Sugar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Sugar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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 refers to a sweet crystalline substance which is prepared from sugar cane and sugar beet. It is used across the globe for innumerable food and non-food applications. In addition to offering a sweet taste, sugar performs a variety of other functions in the food industry. It is used as a preservative and prevents the development of microorganisms. It is also used for preventing formation of large ice crystals in frozen products like ice cream. Apart from this, sugar encourages fermentation in products which contain yeast. Moreover, it is used in baked goods for retaining moisture and preventing staleness.

Sugar Industry Drivers:
As compared to its sugar substitutes, sugar is more economical and easily available It is consumed across all socioeconomic age groups and is easily obtainable across the globe in a variety of retails formats viz. convenience stores, departmental stores, supermarkets/hypermarkets, etc.
The global food and beverage industry is relatively immune to any downturns caused by economic fluctuations. As a result, the sector has witnessed a constant growth over the past few years. Currently, the food and beverage sector is a major driver of sugar consumption and is expected to create a positive impact on the sugar industry. Moreover, the market growth is anticipated to continue in the long term.
Sugar finds numerous applications in the pharmaceutical and skincare industry. In the pharmaceutical sector, it is included in the preparation of antibiotics and cough syrups, on the other hand, in the skincare sector, sugar is used in the manufacturing of scrubs owing to its exfoliating properties.
Although the sugar market remains saturated in developed economies, such as North America and Western Europe, it is showing a promising growth in the emerging regions. Driven by rising disposable incomes, urbanisation and changing food habits, the demand for sugar-based products in developing markets, such as India, China and Middle East, is showing a strong growth.
Majority of the global sugar production comes from sugarcane, whereas, remaining from sugar beet. Raw materials for sugar are available across the globe with nearly all tropical and subtropical regions accounting for their cultivation.

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.

Key Questions Answered in This Report

1. What was the size of the global sugar market in 2022?
2. What is the expected growth rate of the global sugar market during 2023-2028?
3. What are the key factors driving the global sugar market?
4. What has been the impact of COVID-19 on the global sugar market?
5. What is the breakup of the global sugar market based on the product type?
6. What is the breakup of the global sugar market based on the form?
7. What is the breakup of the global sugar market based on the end-use sector?
8. What is the breakup of the global sugar market based on the source?
9. What are the key regions in the global sugar market?
10. Who are the key companies/players in the global sugar market?