the Price Index, reducing upside pressure domestically.
• Operational recoveries in starch mills improved supply reliability, limiting sharp price spikes despite maintenance outages.
Why did the price of Dextrose change in September 2025 in APAC?
• Improved exports from China and Thailand eased shortages, lowering landed costs and pressuring Price Index.
• Corn and energy cost inflation in exporters kept production costs elevated, limiting dextrose price declines.
• Logistics improvements reduced freight premiums, while cautious industrial buying and inventory optimization softened price momentum.
Europe
• In Germany, the Dextrose Price Index fell by 2.79% quarter-over-quarter, reflecting logistic disruptions and inventory replenishment.
• The average Dextrose price for the quarter was approximately USD 593.33/MT, reflecting stable production and shipping volatility.
• Observed Dextrose Spot Price movements tightened as the regional Price Index responded to port congestion easing.
• Dextrose Price Forecast indicates modest volatility near-term as buyers replenish stocks and shipping costs normalize.
• Dextrose Production Cost Trend remained stable, with feedstock pricing pressures muted despite higher inland logistics expenses.
• Dextrose Demand Outlook shows inventory-driven restocking offsetting softer end-user consumption across food and pharmaceutical sectors.
• Export demand and low inventories supported the Dextrose Price Index despite intermittent shipping rate relief.
• Major supplier continuity limited upside, with steady output from China and Belgium cushioning Price Index spikes.
• Logistics and currency swings remained key variables affecting Dextrose Price Index and landed cost calculations for German importers.
Why did the price of Dextrose change in September 2025 in Europe?
• Improved port throughput reduced shipping costs, easing landed import costs and relieving recent upward pressure.
• Increased Chinese export availability expanded supply, prompting price moderation amid cautious German buyer procurement strategies.
• Persistently low downstream inventories earlier in quarter supported restocking demand even as demand softened later.
For the Quarter Ending June 2025
North America
• The Dextrose Spot Price in Q2 2025 displayed a significant upward price trend, with a sharp surge in June; average quarter-over-quarter fluctuation was approximately +6.6%, highlighted by a dramatic 22.53% increase in June to 756 USD/MT.
• Early Q2 was characterized by price declines due to weak demand in downstream sectors (pharmaceuticals, cosmetics, food and beverage), cautious procurement, and lingering effects of overstocking from previous quarters.
• The Dextrose Production Cost Trend was shaped by rising feedstock and logistics costs, with additional upward pressure in June from tight Chinese supply and higher import tariffs, impacting both U.S. manufacturers and importers.
• Implementation of reciprocal tariffs in April led to delayed shipments and inventory buildup, weakening spot demand and promoting dependence on existing stocks.
• The Dextrose Demand Outlook was muted in April and May as end-users prioritized depleting inventories; pharmaceutical and F&B industries scaled back new purchases amid uncertainty.
• A pivotal shift occurred in June, with robust downstream demand from food and beverage and pharmaceutical sectors driving spot prices to record levels; buyers engaged in forward purchasing to secure supply.
• June 2025 saw Dextrose Spot Price peak at 756 USD/MT, marking a 22.53% month-on-month increase amid constrained supply, cost-push inflation, and resilient end-market consumption.
• Imports from Asia, particularly China, became more costly and competitive, exacerbated by a weaker U.S. dollar and elevated freight rates, which contributed to upward price momentum.
• Domestic production encountered cost increases due to rising energy, labor, and distribution expenses, further supporting the positive Dextrose Price Forecast.
• As inventory conditions normalized and supply chains stabilized in late Q2, near-term outlooks predict sustained but more gradual price growth as market finds new equilibrium.
APAC
• Dextrose Spot Price in Q2 2025 was largely stable with an initial downward bias in April and May before ticking upward in June, yielding a marginal +0.23% average quarterly change.
• Early quarter price erosion in Indonesia was triggered by oversupply, aggressive stock-building, and a strong global corn harvest that lowered production costs.
• The Dextrose Production Cost Trend in APAC generally remained pressured by volatile feedstock pricing (corn), rising energy/labor costs in China, and currency depreciation for import-dependent countries.
