The global sugar market size reached 192.1 Million Tons in 2023. The market is projected to reach 219.2 Million Tons by 2032, exhibiting a growth rate (CAGR) of 1.48% during 2023-2032. The growing consumption of various processed food products among individuals, rising adoption in the pharmaceutical industry, and wide availability through various distribution channels represents some of the major factors bolstering the growth of the sugar market.
Sugar is a natural, colorless, water soluble, and sweet-tasting substance that is produced from sugarcane and sugar beet and comprises glucose and fructose molecules. It is widely available as white and brown sugar and naturally available in honey, fruits, vegetables, and milk. It is high in calories and carbohydrates that assist in providing instant energy to the body. It is also beneficial in managing low blood pressure or hypoglycemia and improving gut health. Besides this, it aids in adding taste, and thickness to food products and preventing mold formation while acting as a preservative.
At present, the rising utilization of sugar in numerous beverages, such as juices, shakes, and cold and sports drinks, represents one of the key factors contributing to the growth of the market. Besides this, the growing adoption of sugar in skin care products to exfoliate the top layer of skin and remove dead skin cells is offering a positive market outlook. Additionally, the increasing usage of sugar in the pharmaceutical industry to manufacture antibiotics and cough syrups is strengthening the growth of the market. Apart from this, the growing employment of sugar in producing candies and chocolate bars to attract a wide consumer base is positively influencing the market. Furthermore, the rising demand for white sugar in bakery products is propelling the growth of the market.
Brown sugar is a rich source of minerals, such as iron and calcium, and has a different color and flavor as compared to white sugar. It assists in reducing fatigue and maintaining healthy red blood cells (RBCs) in the body. Besides this, the rising adoption of brown sugar among health-conscious individuals, as it aids in strengthening bones and teeth, is impelling the growth of the market.
Liquid sugar is generally used to enhance the taste and color of various food items, particularly bakery products. In addition, it assists in preventing food from drying out and extending the shelf life of different products.
Powdered sugar easily dissolves at room temperature and provides a smooth texture to the product. In addition, it is used in cakes, cookies, and muffins as an alternative to regular granulated sugar.
Syrup sugar is less processed, has a lower glycemic index and a longer shelf life as compared to granulated sugar. Moreover, the rising preference for syrup sugar in beverages and baked goods due to its easy dissolving property is strengthening the growth of the market.
It is also utilized in pharma as an excipient to add bulk and consistency to tablets, and assist with appearance and ease of transport and storage. Besides this, it is used in personal care products on account of its exfoliating capabilities.
Sugar is also used to prepare daily beverage items, such as tea, coffee, juice, and milkshakes in households. In addition, the growing demand for sugar, as it assists in enhancing the flavor of a product by providing a sweet taste, is creating a positive market outlook.
Technological advancements in the production of sugarcane crops to enhance their quality and yield is impelling the growth of the market. There is a rise in the utilization of sugarcane due to the increasing demand for sugar among individuals around the world.
Sugar beet is rapidly gaining popularity as it consumes less water compared to sugarcane, which is impelling the growth of the market. In addition, key manufacturers are encouraging the adoption of sugar beet by constructing factories or manufacturing plants, which is propelling the growth of the market.
Apart from this, other countries, such as India and the United States are also witnessing increasing demand for sugar on account of the rising adoption of processed food products among the masses.
In January 2023, Wilmar International decided to continue its joint venture with Adani Group to increase the sales of consumer-food products.
In January 2023, Mitr Phol, a Thai company and leading producer of cane sugar announced the agreement with AFYREN, a green tech company to provide high value added biobased outlets for its sugarcane co-products.
2. What is the expected growth rate of the global sugar market during 2024-2032?
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?
Sugar is a natural, colorless, water soluble, and sweet-tasting substance that is produced from sugarcane and sugar beet and comprises glucose and fructose molecules. It is widely available as white and brown sugar and naturally available in honey, fruits, vegetables, and milk. It is high in calories and carbohydrates that assist in providing instant energy to the body. It is also beneficial in managing low blood pressure or hypoglycemia and improving gut health. Besides this, it aids in adding taste, and thickness to food products and preventing mold formation while acting as a preservative.
At present, the rising utilization of sugar in numerous beverages, such as juices, shakes, and cold and sports drinks, represents one of the key factors contributing to the growth of the market. Besides this, the growing adoption of sugar in skin care products to exfoliate the top layer of skin and remove dead skin cells is offering a positive market outlook. Additionally, the increasing usage of sugar in the pharmaceutical industry to manufacture antibiotics and cough syrups is strengthening the growth of the market. Apart from this, the growing employment of sugar in producing candies and chocolate bars to attract a wide consumer base is positively influencing the market. Furthermore, the rising demand for white sugar in bakery products is propelling the growth of the market.
