Global Sugar Market Price Trends 2023, Size, Share, Research, Analysis, Opportunity & Forecast To 2028

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.

How much is the sugar industry worth?

The global sugar market reached 189.0 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 217.2 Million Tons by 2028, exhibiting a growth rate (CAGR) of 1.64% during 2023-2028.

Covid-19 Impact:

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.

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Market Trends and Drivers:

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.

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Key Market Segmentation: 

IMARC Group provides an analysis of the key trends in each sub-segment of the global sugar market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product type, form, end-use sector and source.

Breakup by Product Type:

  • White Sugar
  • Brown Sugar
  • Liquid Sugar

On the basis of product type, the market has been segmented as white sugar, brown sugar and liquid sugar. At present, white sugar accounts for the majority of the market share.

Breakup by Form:

  • Granulated Sugar
  • Powdered Sugar
  • Syrup Sugar

Based on form, the market is divided into granulated sugar, powdered sugar and syrup sugar.

Breakup by End-Use Sector:

  • Food and Beverages
  • Pharma and Personal Care
  • Household

On the basis of end-use sector, the market finds varied end-use in food and beverages, pharma and personal Care and household. Currently, food and beverages holds the largest market share.

Breakup by Source:

  • Sugarcane
  • Sugar Beet

Based on source, sugarcane accounts for the majority of the market share.

Regional Insights:

  • Brazil
  • India
  • United States
  • European Union
  • China
  • Thailand
  • Others

On a geographical front, Brazil enjoys a leading position in the global sugar market. The sugar industry represents a vital part of the Brazilian economy and accounts for a valuable share in the national GDP. Besides this, Central-South region of Brazil produces a major part of sugar due to favourable climatic conditions.

Competitive Landscape:

The market is highly fragmented in nature with the presence of several regional as well as large manufacturers who are competing in terms of prices and quality. There prevails a rigid competition in the market which makes it difficult for small players to enter. Some of the leading players operating in the market are:

  • Suedzucker AG
  • Tereos
  • Cosan
  • Mitr Phol Sugar Corporation., Ltd.
  • Associated British Foods
  • Nordzucker AG
  • Biosev (Louis-Dreyfus)
  • Wilmar International Limited
  • Thai Roong Ruang Group

This report provides a deep insight into the global sugar market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. The report also provides a comprehensive analysis for setting up a sugar manufacturing plant. The study analyses the processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the sugar industry in any manner.

 

 

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