• Heavy import flows from China precipitated sharp local price reductions, driven by trade diversion following temporary U.S. tariffs and currency appreciation making imports cheaper in key markets.
• Downstream Dextrose Demand Outlook was moderate: food and beverage kept stable demand in functional and sports nutrition products, but broad manufacturing sector contraction piled pressure on industrial demand.
• May maintained a cautious demand outlook, as procurement was subdued by elevated inventory and operational delays, with most buyers deferring new purchases to avoid stock devaluation.
• June 2025 saw the Dextrose Spot Price edge up to 541 USD/MT (+1.12%), reflecting increased landed costs from tighter Chinese supply, higher shipping/freight, and spillover from global logistics disruptions.
• The manufacturing sector across APAC was marked by underutilized plant capacities and ongoing operational bottlenecks; in Indonesia, local production could not buffer against import-driven price shocks.
• Inflationary pressures (e.g., Indonesia's core inflation at 2.37% YoY in June) contributed to upward cost pass-through for end-users, even as immediate demand remained lackluster.
• Short-term Dextrose Price Forecast for APAC emphasizes cautious procurement, with strategic industrial restocking possible if supply shortages persist or further currency depreciation occurs.
Europe
• During Q2 2025, the Dextrose Spot Price in Europe followed a stable-to-upward trajectory, with an +0.14% quarter-over-quarter average, surging by 1.82% in June to reach 616 USD/MT.
• April and May recorded price declines on the back of oversupply from the diversion of Chinese cargoes, early pre-holiday stockpiling, and the stronger Euro making imports cheaper.
• The Dextrose Production Cost Trend benefited from moderating upstream energy and transport costs in early Q2; however, late-quarter logistic bottlenecks sharply increased operational expenses.
• European buyers practiced proactive inventory management, front-loading purchases ahead of expected disruptions but showing reluctance for bulk procurement as price softness encouraged short-term deals.
• Demand Outlook remained steady in food and beverage and pharmaceuticals, yet elevated inventory levels and pre-buying suppressed fresh spot demand, especially in late April and May.
• Major port congestion and Rhine River low water levels in June caused significant logistical delays, raising inland delivery costs and extending Asian transit times, thereby propelling Dextrose Spot Prices sharply higher.
• A resurgence in demand coincided with critical inventory lows post-procurement lull, leading to a rebound in spot market activity and tighter supply/demand conditions.
• Importers managed pricing risk actively in response to volatile trade policies, focusing on flexible supply contracts and alternative sourcing to mitigate the effects of U.S.-China trade turbulence.
• The June 2025 spot price increase (1.82%) was underpinned by stabilized manufacturing output and a tactical return to market by downstream buyers aiming to restock ahead of Q3 slowdowns.
• Overall, the Dextrose Price Forecast for Europe indicates continued vulnerability to logistics and global trade friction—with suppliers favoring agile inventory strategies and rapid response to shifting demand cycles.
MEA
• The Dextrose Spot Price in Q2 2025 remained stable overall with a slight upward tilt, averaging a +0.09% quarterly change and posting a 1.02% rise in June to 596 USD/MT.
• April and May experienced a downtrend, triggered by oversupply from rerouted Chinese shipments, lower maize prices, and a South African rand appreciation reducing landed import costs.
• The Dextrose Production Cost Trend in MEA was strongly influenced by limited access to domestic feedstock (corn), persistent reliance on Asian imports, and rising wage, utility, and freight rates.
• Local manufacturers responded to inventory buildup and weak demand by cutting prices aggressively to clear excess stock, facing margin compression and cash flow pressures.
• Downstream Dextrose Demand Outlook was subdued through most of Q2, with the food and beverage and pharmaceutical sectors maintaining basic procurement but holding off on new large orders due to anticipated further price softness.
• U.S.-China tariff uncertainty and Asian supply shifts led to unplanned surges in imports, further depressing prices and contributing to inventory management risks for regional importers.
• In June 2025, price momentum reversed modestly upward as logistics complications (port delays, extended lead times, higher freight) drove up costs for overseas deliveries and local production faced rising energy tariffs and recurring power disruptions.
