Industrial Sugar Market Size - By Type (Cane Sugar, Beet Sugar, High Fructose Corn Syrup, Liquid Sugar), By Application (Food and Beverage Industry, Pharmaceutical Industry, Biofuel Production, Chemical Industry), Distribution Channel & Forecast, 2023 - 2

Industrial Sugar Market Size - By Type (Cane Sugar, Beet Sugar, High Fructose Corn Syrup, Liquid Sugar), By Application (Food and Beverage Industry, Pharmaceutical Industry, Biofuel Production, Chemical Industry), Distribution Channel & Forecast, 2023 - 2032

Global Industrial Sugar Market size will expand at 5.3% CAGR between 2023 and 2032, driven by the noticeable expansion of the pharmaceutical sector worldwide. Drug development and discoveries have gained momentum over recent years. According to the 2022 IFPMA's report on the pharmaceutical industry and global health, in 2020, there were 53 new medicines introduced to the market, with over 9,000 compounds undergoing various stages of development worldwide. In 2021, the count of drugs in the development pipeline for specific disease categories was as follows: 3,148 for cancer, 1,677 for immunology, 1,668 for neurology, and 1,488 for infectious diseases.

Pharmaceutical companies use sugar as an essential ingredient in the production of various medications, particularly in the formulation of oral syrups and suspensions. As the pharmaceutical industry continues to grow globally, so does the requirement for high-quality industrial sugar, as it serves as a critical component in delivering effective and palatable pharmaceutical products, stimulating the industrial sugar market outlook.

The overall industrial sugar industry is segregated based on type, application, distribution channel, and region.

The beet sugar segment will garner a decent valuation and witness high demand throughout 2023-2032 due to its versatility and reliability in various manufacturing processes. It serves as a vital ingredient in the food and beverage, pharmaceutical, and chemical industries. The stable and sustainable supply of beet sugar, in line with its cost-effectiveness, makes it a preferred choice for a wide range of industrial applications, thus contributing to market growth.

Application across the chemical industry will strengthen the industrial sugar market forecast from 2023 to 2032 due to the increasing utilization of industrial sugar as a feedstock for the production of various chemicals and bio-based materials. It serves as a renewable and cost-effective source for processes like fermentation, biochemical synthesis, and the production of bioplastics, driving its importance in sustainable chemical manufacturing.

Asia Pacific industrial sugar industry is experiencing significant growth due to its expanding food and beverage sector, in tandem with a rising population and increasing disposable incomes. According to the Competition Commission of India, The value addition of food products is projected to surge, increasing from 8 percent to an impressive 35 percent by 2025. The region's growing demand for processed foods and beverages, as well as the adoption of sugarcane-derived ethanol for biofuel production, has propelled the demand for industrial sugar, making it a thriving market in the Asia Pacific.