According to the latest report by IMARC Group, titled “Sugar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global sugar market size reached 189.0 Million Tons in 2022. Sugar refers to a sweet-tasting group of simple carbohydrates that are naturally found in many foods, including fruits, vegetables, and dairy products. Commercially it is marketed in the form of a crystalline substance prepared from sugar cane and sugar beet. It comprises carbon, hydrogen, and oxygen atoms arranged in a specific molecular structure. Sugar is an essential source of energy and is extensively added to processed foods and drinks to improve their taste and texture. It finds numerous other applications in the food industry, such as catalyzing the fermentation of yeast-containing products, retaining moisture, and preventing staleness in baked products. Apart from this, it is used as a preservative to inhibit the development of microorganisms and prevent the formation of large ice crystals in frozen products like ice cream.
Global Sugar Market Trends:
The bolstering expansion of the food and beverages (F&B) industry is the key factor driving the global sugar market growth. Besides this, the rising demand for processed and packaged food products and the increasing consumption of soft drinks and sports and energy drinks are presenting remunerative growth opportunities for the market. In addition to this, the surging demand for various confectionery and bakery products, such as candies, chocolates, sweets, cakes, bread, pastries, and cookies, particularly among children and teenagers, is contributing to the market growth. Concurrent with this, the rising popularity of dairy products, such as ice cream, yogurt, and flavored milk, is aiding in market expansion. Moreover, the large-scale use of sugar across the pharmaceutical sector in the preparation of antibiotics and cough syrups, as well as extensive product adoption in personal care products, such as scrubs and exfoliators, are creating a positive outlook for the market. Furthermore, rapid urbanization, the rising population, changing dietary habits, inflating disposable incomes, and the thriving quick service restaurant (QSR) sector are strengthening the market growth. Looking forward, the market value is projected to reach 217.2 Million Tons by 2028, expanding at a CAGR of 1.64% during 2023-2028.
- On the basis of the product type, the market has been divided into white, brown, and liquid sugar. Among these, white sugar represents the largest market segment.
- Based on the form, the market is categorized into granulated, powdered, and syrup sugar.
- On the basis of the end-use sector, the market has been segregated into food and beverages, pharma and personal care, and household. At present, the food and beverages sector is the biggest end-use industry.
- Based on the source, the market is bifurcated into sugarcane and sugar beet. Between these, sugarcane accounts for the largest market share.
- On a regional basis, the market is segmented into Brazil, India, the United States, European Union, China, Thailand, and others. Currently, Brazil represents the biggest market.
- The competitive landscape of the market has also been examined, with some of the key players being Suedzucker AG, Tereos, Cosan, Mitr Phol Sugar Corporation., Ltd., Associated British Foods, Nordzucker AG, Biosev (Louis-Dreyfus), Wilmar International Limited, and Thai Roong Ruang Group.
|Base Year of the Analysis
||Million Tons, US$ Million
||Product Type, Form, End-Use Sector, Source, Region
||Brazil, India, United States, European Union, China, Thailand, Others
||Suedzucker AG, Tereos, Cosan, Mitr Phol Sugar Corporation., Ltd., Associated British Foods, Nordzucker AG, Biosev (Louis-Dreyfus), Wilmar International Limited and Thai Roong Ruang Group
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