According to the latest report by IMARC Group, titled "Sugar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global sugar market size reached 185 Million Tons in 2021. Sugar refers to a sweet crystalline substance that is extracted from sugarcane or sugar beet. It is used as a flavoring agent that attributes a sweet taste to a vast array of food preparations. It is utilized in the food industry as a preservative agent that prevents the decomposition of the food product by microbial growth or undesirable chemical changes. Apart from this, it is utilized for facilitating the process of fermentation and retaining moisture in various dishes. The high carbohydrate and caloric concentration of sugar provide energy to the human body. Consequently, it is used in the preparation of candies, cookies, soft drinks, dairy products, milk products and other bakery items.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Sugar Market Trends:
The global market is primarily driven by significant growth in the food and beverage industry. Sugar is an indispensable ingredient in this industry, owing to its diversified applications. Hectic working schedules, inflating disposable income levels and shifting dietary patterns of the masses have contributed to the sales of convenience foods, which usually have a high amount of sugar as a key ingredient. Furthermore, rapid urbanization and globalization have led various international players to expand their chains in developing economies. This, along with the growing preference for online food delivery services, is providing a thrust to the market growth. Sugar also finds applications in the pharmaceutical industry for the preparation of antibiotics and syrup-based medicines. In line with this, the increasing prevalence of chronic and lifestyle diseases is driving the growth of the pharmaceutical industry, thereby facilitating the uptake of sugar. Moreover, it is also used in the preparation of scrubs in the skincare industry, owing to its exfoliating properties. Furthermore, organic cane sugar is also gaining widespread preference among consumers. Favorable regulatory policies pertaining to sugar production, the easy availability across various distribution channels and abundance of raw materials are some of the other factors contributing to the market growth. On account of the aforementioned factors, the market is expected to reach a volume of 206.6 Million Tons by 2027, growing at a CAGR of 1.8% during 2022-2027.
- Based on the product type, white sugar represents the most popular product type. Some of the other major product types are brown and liquid sugar.
- On the basis of the form, the market has been categorized into granulated, powdered and syrup sugar, wherein granulated sugar exhibits a clear dominance in the market.
- Based on the end-use sector, the market is classified into food and beverages, pharma and personal care, and household. Among these, the food and beverages sector holds the largest market share.
- On the basis of the source, the market has been bifurcated into sugarcane and sugar beet, wherein sugarcane accounts for the majority of the total market share.
- On the geographical front, Brazil holds the leading position in the market. Other key regions include India, the United States, the European Union, China, Thailand and others.
- The competitive landscape of the market has been examined with the detailed profiles of the key players operating in the market. Some of these include Süedzucker AG, Tereos SA, Cosan SA, Mitr Phol Sugar Corporation., Ltd., Associated British Foods plc, NORDZUCKER AG, Biosev (Louis-Dreyfus Company BV), Wilmar International Limited., and Thai Roong Ruang Group.
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