Sugar Market Trends/Drivers
Increasing consumption of beverages is positively influencing the sales of sugar
Sugar is widely utilized in various beverages to provide a sweet taste and enhance the color of the drink. It also assists in increasing the palatability and shelf life, balancing the acidity, and providing viscosity or thickness in a wide variety of drinks. Apart from this, the rising demand for numerous drinks, such as mojitos, cocktails, mocktails, energy drinks, sports drinks, and shakes, among individuals across the globe is supporting the growth of the market. In addition, the increasing consumption of sugar in tea and coffee in households daily is strengthening the growth of the market.Rising sales of personal care products stimulating the market growth
The rising consumer preference for natural ingredients in personal care products that do not harm the skin or cause allergies is strengthening the growth of the market. As a result, there is a rise in the demand for sugar in scrubs as it assists in providing smooth and moisturized skin while reducing the signs of aging. It also aids in removing layers of dead cells on the skin and adding silky texture to hair by preventing limpness. This, coupled with the increasing utilization of sugar to lighten and brighten the skin tone, is propelling the growth of the market.Wide availability through different distribution channels catalyzing the demand for sugar
At present, the wide availability of sugar across various distribution channels is strengthening the growth of the market. Moreover, sugar is economical and its easy availability provides convenience and comfort to individuals across the globe. In line with this, it is an essential product that is utilized daily and available in different colors, forms, and textures to attract a wide consumer base. Apart from this, the rising sales of sugar through online platforms around the world is propelling the growth of the market.Sugar Industry Segmentation:
The report provides an analysis of the key trends in each segment of the global sugar market report, along with forecasts at the global and regional levels from 2023-2032. The 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
White sugar is dominating the sugar market
The report has provided a detailed breakup and analysis of the sugar market based on the product type. This includes white sugar, brown sugar and liquid sugar. According to the report, white sugar represented the largest segment. White sugar is widely utilized in producing numerous bakery products across the globe as it is suitable for cooking. In addition, the rising adoption of white sugar due to the increasing number of cafes, restaurants, hotels, bakeries, and other food chain stores around the world is propelling the growth of the segment.Brown sugar is a rich source of minerals, such as iron and calcium, and has a different color and flavor as compared to white sugar. It assists in reducing fatigue and maintaining healthy red blood cells (RBCs) in the body. Besides this, the rising adoption of brown sugar among health-conscious individuals, as it aids in strengthening bones and teeth, is impelling the growth of the market.
Liquid sugar is generally used to enhance the taste and color of various food items, particularly bakery products. In addition, it assists in preventing food from drying out and extending the shelf life of different products.
Breakup by Form:
- Granulated Sugar
- Powdered Sugar
- Syrup Sugar
Granulated sugar holds the largest share in the sugar market
A detailed breakup and analysis of the sugar market based on the form has also been provided in the report. This includes granulated sugar, powdered sugar, and syrup sugar. According to the report, granulated sugar accounted for the largest market share. Granulated sugar is white in color, undergoes processing and is widely available in the form of grains. It easily dissolves, melts, and blends in a variety of other ingredients. Moreover, it is extracted from sugar beets or sugarcane and utilized to prepare desserts.Powdered sugar easily dissolves at room temperature and provides a smooth texture to the product. In addition, it is used in cakes, cookies, and muffins as an alternative to regular granulated sugar.
Syrup sugar is less processed, has a lower glycemic index and a longer shelf life as compared to granulated sugar. Moreover, the rising preference for syrup sugar in beverages and baked goods due to its easy dissolving property is strengthening the growth of the market.
Breakup by End-Use Sector:
- Food and Beverages
- Pharma and Personal Care
- Household
Food and beverages account for the majority of the market share
A detailed breakup and analysis of the sugar market based on the end user has also been provided in the report. This includes food and beverages, pharma and personal care, and household. According to the report, food and beverage (F&B) accounted for the largest market share. Sugar is extensively used in the F&B sector due to the increasing demand for beverages among individuals across the globe. In line with this, it finds application in the production of bakery products, such as cakes, cookies, ice creams, and chocolate bars, which is contributing to the growth of the market.It is also utilized in pharma as an excipient to add bulk and consistency to tablets, and assist with appearance and ease of transport and storage. Besides this, it is used in personal care products on account of its exfoliating capabilities.
