The global industrial sugar market size was USD 37.62 billion in 2021. The market is projected to grow from USD 38.58 billion in 2022 to USD 46.56 billion by 2029, exhibiting a CAGR of 2.72% during the forecast period 2022-2029.
This information is published by Fortune Business Insights, in its report, titled, “Industrial Sugar Market, 2022-2029.”
COVID-19 Impacts:
Deteriorated Demand amid COVID-19 Adversely Impacted Market Growth
Sugar demand was greatly affected during the COVID-19 pandemic owing to the developing issues associated with health among consumers. Furthermore, the countrywide lockdowns and constraints over the supply of ingredients to food processing corporations considerably influenced sugar consumption during 2020. The cost of industrial sugar also declined drastically based on the lower demand, which in turn deteriorated the market value.
List of Key Players Mentioned in the Report:
- Suedzucker AG (Germany)
- Tereos SA (France)
- Legs (Brazil)
- Associated British Foods (U.K.)
- Mitr Phol Group (Thailand)
- Cargill, Inc. (U.S.)
- Imperial Sugar Company (U.S.)
- Rogers Sugar, Inc. (Canada)
- American Crystal Sugar Company (U.S.)
- Louis Dreyfus Holding B.V. (Netherlands)
Report Coverage:
We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
Segmentation:
Cane Sugar to Lead Market Owing to its Augmented Production Worldwide
Based on source, the market is segmented into cane and beet sugar. Sugarcane is anticipated to be the primary crop used for sugar production. Sugar beet is cultivated classically in moderate-climatic zones. Beet molasses and beet sugar are expansively utilized to produce a diversity of products, comprising food, beverages, pharmaceuticals, chemicals, and textiles.
White Sugar Segment to Maintain Global Dominance Owing to its Varied Application
Based on type the market is segmented into white, brown, and liquid sugar.
White sugar is extensively utilized in the food manufacturing and bakery sectors. The fine granules detected in this product are ideal for cooking and baking. It is also the most commonly purchased type of sugar and is used in household kitchens, bakeries, cafes, restaurants, and food processing units. Granulated, icing, caster, and jam-setting are among the few popular white sugar sub-categories.
Confectionery Segment Holds Major Share Attributed to their Greater Ingestion
Based on end-use segment the market is segmented into beverages, confectionery, bakery, dairy products, and other food applications. Confectionary holds the largest revenue share owing to its biggest usage throughout the globe. The beverages segment is predicted to grow at the highest CAGR during the mentioned period owing to the increasing trend of healthy hydration throughout established markets. The rising demand for bakery products in Eastern markets is estimated to further navigate the industrial sugar market growth in the upcoming years.
By geography, the global market is classified into North America, Europe, Asia Pacific, South America, and the Middle East Africa.
Drivers and Restraints:
Surging Demand for Sugar Confectioneries Further Navigates Market Growth
The augmenting demand for confectionery, particularly in emerging markets of the Asia Pacific and the Middle East, further encourages market growth. Numerous innovative assortments of confectionaries are turning out to be popular among millennials and children in nations such as China, India, and Indonesia. Across economies such as Japan, China, and Singapore, premium confectionaries are measured as great quality products to present as a gift to each other. This in turn has boosted the demand for sugar confectioneries.
The surging occurrence of lifestyle-associated health situations such as obesity and diabetes linked with surplus sugar consumption has a considerable influence on the industrial sugar sector.
Regional Insights:
Asia Pacific to Hold Dominant Share in Market due to Augmented Demand for Confectionery Products
Asia Pacific accounts for the largest industrial sugar market share across the world. The market is observing considerable growth majorly owing to the augmented demand for sugar-rich confectionery products and soft drinks, primarily in urban areas.
Sugar ingestion has been witnessed to be reducing across North American nations such as the U.S. and Canada due to the increasing demand for sugar-free and reduced-sugar goods.
Similarly, the market growth in European nations such as the U.K. and Germany has been perceived to be sturdy owing to the increasing knowledge concerning the adverse health impacts of industrial sugar utilization among users.
Competitive Landscape:
Collaborations among Companies to Safeguard Their Brand Values in Global Market
Fundamental players in the market are incessantly rooting for efficient notions to endorse their products and inaugurate their positions in the market. One such strategy is to unveil novel products by forming a coalition with other corporations to extend their reach to end-users.
Notable Industry Development:
January 2022: DouxMatok, an Israeli food-tech company has teamed up with Blommer Chocolate Company, an ingredient maker to manufacture chocolate with lowered sugar levels. The first product from this collaboration is chocolate-flavored chips made by using DouxMatok's Incredo sugar.
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/industrial-sugar-market-102462
