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 reached a volume of
189.0 Million Tons in 2022. Sugar is a crystalline substance that is commonly prepared from sugar beet and sugarcane. It is characterized by small crystals that are transparent and colorless in appearance with a sweet taste. It is a form of carbohydrates usually containing hydrogen, carbon and oxygen molecules that can easily dissolve in water. Additionally, it is an essential source of energy for the human body to function since it contains glucose and fructose. Moreover, it is extensively used as a preservative and humectant that helps in preventing the growth of yeast, bacteria and molds on various food products.
Global Sugar Market Trends:
The global market is primarily driven by significant growth in the food and beverages industry. Along with this, the increasing utilization of sugar in the manufacturing of various pharmaceutical products for adding volume, coating and flavoring is creating a positive outlook for the market. Also, the rising usage of the product as an antioxidant agent in the production of antibiotics and cough syrups is providing an impetus to the market growth. Moreover, sugar is widely employed across the skincare industry in the formulation of face scrubs that help in removing scars and preventing acne, which is impacting the market growth positively. Other factors, including changing dietary patterns, the rising preferences for sugar-based products, especially among children, and easy product availability across online and offline organized distributed channels, are projected to drive the market growth further. On account of the aforementioned factors, the market is anticipated to reach a volume of
217.2 Million Tons by 2028, growing at a CAGR of
1.64% during 2023-2028.
- On the basis of the product type, the market has been segmented into white sugar, brown sugar and liquid sugar. Among these, white sugar exhibits a clear dominance in the market.
- Based on the form, the market has been segregated into granulated sugar, powdered sugar and syrup sugar. Granulated sugar currently represents the biggest market segment.
- On the basis of the end use sector, the market has been classified into food and beverages, pharma and personal care and household. Currently, food and beverages account for the majority of the total market share.
- Based on the source, the market has been bifurcated into sugarcane and sugar beet. Among these, sugarcane holds the largest market share.
- On the basis of the regional insights, the market has been divided into Brazil, India, the United States, European Union, China, Thailand and others. Brazil holds the leading position in the global sugar market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include 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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