IMARC Group has recently released a new research study titled “Sugar Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028”, offers a detailed analysis of the sugar market report, drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
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.
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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List of Major Key Players:
The major players in the market are
- Südzucker AG,
- Tereos SA,
- Cosan SA,
- Mitr Phol Sugar Corporation., Ltd.,
- Associated British Foods plc,
- NORDZUCKER AG,
- Biosev (Louis-Dreyfus Company BV),
- Wilmar Group
- The Thai Roong Ruang Group of Companies.
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