Sugarcane Syrup Global Market Report 2024

The sugarcane syrup market has grown strongly in recent years. It will grow from $44.71 billion in 2023 to $47.83 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The historical period's growth can be ascribed to cultural and regional preferences, the craft and artisanal food movement, increased demand in the beverage sector, versatility in culinary applications, the significance of heritage and traditional medicine, and the presence in niche and gourmet markets.

The sugarcane syrup market is expected to see strong growth in the next few years. It will grow to $60.7 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The forecast period's growth can be attributed to the increasing demand for natural sweeteners, the diversification in the beverage industry, a marketing emphasis on authenticity, the fusion of global cuisines, the adoption of clean and green packaging, and the growth of e-commerce. Major trends in the forecast period include innovative product formulations, a focus on clean labels and transparency, the diversification of product offerings, the adoption of sustainable and ethical sourcing, and innovation in packaging.

The sugarcane syrup market is anticipated to experience growth due to the increasing consumption of beverages. Beverages, including water, tea, coffee, milk, juice, soft drinks, and liquor, are liquid consumables by humans. Sugarcane syrup, being a popular sweetener in the production of soft, energy, and sports beverages, is expected to benefit from the rising demand for beverages. The use of sugarcane syrup as an ingredient aligns with the growing popularity of these beverages. For example, in March 2021, based on data from Statistics Canada and farm credit Canada (FCC), a Canadian agricultural term lender, the food and beverage manufacturing sales increased by 3.5% year-over-year (YoY) in 2020, reaching $122.9 billion from $118.7 billion. Additionally, a report from the Food and Drink Federation in July 2022 revealed that the processed food and drink industry had a turnover of £112 ($122.68) billion in 2021, reflecting a 3.4% increase since 2020 and accounting for 20% of total manufacturing in the UK. Therefore, the growing consumption of beverages is expected to drive the sugarcane syrup market.

The sugarcane syrup market is also poised for growth due to the increasing demand for baked goods. Baked goods, referring to products made from dough or batter that are baked, often incorporate sugarcane syrup alongside other sweeteners to achieve specific textures, flavors, and desired characteristics in recipes. Its versatility makes it a valuable ingredient in various bakery applications, contributing not only sweetness but also texture and visual appeal to a wide range of baked goods. For example, in December 2022, the government of Canada projected that the retail sales of baked goods would grow at a CAGR of 2.2% from 2022 to 2026, reaching US$75.8 billion in 2026. Therefore, the increasing demand for baked goods is a driving factor for the sugarcane syrup market.

Technological advancement emerges as a key trend gaining traction in the sugarcane syrup market. Leading companies in the sugarcane syrup industry are directing their efforts toward enhancing the shelf life of sugarcane syrup and expanding its applications across various sectors. For instance, in December 2021, Praj Industries Limited, an India-based process and project engineering company, introduced an innovative method to convert sugarcane juice into a sustainable feedstock called BIOSYRUP for year-round ethanol production. Praj's patented method results in conditioned BIOSYRUP with a 12-month shelf life, allowing sugar mills to sustain ethanol production beyond the sugar season, thereby increasing capacity and boosting revenue.

Major players in the sugarcane syrup market are actively developing innovative products to drive market revenues. Products such as 100% Sugarcane Juice provide a delightful and nutritious alternative to other sugary beverages. In June 2023, Storia, a US-based food company, unveiled a new offering called 100% Sugarcane Juice - a refreshing and healthy drink crafted from freshly squeezed sugarcane. Recognized for numerous health benefits, such as being a natural energy source, aiding digestion, and supporting a healthy immune system, this juice is made from freshly squeezed sugarcane.

In November 2022, US Sugar Corp., a US-based producer of sugarcane and sugarcane products, acquired Imperial Sugar Co. for an undisclosed amount. This strategic acquisition bolsters US Sugar Corp.'s capabilities by adding a sugar refinery and a portfolio of sugar products. It enhances production efficiencies, leading to increased production and reduced costs at Imperial Sugar's refinery. The resulting efficiencies are anticipated to deliver long-term benefits to customers. Imperial Sugar Co., a US-based sugar producer, specializes in sugar syrups and sugar products.

Major companies operating in the sugarcane syrup market report are Associated British Foods plc, Super Syrups (pty) Ltd., Tongaat Hulett Ltd., Atlanta Sugar SA - BKB Ltd., Sunshine Sugar, Frozy Egypt, Kenana Sugar Company, White Nile Sugar Company, GM Sugar Uganda Ltd., Kinyara Sugar Ltd., Royal Swaziland Sugar Corp., Carolina Cider Company, Tate & Lyle plc, Liber and Company, Illovo Sugar Ltd., Suedzucker AG, Mitr Phol Group, Nordzucker AG, Biosev- Louis-Dreyfus Group Company, Wilmar International Limited, Thai Roong Ruang Group, Alexander & Baldwin Inc., Florida Crystals Corporation, American Sugar Refining Inc., Tully Sugar Limited, East India Distilleries Parry Limited, Shree Renuka Sugars Ltd., Dhampur Sugar Mills Ltd., Balrampur Chini Mills Ltd., Bajaj Hindusthan Sugar Ltd., Dangote Sugar Refinery plc, Golden Agri-Resources, Renuka Holdings plc.

South America was the largest region in the sugarcane syrup market in 2023. The regions covered in the sugarcane syrup market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the sugarcane syrup market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of sugarcane syrups include pure sugarcane syrup and mixed sugarcane syrup. Pure sugarcane syrup is a dense, dark syrup produced by the evaporation of juice obtained from sugarcane sections. These syrups are accessible through various distribution channels, including supermarkets, hypermarkets, convenience stores, online retail outlets, and others. They find applications in confectionery, dairy, prepared mixes, and other uses.

The sugarcane syrups market research report provides sugarcane syrups market statistics, including sugarcane syrups industry global market size, regional shares, competitors with a sugarcane syrups market share, detailed sugarcane syrups market segments, market trends and opportunities, and any further data you may need to thrive in the sugarcane syrups industry. This sugarcane syrup market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The sugarcane syrup market consists of sales of Louisiana ribbon, Louisiana striped, and green German. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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