• Despite macroeconomic headwinds, steady food and beverage demand provided limited support; however, weak industrial and export-oriented sector performance restricted broader demand growth.
• Currency and logistical volatility insulated MEA’s dextrose market somewhat from global oversupply corrections, raising price risk for importers but curbing any sharp supply-driven declines.
• Dextrose Price Forecast for MEA is for continued sensitivity to both domestic supply disruptions and international price movements, with food sector consumption likely to remain a stabilizing factor into Q3.
For the Quarter Ending March 2025
North America
The pricing trend of Dextrose in the USA during Q1 2025 exhibited notable fluctuations, reflecting a combination of supply chain disruptions, global demand shifts, and economic uncertainties. In January, prices declined by 3% due to sluggish demand from key sectors like pharmaceuticals and food processing, coupled with ample inventories and global oversupply. Logistical issues at U.S. ports exacerbated the situation, further dampening market activity.
However, February saw a sharp rise in prices as tight domestic supply and strong export demand, particularly from Asia and Latin America, pressured inventories. Persistent logistical bottlenecks and tariff-induced cost increases on imports further contributed to this upward trend. By March, the market returned to a bearish state, with prices declining due to weak demand, high inventory levels, and improved logistics.
Despite stable production in China, elevated inventories and cautious buyer sentiment led to reduced procurement, while competitive pricing strategies by U.S. suppliers, influenced by falling freight rates, pressured prices down. Throughout the quarter, external factors like global shipping conditions, tariffs, and economic uncertainty played significant roles in shaping market behavior, leading to significant price volatility. The outlook for Q2 2025 remains uncertain, with fluctuating demand and logistical challenges likely to continue impacting prices.
Asia Pacific
In Q1 2025, the price trend for Dextrose in Indonesia exhibited notable fluctuations. January began with a price decline, driven by abundant supply and aggressive pricing from Asian suppliers. Despite persistent logistical challenges, the market favored buyers, allowing importers to secure favorable contracts. High inventory levels and increased supplier competition contributed to this price dip.
However, February saw a sharp price surge due to global supply constraints, rising raw material costs, and logistical disruptions, particularly around the Lunar New Year. Exporters prioritized higher-paying markets, limiting Indonesia’s access to competitively priced supplies, while domestic demand remained strong across industries such as food and beverage, pharmaceuticals, and personal care. In March, prices continued to rise, albeit at a more moderate pace. Inflationary pressures, a weaker Indonesian Rupiah, and port congestion added upward momentum, though sufficient domestic supply prevented extreme price hikes.
Demand remained robust, particularly in key sectors, supporting consistent procurement. Overall, Q1 2025 was marked by volatility, with prices fluctuating based on global supply issues, logistical disruptions, and steady demand. Moving into Q2 2025, the market is likely to experience a more balanced pricing environment as supply chains stabilize, though global raw material and logistical challenges may persist.
Europe
In Q1 2025, the German Dextrose market experienced fluctuating price trends, beginning with a notable decline in January. Prices dropped by -3.61%, driven by oversupply and high inventory levels, despite ongoing logistical challenges. This shift was mainly attributed to increased competition from Asian suppliers and steady demand, which allowed European importers to secure favorable contracts.
In February, the downward trend continued as weak demand from key sectors like pharmaceuticals and food further pressured the market. Enhanced supply conditions, improved production, and easing logistics, especially a significant drop in ocean freight rates, contributed to continued price reductions. However, March saw a dramatic reversal with prices rising due to widespread supply chain disruptions, particularly in Northern Europe.
Labor strikes and port congestion, especially in Hamburg, reduced the availability of Dextrose, shifting pricing power back to suppliers. As a result, buyers, particularly in the food, cosmetics, and pharmaceutical sectors, were forced to secure forward orders, leading to a price increase. Despite stable freight rates, ongoing logistical challenges and tighter supply conditions drove this price rebound. The Q1 2025 market was thus marked by an initial decline, followed by a sharp increase, driven by shifting demand and supply chain disruptions.
