Global Sugar Market Trends:
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. On account of the aforementioned factors, the market is expected to reach a volume of 199.5 Million Tons by 2025, growing at a CAGR of 1% during 2020-2025.
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Insights on Market Segmentation:
Market Segmentation by Type
- White Sugar
- Brown Sugar
- Liquid Sugar
- Granulated Sugar
- Powdered Sugar
- Syrup Sugar
- Food and Beverages
- Pharma and Personal Care
- Household
Market Segmentation by Source
- Sugarcane
- Sugar Beet
- Brazil
- India
- United States
- European Union
- China
- Thailand
- Others
The competitive landscape of the market has also been examined with some of the key players being Suedzucker AG, Tereos, Cosan, Mitr Phol Sugar Corporation., Ltd., Associated British Foods, Nordzucker AG, Biosev (Louis-Dreyfus), Wilmar International Limited and Thai Roong Ruang Group.
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