Global Sugar Market Analysis
Global Sugar Market will reach US$ 113.67 Billion by 2032, up from US$ 64.07 Billion in 2023, with a CAGR of 6.58% between 2024 and 2032.
As per Renub Research latest report titled "Global Sugar Market Report Forecast By Consuming Countries Global Sugar Market (United States, Indonesia, Pakistan, Russia, Mexico, Others), Producing Countries (Brazil, India, European Union, China, Australia, Others), Importing Countries, Exporting Countries, Source (Sugarcane, Sugar Beet), Form (Granulated Sugar, Powdered Sugar, Syrup Sugar), Application (Beverage, Confectionary, Bakery, Dairy Products, Others), Company Analysis 2024-2032" Global Sugar Market Size was USD 64.07 Billion by 2023. Sugars are desirable for their palatability and their sweet taste. As carbohydrates, sugars play an essential role in the food supply. Sugar is a source of calories and, in addition to sweetening, serves many critical technical functions in foods prepared and processed foods in the home. Sugar refers to a sweet crystalline essence that is prepared from sugar beet and sugar cane. It is used globally for non-food applications and innumerable food.
Meanwhile, it is utilized as a preservative and controls the development of microorganisms. It is also used for preventing the formation of extensive ice crystals in frozen products like ice cream. Apart from this, sugar stimulates fermentation in products that contain yeast. Furthermore, it is utilized in baked goods for retaining moisture and preventing staleness.
Global Sugar Market Drivers:
- Compared to its sugar alternates, sugar is more easily available and economical. It is easily available in convenience stores, retail formats, departmental stores, supermarkets/hypermarkets, etc.
- The global food and beverage industry are relatively immune to any downturns caused by economic fluctuations. As a result, the sector has seen constant growth over the past few years. Nowadays, the food and beverage sector is a significant driver of sugar consumption and is anticipated to impact the sugar industry positively.
- Sugar finds numerous applications in the skincare and pharmaceutical industry. In the pharmaceutical sector, it is contained in the preparation of cough syrup and antibiotics; further, sugar is utilized in scrubs manufacturing due to its exfoliating properties in the skincare sector.
- Although the sugar industry remains saturated in developed economies, such as North America and Western Europe, it shows promising growth in the emerging regions. Driven by rising urbanization, disposable incomes, and changing food habits, the need for sugar-based products in developing markets, such as China, India, and the Middle East, delivers strong growth.
- The majority of the global sugar production comes from sugarcane, whereas the remaining is from sugar beet. Raw materials for sugar are available globally, with nearly all tropical and subtropical regions accounting for their cultivation.
India is the Largest Sugar Consuming Country:
In terms of Consuming Countries, India is one of the biggest agricultural countries, making it an ideal market to grow due to the growing consumption of sugar. With new government regulatory policies and amendments to the older ones, farmers and millers have a greater chance to expand their cane sugar production and processing efforts.
Mills in India are eyeing raised consumption to cut the nation's chronic oversupply, which stems partly from the favourable incentives delivered to growers in politically powerful rural areas. The rural population in the countries nine states like Maharashtra, Andhra Pradesh, Bihar, Gujarat, Punjab, Uttar Pradesh, Karnataka, Haryana, and Tamil Nadu, through direct or indirect employment by farming. In India the sugarcane production is set to rise from a seven-year low, as the area planted for cane may grow, and the rains may boost yields in the world's top consumer.
Brazil is a Significant Market in terms of Sugar Production:
Based on production, Brazil is among the world's most famous sugarcane producers and is also an exporter of sugar. Sugarcane cultivation has been a crucial part of improving the country's local economy over recent years. As the leader, Brazil produces 25% of the world's sugar. Sugarcane contributes to 80% of the sugar produced globally. Over the last 35 years, the country's sugarcane industry has grown tremendously, owing to new varieties, outstanding technological progress, chemicals, mechanization, fertilizers, and different cropping practices. The increasing demand from various application areas worldwide will support Brazil sugar production. Likewise, the major importing regions are Algeria, Malaysia, United Arab Emirates, European Union, Indonesia, China, United States, Bangladesh, South Korea, and Nigeria.
COVID-19 Impact on Sugar Industry:
COVID-19 has impacted sugar sector stakeholders badly. Due to this, the integrated industries worldwide face multiple challenges such as transportation, production, and others. The whole value chain in the sugar sector from sugar, molasses, sugarcane, ethanol, and their subsequent marketing and export has been adversely impacted due to the pandemic.
Further, with the lockdown, consumption has fallen as people are made to stay at home and shut down in foodservice sectors such as hotels, restaurants, and cafes, reducing the sugar demand. Consequently, the future of the sugar industry has to witness stable demand, majorly from the beverage industry in the COVID-19 phase.
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Competitive Landscape:
The sugar market is highly fragmented with players like Daniels Midland, Tate and Lyle, General Mills, Inc., Archer MGP Ingredients Inc., and Kerry Group.
Market Summary:
- Consuming Countries – Sugar Market Volume breakup of 11 countries (India, European Union, China, United States, Brazil, Indonesia, Russia, Pakistan, Mexico, Egypt, Other)
- Producing Countries – Our Report Sugar Market Volume breakup of 11 countries (Brazil, India, European-Union, Thailand, China, United States, Russia, Mexico, Pakistan, Australia, Other)
- Importing Countries – This Report Sugar Market Volume breakup of 10 countries (Indonesia, China, United States, Bangladesh, Algeria, Malaysia, United Arab Emirates, European Union, South Korea, Nigeria)
- Exporting Countries – We have covered Sugar Market Volume breakup of 10 countries (Brazil, Thailand, India, Australia, Guatemala, Mexico, European Union, South Africa, Russia, and Colombia)
- All the major players have been covered from 3 Viewpoints (Overview, Recent Development, and Revenue Analysis) Daniels Midland, Tate and Lyle, General Mills, Inc., Archer MGP Ingredients Inc., and Kerry Group.
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