Industrial Sugar Market: Current Analysis and Forecast (2021-2027)

Rising disposable income, an increasing culture of partying out, and the surging consumption of non-alcoholic beverages are some of the factors that are contributing to the growing market of industrial sugar across the globe. As per the World Agricultural Supply and Demand, the sugar supply in the united states has increased by 45,434 short tons in Feb in 2021-22, as compared to January 2022. Furthermore, as per the American Sugar Alliance, sugar is produced on farms in 14 U.S. states. However, there are sugar distribution centers in 24 states and sugar beet factories in about nine states. An estimated US$3.36 billion flows into the United States solely from Minnesota's sugar production industry. The sugar industry also creates about 28,021 jobs in Minnesota. New York is a state that does not produce or grow sugarcane anywhere within the state; however, New York is still responsible for US$292 million in revenue from the sugar industry.

The Global Industrial Sugar Market is expected to register a CAGR of around 6% over the period of 2021-2027. Mounting sugarcane production, developments in the industrial beet sugar industry, and consumption habits of ready-to-eat goods and beverages are some of the prominent factors, that are contributing to the market growth of industrial sugar. As per OECD-FAO, Sugarcane will continue to account for around 86% of sugar crops, and sugar beet will make up the remainder. Sugarcane production is projected to grow by 1% p.a. and reach 1 960 Mt by 2030.

As of 2020, world sugar production is projected to increase at a stronger average growth rate than in the previous decade (1.4% vs 0.3% p.a.), responding to attractive sugar prices due to steady growth in global demand. Most production increases are expected to occur in developing countries, which are projected to represent 79% of global sugar production by 2030 (compared to 76% in the base period).

Suedzucker AG, Associated British Foods Plc, Tereos Internacional SA, Mitr Phol Sugar Corporation Limited, Louis Dreyfus Holding B.V., Wilmar International Limited, American, Crystal Sugar Company, E.I.D.-Parry (India) Limited, Cargill, Inc., etc., are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst type, white sugar category accounted for the majority share in the market in 2020"

Based on the type, the market is fragmented into white, brown, and liquid. The white sugar segment grabbed a considerable market share in 2020. The growing demand for bakery products and confectionery items among millenniums is contributing to the market growth. Also, white sugar is widely used in the food manufacturing and bakery sectors. The fine granules found in white sugars are perfect for cooking and baking. They are also the most popular and are utilized in household kitchens, bakeries, cafes, restaurants, and food processing facilities. However, the brown sugar segment would witness the highest CAGR during the forthcoming years as brown sugar contains more minerals while liquid sugars are mainly used to add taste and color to baked goods. These also help prevent foods from drying out and extending their shelf life.

"Amongst application, beverage segment is expected to witness highest CAGR during the forecast period"

Based on the application, the market is segmented into dairy, bakery& confectionery, beverages, pharmaceuticals, and other food items. The bakery and confectionery segment grabbed a significant market share owing to the growing popularity of confectioneries in the countries such as India, China, Indonesia, and UAE owing to the promulgating disposable income as consumers are ready to pay more for high-quality, tasty, and flavorful products.

"Amongst source, sugarcane segment accounted for the majority share in the market in 2020"

Based on the source, the market is fragmented into cane sugar and beet sugar. The sugarcane segment grabbed a considerable market share in 2020. Sugarcane is the primary crop used for sugar production and accounts for around 86% of the total production of sugar.

"North America to witness significant growth during the forecast period"

For a better understanding of the market adoption of the Industrial Sugar market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific region grabbed the major market for the Industrial Sugar Market industry in 2020. However, the North America region would witness a considerable CAGR during the forthcoming years.

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Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

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