MEA
In Q1 2025, South Africa's Dextrose market experienced a fluctuating pricing trend, primarily influenced by supply-side factors, global demand shifts, and logistical challenges. In January, prices saw a notable decline due to ample supply and increased competition from Asian exporters, which favored buyers. Despite logistical issues, such as elevated import fees and delays, the strong supply conditions allowed importers to secure favorable Q1 contracts.
However, February witnessed a sharp price increase, driven by global price surges and supply shortages exacerbated by the Lunar New Year. Exporters from major producing nations prioritized higher-margin markets, limiting South Africa’s access to competitively priced supplies. In addition, supply chain disruptions and heightened demand across industries like food, pharmaceuticals, and cosmetics fueled upward price pressure.
By March, prices softened again, thanks to high inventory levels, stable logistics, and the South African Rand’s appreciation against the USD. Producers focused on clearing existing stock rather than increasing production, while buyer caution amid weak global demand continued to limit price hikes. As global demand remained sluggish across key sectors, particularly in food and industry, Dextrose prices are expected to stay under pressure into Q2 2025, with limited upward movement unless significant global disruptions occur.
For the Quarter Ending December 2024
North America
In Q4 of 2024, U.S. dextrose prices experienced a downward trend driven by a combination of supply and demand imbalances, logistical challenges, and external factors. Despite some production facility slowdowns, the market remained oversupplied due to ongoing inventory build-up and reduced demand. A softer global economy, including lower crude oil prices and hurricane disruptions, added pressure. Price discounts had minimal impact, as buyers exercised caution, opting for more favorable pricing due to high stock levels.
By November, U.S. dextrose prices continued to fall, influenced by domestic suppliers' inventory reduction, increased import activity, and competitive pricing aimed at capitalizing on holiday demand. However, challenges loomed with port disruptions and ongoing contract negotiations that could impact tariffs and imports.
Despite these hurdles, dextrose demand remained stable, with steady consumption patterns in key sectors like healthcare. The market, largely driven by price advantages rather than strong demand shifts, faced a self-reinforcing price cycle, exacerbated by dependence on imports, particularly from China. Overall, the Q4 trend was marked by sustained price declines with no immediate relief in sight.
Asia Pacific
In the fourth quarter of 2024, the Dextrose market witnessed a fluctuating trend driven by oversupply and strategic market adjustments. October saw a notable price decline due to an imbalance between supply and demand, exacerbated by increased domestic production, reduced Chinese exports, and falling corn prices. This weakened export competitiveness, and market saturation added pressure to prices.
In November, prices continued to fall as manufacturers engaged in destocking, reducing export prices. Stable demand and lower corn prices helped reduce production costs, but the oversupply persisted. December, however, marked a significant price surge in China, driven by strategic production throttling, depleted inventories, and rising post-holiday demand. Manufacturers' decision to suspend quotations marked a shift in pricing dynamics, positioning suppliers for stronger market control in 2025.
By the end of the quarter, the price of USD 520/MT for Dextrose Monohydrate FOB Shanghai showcasing an average quarterly decline of 1.75%, highlighted the culmination of this positive pricing trend. The Q4 trend highlighted a shift in the global Dextrose market, where supply chain adjustments, strategic destocking, and favorable corn pricing set the stage for a market reset.
Europe
The overall trend in Germany's Dextrose market in Q4 2024 is bearish, marked by persistent price declines driven by weak demand, low production costs, and an oversupply. In October, the market was characterized by cautious purchasing behaviors and a lack of downstream consumption, reinforcing a pessimistic outlook. Reduced logistics and freight costs, alongside a stronger euro, pressured prices further, making imports more affordable.
By November, the market's negative sentiment continued as the economic environment in the eurozone worsened, deepening the price decline. Germany’s close alignment with trends in major exporting nations emphasized the oversupply situation, with low demand and abundant inventories offering limited buying opportunities. Manufacturers responded by offering discounts and adjusting future pricing.
However, by December, a shift occurred due to reduced Chinese exports, higher shipping costs, and rising festive demand, which caused a supply vacuum, pushing prices higher. This created a seller’s market, compelling buyers to accept higher prices. The market’s structural changes require companies to adapt procurement strategies to prioritize supply security over cost optimization.
