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Abstract

This paper analyses the market of high fructose corn syrup (HFCS) in the United States. It develops a system of demand and supply equations for both the HFCS and soft drinks markets. The system of equations is estimated through Two Stage Least Squares methods. The results show that soft drinks are the main driver of the growth of demand for HFCS. In addition, negative news on HFCS (the association of HFCS consumption and obesity) has a negative effect on the growth of demand for soft drinks, but soft drinks per capita advertising has a positive effect on the growth of demand for soft drinks and more than offsets the effect of negative news.

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