The ‘Global Sugar Market Trends, Report and Forecast 2023-2028’, gives an extensive outlook of the global sugar market, assessing the market on the basis of its segments like type, form, source, end use, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Sugar Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): 178.52 million tons
- Forecast CAGR (2023-2028): 1%
- Forecast Market Size (2028): 189.50 million tons
The global sugar market is mainly driven by the growing demand of consumers for sweet, processed foods and the use of sugar in home-made food preparations. The rising popularity of carbonated drinks with added sugar content is a strong contributor to the expanding market for sugar. With the growing inclination of the younger population towards sugar candies, chocolates and chewing gums, the global market for sugar is expected to expand in the next few years.
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Being an integral part of the manufacturing process of cough syrups and various antibiotics, the demand for sugar is expected to rise in the pharmaceutical industry as well. The sugar market also caters to the beauty and skincare sectors because of its exfoliating and hydrating properties. Sugars also play an important role in preventing the formation of large ice crystals in frozen food items.
The intensifying demands of the consumers for sweets and desserts post-meals has considerably fuelled the market growth of sugar. In many countries, premium confectionary items are considered as high-quality products and since gifting is a fairly common practice, the sugar market is projected to flourish.
Sugar Industry Definition and Major Segments
Sugar is a sweet, crystalline food additive, which is extracted from sugarcane and sugar beet. It is used as a sweetener in a number of food items like sweets, confectionary, and carbonated drinks. Furthermore, it has a growing demand in households and has a huge market due to its abundant uses.
On the basis of type, the market is segmented into:
Based on form, the market is divided into:
On the basis of source, the market is differentiated into:
- Sugar Beet
Based on end use, the market is classified into:
- Food and Beverages
- Pharma and Personal Care
On the basis of regions, the market is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Sugar Market Trends
A key trend in the global sugar market has been the growing popularity of sugary, processed, and ready-to-eat foods around the world. Increasing disposable income of people coupled with the thriving e-commerce sector have surged the demand for sugary food items. Besides, there has been a growing demand for organic cane sugar, which is less processed, loaded with nutrients, and has healing properties. The increased use of sugar in marmalade and candied fruits for food preservation has amplified the demand for sugar. Apart from acting as a sweetener, sugar holds prime importance in the formation of alcohol by the process of alcohol fermentation.
Due to rapid urbanisation and surging demand for sugar, this market is showing signs of constant growth. Raw materials for sugar are widely available in tropical as well as subtropical zones making the production process ideal. Although healthier alternatives of sugar like jaggery, stevia and honey have popularised in the market, a majority of population is still dependent, either directly or indirectly on sugar. Market players are currently focussing on bringing new innovations in the global market in order to promote the sale of confectionary items, which will further propel the growth of the sugar market.
Key Market Players
The major players in the global sugar market report are Cosan S.A., AB Sugar, Südzucker AG, Nordzucker AG, COFCO International, Tereos Group, Mitr Phol Group., Dalmia Bharat Sugar And Industries Limited, Louis Dreyfus Company, Wilmar International Ltd.,The Savola Group, E.I.D. – Parry (India) Limited , LLC Rusagro Group of Companies, Thai Roong Ruang Sugar Group and Cargill, Incorporated., among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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