IMARC Group, a leading market research company, has released a report titled “Sugar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. According to the report, The global sugar market size 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.
Sugar is a sweet-tasting crystalline substance, primarily derived from sugarcane and sugar beet plants. It is a crucial part of human diet, consumed directly as well as indirectly through various processed foods and beverages. It is used extensively in culinary applications, providing sweetness and texture to products. Its properties extend beyond mere flavor, as sugar also functions as a preservative and a bulking agent in the food industry. The forms of sugar include granulated, powdered, brown, and liquid syrups, all of which find wide application in household and commercial food preparation. Furthermore, sugar plays a vital role in fermentation processes and the energy sector, and its medicinal applications are also well recognized. The global sugar market encompasses the cultivation, processing, distribution, and sale of various types of sugar, integral to the daily lives and economies of nations worldwide.
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Sugar Market Trends and Drivers:
The global sugar market is witnessing a steady growth trajectory, propelled by diverse factors. The rising population and growing urbanization have led to an increased demand for processed foods and beverages, where sugar is a key ingredient. Another factor propelling the market is the ever-expanding demand for convenience foods and beverages. As urbanization accelerates and lifestyles become more fast-paced, consumers increasingly seek ready-to-eat and on-the-go products, many of which rely on sugar to achieve desired taste profiles and shelf stability. Moreover, the rising popularity of confectionery items, baked goods, and sugary treats across various demographics further fuels the demand for sugar-based ingredients. This surge in demand is not limited to traditional markets; emerging economies are witnessing a surge in disposable incomes, leading to increased consumption of sugary goods. Moreover, emerging economies are experiencing a surge in disposable income, influencing the consumption patterns and contributing to the market expansion. The industrial applications of sugar, particularly in the production of biofuels and bioplastics, are unlocking new avenues for growth. Technological advancements in sugar extraction and processing techniques are enhancing efficiency, reducing costs, and further bolstering the market. In addition to consumer-driven shifts, sustainability concerns and environmental consciousness are emerging as influential factors in the global sugar market. With growing attention to the ecological impact of agricultural practices, there is an increasing emphasis on sustainable sugar production methods, including initiatives for responsible land use, water conservation, and energy efficiency. Additionally, the rise of bio-based materials and biofuels has spurred research into utilizing sugarcane byproducts for bioethanol production, adding a layer of diversification to the sugar market's potential applications.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Product Type:
- White Sugar
- Brown Sugar
- Liquid Sugar
Breakup by Form:
- Granulated Sugar
- Powdered Sugar
- Syrup Sugar
Breakup by End-Use Sector:
- Food and Beverages
- Pharma and Personal Care
- Household
Breakup by Source:
- Sugarcane
- Sugar Beet
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Suedzucker AG
- Tereos
- Cosan
- Mitr Phol Sugar Corporation., Ltd.
- Associated British Foods
- Nordzucker AG
- Biosev (Louis-Dreyfus)
- Wilmar International Limited
- Thai Roong Ruang Group
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