According to Renub Research’s latest report titled “Global Sugar Market Report Forecast 2024-2032”, the Global Sugar Market is projected to grow at a CAGR of 6.58%, reaching US$ 113.67 billion by 2032, up from US$ 64.07 billion in 2023. Sugars, essential carbohydrates, play a significant role in the global food supply by providing calories and performing various technical functions in food preparation, preservation, and processing.
Sugar is primarily derived from sugarcane and sugar beet, and it is used in both food and non-food applications. In food, sugar acts as a preservative, controls microbial growth, prevents large ice crystals in frozen products, and enhances fermentation in yeast-based products. In baked goods, it retains moisture and prevents staleness.
Market Drivers
Several key factors are driving the growth of the global sugar market:
- Cost and Availability: Sugar is more accessible and cost-effective compared to artificial sweeteners and sugar alternatives, making it a preferred choice in convenience stores, supermarkets, and retail outlets globally.
- Growing Food and Beverage Industry: The food and beverage sector continues to experience growth, unaffected by economic fluctuations, and is a significant driver of global sugar consumption.
- Expanding Applications: Sugar is widely used in the skincare and pharmaceutical industries, including cough syrups, antibiotics, and exfoliating products like scrubs.
- Emerging Markets: While sugar markets in developed economies remain saturated, regions such as China, India, and the Middle East present significant growth opportunities due to urbanization, rising disposable incomes, and changing dietary habits.
- Global Production: Sugarcane, responsible for 80% of global sugar production, is grown in tropical and subtropical regions worldwide, providing ample raw material for sugar production.
Key Consuming and Producing Countries
India: Largest Sugar Consumer
India, one of the world’s largest agricultural producers, is also the biggest consumer of sugar. Government policies and incentives have encouraged growth in sugarcane production, particularly in states like Maharashtra, Andhra Pradesh, Uttar Pradesh, and Karnataka. With sugar consumption increasing, especially in rural areas, India’s sugarcane production is expected to rise from a seven-year low.
Brazil: Leader in Sugar Production
Brazil remains a global leader in sugar production, accounting for 25% of the world’s supply. The country’s sugarcane industry has benefited from technological advancements, improved cropping practices, and increased demand for sugar. Brazil produces 80% of the world’s sugarcane, contributing significantly to global sugar production. Key importers of Brazilian sugar include Indonesia, China, United States, Bangladesh, and Nigeria.
Impact of COVID-19
The COVID-19 pandemic had a significant impact on the global sugar industry. Disruptions in transportation and production affected the supply chain, while lockdowns reduced sugar demand as people stayed home and foodservice sectors, such as restaurants and cafes, were shut down. However, demand from the beverage industry remained stable during the pandemic, offering a silver lining for the sugar sector.
Competitive Landscape
The global sugar market is highly fragmented, with key players including:
- Daniels Midland
- Tate and Lyle
- General Mills, Inc.
- Archer MGP Ingredients Inc.
- Kerry Group
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Market Segmentation
The report provides an extensive analysis of the global sugar market, segmented as follows:
- Consuming Countries: Major consumers include India, European Union, China, United States, Brazil, and Indonesia.
- Producing Countries: Key producers are Brazil, India, European Union, Thailand, China, and United States.
- Importing Countries: Significant importers include Indonesia, China, United States, Bangladesh, Algeria, and Malaysia.
- Exporting Countries: Leading exporters are Brazil, Thailand, India, Australia, Guatemala, and Mexico.
About Renub Research
Renub Research is a leading market research and consulting company with over 15 years of experience. The firm has published more than 9,000 reports and conducted over 750 custom research projects, helping businesses make informed decisions across a wide range of markets.
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