Sugar is also used to prepare daily beverage items, such as tea, coffee, juice, and milkshakes in households. In addition, the growing demand for sugar, as it assists in enhancing the flavor of a product by providing a sweet taste, is creating a positive market outlook.
Breakup by Source:
- Sugarcane
- Sugar Beet
Sugarcane represents the leading source for sugar production
A detailed breakup and analysis of the sugar market based on the source has also been provided in the report. This includes sugarcane and sugar beet. According to the report, sugarcane accounted for the largest market share. Sugarcane is the primary crop that is utilized in the production of sugar and mainly cultivated in tropical and sub-tropical regions. Sugarcane juice is extracted, purified, filtered, and crystalized into raw sugar.Technological advancements in the production of sugarcane crops to enhance their quality and yield is impelling the growth of the market. There is a rise in the utilization of sugarcane due to the increasing demand for sugar among individuals around the world.
Sugar beet is rapidly gaining popularity as it consumes less water compared to sugarcane, which is impelling the growth of the market. In addition, key manufacturers are encouraging the adoption of sugar beet by constructing factories or manufacturing plants, which is propelling the growth of the market.
Breakup by Region:
- Brazil
- India
- United States
- European Union
- China
- Thailand
- Others
Brazil exhibits a clear dominance in the market, accounting for the largest sugar market share
The report has also provided a comprehensive analysis of all the major regional markets, which include Brazil, India, the United States, the European Union, China, Thailand, and others. Brazil held the biggest share in the market as it is the leading producer of sugar due to the favorable climatic conditions. Moreover, governing agencies of the country are implementing stringent rules and regulations and providing subsidies to encourage local output, which is supporting the growth of the market. In addition, the growing demand for beverages and confectioneries among individuals in the country is offering a favorable market outlook.Apart from this, other countries, such as India and the United States are also witnessing increasing demand for sugar on account of the rising adoption of processed food products among the masses.
Competitive Landscape
The global sugar market is experiencing a significant rise as key players operating in the industry are including organic sugar varieties in their existing portfolios to attract health-conscious consumers. Moreover, they are focusing on developing advanced production facilities to increase overall production with less expenditure on raw materials and labor. In addition, collaborations and partnerships among several companies to maintain a competitive edge in the market is impelling the growth of the market. Furthermore, the introduction of innovative products and technological advancements to reduce costs and increase sales of sugar is offering lucrative growth opportunities to key players.Competition Analysis
The report has provided a comprehensive analysis of the competitive landscape in the sugar market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:- Suedzucker AG
- Tereos
- Cosan
- Mitr Phol Sugar Corporation., Ltd.
- Associated British Foods
- Nordzucker AG
- Biosev (Louis-Dreyfus)
- Wilmar International Limited
- Thai Roong Ruang Group
Recent Developments:
In February 2021, Raizen, an integrated energy company and a benchmark in biofuels and bioelectricity, signed a commercial agreement to incorporate the assets of Biosev, a subsidiary of Louis Dreyfus Holding. The agreement involves nine production units along with the total installed sugarcane processing capacity of up to 32 million tons.In January 2023, Wilmar International decided to continue its joint venture with Adani Group to increase the sales of consumer-food products.
In January 2023, Mitr Phol, a Thai company and leading producer of cane sugar announced the agreement with AFYREN, a green tech company to provide high value added biobased outlets for its sugarcane co-products.
Key Questions Answered in This Report
1. What is the market size of sugar?2. What is the expected growth rate of the global sugar market during 2024-2032?
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?
Table of Contents
1 Preface3 Executive Summary14 Loans and Financial Assistance
2 Scope and Methodology
4 Introduction
5 Global Sugar Market
6 Market Breakup by Product Type
7 Market Breakup by Form
8 Market Breakup by End-Use Sector
9 Market Breakup by Source
10 Market Breakup by Region
11 Competitive Landscape
12 Sugar Manufacturing
13 Project Details, Requirements and Costs Involved
15 Project Economics
16 Key Player Profiles
List of Figures
List of Tables
Companies Mentioned
- Suedzucker AG
- Tereos
- Cosan
- Mitr Phol Sugar Corporation. Ltd.
- Associated British Foods
- Nordzucker AG
- Biosev (Louis-Dreyfus)
- Wilmar International Limited
- Thai Roong Ruang Group
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 140 |
| Published | January 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value in 2023 | 192.1 Million Tons |
| Forecasted Market Value by 2032 | 219.2 Million Tons |
| Compound Annual Growth Rate | 1.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
