President Donald Trump claimed on Wednesday that he persuaded Coca-Cola to switch to real cane sugar in its U.S. drinks. In a post on Truth Social, he wrote, “I have been speaking to Coca-Cola about using REAL Cane Sugar in Coke in the United States, and they have agreed to do so. I’d like to thank all of those in authority at Coca-Cola. This will be a very good move by them — You’ll see. It’s just better!”
ADM and Ingredion Shares Fall
Following Trump’s announcement, shares of Archer-Daniels-Midland (ADM), a major producer of high fructose corn syrup, fell nearly 1%, after tumbling as much as 6% in premarket trading. Ingredients supplier Ingredion also declined by 0.6%, with an early drop of up to 7%. Despite these recent losses, ADM’s stock has risen about 12% over the past few months and 6% so far in 2025.
Coca-Cola has not confirmed any switch in its U.S. production. A company spokesperson stated, “We appreciate President Trump’s enthusiasm for our iconic Coca-Cola brand. More details on new innovative offerings within our Coca-Cola product range will be shared soon.” Coca-Cola’s shares rose nearly 2% Thursday, outperforming the broader market with a year-to-date increase of over 13%.
The Corn Refiners Association warned that replacing high fructose corn syrup with cane sugar could jeopardize thousands of American manufacturing jobs and depress farm incomes. John Bode, the group’s president and CEO, said, “Replacing high fructose corn syrup with cane sugar would cost thousands of American food manufacturing jobs, depress farm income, and boost imports of foreign sugar, all with no nutritional benefit.”
Industry Leaders Weigh In on Sugar and Reformulation
PepsiCo CEO Ramon Laguarta emphasized the importance of government involvement in food and beverage reformulation, noting that 60% of PepsiCo’s U.S. beverages already contain sugar or no sweetener instead of corn syrup. He highlighted ongoing efforts to remove artificial ingredients from popular brands and called for strategies to make sugar more affordable domestically.
Following the news, raw sugar futures saw an uptick, reflecting market reactions to potential changes in ingredient demand.
Author’s Opinion
While switching from high fructose corn syrup to real cane sugar may sound appealing to consumers craving ‘natural’ ingredients, the economic and supply chain impacts are significant. The corn syrup industry supports numerous American farmers and manufacturing jobs, and a sudden shift could disrupt these livelihoods without clear health benefits. Furthermore, ingredient costs and production logistics must be carefully balanced to avoid price hikes that hurt consumers. The conversation should focus on comprehensive food policy and innovation rather than symbolic ingredient swaps.
Featured image credit: Korea JoongAng Daily
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