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sugar
MARC Group expects the market to reach 219.2 Million Tons by 2032, exhibiting a growth rate (CAGR) of 1.4% during 2024-2032.
USA, WA, UNITED STATES, September 10, 2024 /EINPresswire / -- Global Sugar Market Statistics: US$ 219.2 Million Value by 2032
Sugar Industry
Summary:
● The global sugar market size reached USD 192.1 Million in 2023.
● The market is expected to reach USD 219.2 Million by 2032, exhibiting a growth rate (CAGR) of 1.4% during 2024-2032.
● Brazil leads the market, accounting for the largest sugar market share.
● White sugar accounts for the majority of the market share in the product type segment due to its versatility, high demand in processed foods, and global ● acceptance as a standard sweetener.
● Granulated sugar holds the largest share in the sugar industry.
● Food and beverages represent the leading end-use segment.
● Sugarcane exhibits a clear dominance in the market.
● The rise in global demand for processed and packaged food items is a primary driver of the sugar market.
Technological advancements in sugar cane cultivation and processing are reshaping the sugar market.
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Industry Trends and Drivers:
● Rising Global Demand for Processed and Packaged Foods:
The increasing demand for processed and packaged foods is impelling the growth of the market. As urbanization accelerates and lifestyles become more fast-paced, consumers rely more on convenient food products like snacks, ready-to-eat meals, and beverages, many of which contain sugar as a primary ingredient. Additionally, the growing trend of sweetened drinks, bakery items, and confectioneries across developed and emerging economies increases sugar consumption. This shift is particularly prominent in regions where the expanding middle class is driving the demand for these products. In addition, the global expansion of the food and beverage (F&B) industry, driven by globalization and changing dietary patterns, is catalyzing the demand for sugar to meet the requirements of large-scale production of these goods.
● Increasing Use of Sugar in the Biofuel Industry:
The increasing use of sugar in biofuel production, particularly ethanol, is propelling the market growth. Sugarcane is a primary feedstock for ethanol production in countries. The shift towards renewable energy sources and cleaner fuel options has made ethanol a viable alternative to fossil fuels, increasing the demand for sugarcane. The global push for sustainability and the reduction of carbon emissions further amplifies this trend as governments offer subsidies and incentives to boost ethanol production. As biofuels gain traction in response to fluctuating oil prices and environmental regulations, the sugar market benefits from heightened demand for sugar-based ethanol, providing a new growth avenue beyond traditional food and beverage consumption.
● Advances in Sugarcane Cultivation and Processing Technology:
Technological advancements in sugarcane cultivation and processing are significantly enhancing productivity, contributing to the market growth. Modern farming techniques, including drip irrigation, precision agriculture, and the use of high-yielding sugarcane varieties, have optimized sugarcane production. In addition, advancements in milling and refining technologies are leading to higher extraction rates and more efficient processing, reducing production costs. This allows producers to scale operations, meet growing global demand, and improve profitability. With government support in several key markets, including subsidies and research into crop improvement, the sugar industry is benefiting from a more sustainable and productive supply chain. These technological innovations are enabling sugar producers to stay competitive while meeting the increasing demand for sugar-based products.
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Sugar Market Report Segmentation:
Breakup By Product Type:
● White Sugar
● Brown Sugar
● Liquid Sugar
White sugar represents the largest segment due to its versatility, high demand in processed foods, and global acceptance as a standard sweetener.
Breakup By Form:
● Granulated Sugar
● Powdered Sugar
● Syrup Sugar
Granulated sugar holds the biggest market share owing to its ease of handling, long shelf life, and wide application in cooking, baking, and industrial processes.
Breakup By End-Use Sector:
● Food and Beverages
● Pharma and Personal Care
● Household
Food and beverages account for the majority of the market share as they rely heavily on sugar as a key ingredient in the production of a vast array of products, from confectioneries to soft drinks.
Breakup By Source:
● Sugarcane
● Sugar Beet
Sugarcane represents the leading segment. It is the most efficient and widely cultivated crop for sugar production, offering higher yields and cost-effectiveness compared to sugar beet.
Breakup By Region:
● North America (United States, Canada)
● Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
● Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
● Latin America (Brazil, Mexico, Others)
● Middle East and Africa
Brazil's dominance in the market is attributed to its favorable climate, large sugarcane plantations, and well-established processing infrastructure.
Top Sugar Market Leaders:
The sugar market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
● Suedzucker AG
● Tereos
● Cosan
● Mitr Phol Sugar Corporation., Ltd.
● Associated British Foods
● Nordzucker AG
● Biosev (Louis-Dreyfus)
● Wilmar International Limited
● Thai Roong Ruang Group
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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