Global Sugar Market Report Forecast By Consuming Countries, Producing Countries, Importing Countries, Exporting Countries, Source, Form, Application, Company Analysis 2024-2032

Sugar Market Analysis

The Global Sugar Market will reach US$ 113.67 Billion by 2032, up from US$ 64.07 Billion in 2023, with a CAGR of 6.58% between 2024 and 2032. Since sugar is a necessary component of many food and beverage products, the world's population is growing, which raises demand for the commodity. The market is growing mostly due to shifts in customer preferences for beverages and commodities with added sugar.

Sugar Industry Overview

Sugar is a necessary resource that is mostly used to sweeten meals and drinks. Sugar cane and sugar beets, which are processed to produce liquid, powdered, and granulated sugar, are its main sources. Sugar has several uses; it's an essential part of many soft beverages, baked goods, confections, and processed foods. Sugar is utilized in many products not just as a sweetener but also as a texture enhancer, colour developer, and preservative. It is also used in the pharmaceutical industry, where it is added to syrups and used as a drug carrier.

The development of biofuel from sugar crops, such sugarcane and sugar beets, increases demand for sugar even more. Increased sugar crop development for this particular purpose is occurring in places where biofuel mandates or incentives are in place, adding to the pressure on world demand.

Growth Drivers of Sugar Market

The increased demand for sugar is a result of its widespread availability through a variety of distribution channels.

At the moment, sugar is widely available through a range of distribution channels, supporting the market's expansion. Furthermore, sugar is inexpensive and abundantly available, providing comfort and convenience to people worldwide. Consequently, it is an essential product that is used frequently and is offered in a wide range of textures, sizes, and forms to satisfy a variety of consumers. In addition, the sector is developing as a result of the rise in sugar sales through online channels worldwide.

The increase in beverage consumption has a beneficial effect on sugar sales.

Sugar is frequently added to a range of beverages to enhance their color and give them a sweet taste. It also aids in balancing acidity, adding viscosity or thickness, and enhancing palatability and shelf life in a variety of liquids. Furthermore, the global population's increasing desire for a wide range of beverages, such as shakes, mojitos, cocktails, mocktails, energy drinks, sports drinks, and energy drinks, is supporting the growth of the sugar industry. In addition, the sector is growing as more sugar is routinely consumed by homes in their coffee and tea.

Asia Pacific Sugar Market

The market share of Asia Pacific is substantial. Some of the world's major producers of sugar, such as China, Thailand, Indonesia, and India, are found in Asia Pacific. The region's vast amount of arable land and ideal agroclimatic conditions make it ideal for growing sugarcane, the mainstay of the sugar business. Moreover, there is a strong demand for sugar as a basic ingredient in a variety of food and beverage items due to the region's vast and expanding population, rising disposable incomes, and shifting dietary habits. The need for processed meals, sweetened beverages, confections, and bakery goods drives up sugar consumption in Asia Pacific markets.

Furthermore, the swift industrialization, urbanization, and economic growth of nations such as China and India have raised urban consumption and the need for convenience goods, in which sugar is a key ingredient as a preservative and sweetener. Moreover, the need for sugar-based chemicals in pharmaceuticals, cosmetics, and personal care products is fueled by the growing pharmaceutical and personal care sectors in Asia Pacific.

China's sugar market is predicted to develop at the quickest rate. China's population is so large and becoming so wealthy that there is a significant demand for sugar and items made with sugar. A growing number of people have the disposable income and population (over 1.4 billion) to purchase sweet snacks, candies, and beverages.

Sugar Company Analysis

Archer Daniels Midland, Tate and Lyle, General Mills, Inc., MGP Ingredients Inc., Kerry Group, Sudzucker AG, Tereos, and Cosan SA are the major companies in the sugar sector.

Sugar Company News

In September 2023, Sidel and British Sugar announced a ground-breaking collaboration to launch a cutting-edge end-of-line solution for the first time. This partnership will be advantageous to British Sugar, a division of Associated British Foods plc and a major supplier of sugar to the Irish and British food and beverage industries. With an annual processing capacity of almost 8 million tonnes of sugar beet, British Sugar produces up to 1.2 million tonnes of sugar, demonstrating a strong commitment to meeting retailer expectations and market demands. This project aims to replace British Sugar's antiquated end-of-line system, which has been in use for more than 38 years, with a state-of-the-art option. The ability to handle high degrees of automation and complexity in this new system will enable effective management of numerous SKUs.

In August 2023, With the debut of Better White Clear White Sugar, Sugar Refinery Sdn Bhd (CSR) hopes to solidify its standing as Malaysia's leading sugar expert. This launch comes after the triumph of CSR's Better Brown variety, which was unveiled in 2018 to encourage sugar consumption that is healthy and has now taken over 78% of the brown sugar market in Malaysia. Better White strives to satisfy evolving consumer demands by providing premium sugar products at reasonable costs.

In August 2023, to advance sustainable sugarcane production methods, Hyderabad's NSL Sugars and Mumbai's UPL Sustainable Agriculture Solutions (UPL SAS) inked a Memorandum of Understanding. NSL wants to gain from sustainable farming, whereas UPL SAS wants to gain market share. The collaboration aims to boost sugarcane yield per acre by 15%, or 5 metric tons.

Consuming Countries - Market breakup in 11 viewpoints:

1. India

2. European Union

3. China

4. United States

5. Brazil

6. Indonesia

7. Pakistan

8. Russia

9. Mexico

10. Thailand

11. Others

Producing Countries - Volume breakup in 11 viewpoints:

1. Brazil

2. India

3. European Union

4. China

5. Thailand

6. United States

7. Pakistan

8. Russia

9. Mexico

10. Australia

11. Others

Importing Countries - Volume breakup in 10 viewpoints:

1. Indonesia

2. China

3. India

4. European Union

5. United States

6. Malaysia

7. Bangladesh

8. Algeria

9. Nigeria

10. United Arab Emirates

Exporting Countries - Volume breakup in 10 viewpoints:

1. Brazil

2. Thailand

3. India

4. Australia

5. Guatemala

6. European Union

7. Mexico

8. South Africa

9. Saudi Arabia

10. Columbia

Source - Market breakup in 2 viewpoints:

1. Sugarcane

2. Sugar Beet

Form - Market breakup in 3 viewpoints:

1. Granulated Sugar

2. Powdered Sugar

3. Syrup Sugar

Application - Market breakup in 5 viewpoints:

1. Beverage

2. Confectionary

3. Bakery

4. Dairy Products

5. Others

All the key players have been covered from 4 Viewpoints:

• Business Overview
• Key Persons
• Recent Development
• Financial Insights

Key Players Analysis:

1. Archer Daniels Midland

2. Tate and Lyle

3. General Mills, Inc.

4. MGP Ingredients Inc.

5. Kerry Group

6. Sudzucker AG

7. Tereos

8. Cosan SA