Sugar Industry Overview
Sugar is a necessary resource that is mostly used to sweeten meals and drinks. Sugar cane and sugar beets, which are processed to produce liquid, powdered, and granulated sugar, are its main sources. Sugar has several uses; it's an essential part of many soft beverages, baked goods, confections, and processed foods. Sugar is utilized in many products not just as a sweetener but also as a texture enhancer, colour developer, and preservative. It is also used in the pharmaceutical industry, where it is added to syrups and used as a drug carrier.
The development of biofuel from sugar crops, such sugarcane and sugar beets, increases demand for sugar even more. Increased sugar crop development for this particular purpose is occurring in places where biofuel mandates or incentives are in place, adding to the pressure on world demand.
Growth Drivers of Sugar Market
The increased demand for sugar is a result of its widespread availability through a variety of distribution channels.
At the moment, sugar is widely available through a range of distribution channels, supporting the market's expansion. Furthermore, sugar is inexpensive and abundantly available, providing comfort and convenience to people worldwide. Consequently, it is an essential product that is used frequently and is offered in a wide range of textures, sizes, and forms to satisfy a variety of consumers. In addition, the sector is developing as a result of the rise in sugar sales through online channels worldwide.
The increase in beverage consumption has a beneficial effect on sugar sales
Sugar is frequently added to a range of beverages to enhance their color and give them a sweet taste. It also aids in balancing acidity, adding viscosity or thickness, and enhancing palatability and shelf life in a variety of liquids. Furthermore, the global population's increasing desire for a wide range of beverages, such as shakes, mojitos, cocktails, mocktails, energy drinks, sports drinks, and energy drinks, is supporting the growth of the sugar industry. In addition, the sector is growing as more sugar is routinely consumed by homes in their coffee and tea.Asia Pacific Sugar Market
The market share of Asia Pacific is substantial. Some of the world's major producers of sugar, such as China, Thailand, Indonesia, and India, are found in Asia Pacific. The region's vast amount of arable land and ideal agroclimatic conditions make it ideal for growing sugarcane, the mainstay of the sugar business. Moreover, there is a strong demand for sugar as a basic ingredient in a variety of food and beverage items due to the region's vast and expanding population, rising disposable incomes, and shifting dietary habits. The need for processed meals, sweetened beverages, confections, and bakery goods drives up sugar consumption in Asia Pacific markets.
Furthermore, the swift industrialization, urbanization, and economic growth of nations such as China and India have raised urban consumption and the need for convenience goods, in which sugar is a key ingredient as a preservative and sweetener. Moreover, the need for sugar-based chemicals in pharmaceuticals, cosmetics, and personal care products is fueled by the growing pharmaceutical and personal care sectors in Asia Pacific.
China's sugar market is predicted to develop at the quickest rate. China's population is so large and becoming so wealthy that there is a significant demand for sugar and items made with sugar. A growing number of people have the disposable income and population (over 1.4 billion) to purchase sweet snacks, candies, and beverages.
Sugar Company Analysis
Archer Daniels Midland, Tate and Lyle, General Mills, Inc., MGP Ingredients Inc., Kerry Group, Südzucker AG, Tereos, and Cosan SA are the major companies in the sugar sector.
Sugar Company News
- In September 2023, Sidel and British Sugar announced a ground-breaking collaboration to launch a cutting-edge end-of-line solution for the first time. This partnership will be advantageous to British Sugar, a division of Associated British Foods plc and a major supplier of sugar to the Irish and British food and beverage industries. With an annual processing capacity of almost 8 million tonnes of sugar beet, British Sugar produces up to 1.2 million tonnes of sugar, demonstrating a strong commitment to meeting retailer expectations and market demands. This project aims to replace British Sugar's antiquated end-of-line system, which has been in use for more than 38 years, with a state-of-the-art option. The ability to handle high degrees of automation and complexity in this new system will enable effective management of numerous SKUs.
- In August 2023, With the debut of Better White Clear White Sugar, Sugar Refinery Sdn Bhd (CSR) hopes to solidify its standing as Malaysia's leading sugar expert. This launch comes after the triumph of CSR's Better Brown variety, which was unveiled in 2018 to encourage sugar consumption that is healthy and has now taken over 78% of the brown sugar market in Malaysia. Better White strives to satisfy evolving consumer demands by providing premium sugar products at reasonable costs.
- In August 2023, to advance sustainable sugarcane production methods, Hyderabad's NSL Sugars and Mumbai's UPL Sustainable Agriculture Solutions (UPL SAS) inked a Memorandum of Understanding. NSL wants to gain from sustainable farming, whereas UPL SAS wants to gain market share. The collaboration aims to boost sugarcane yield per acre by 15%, or 5 metric tons.
- India
- European Union
- China
- United States
- Brazil
- Indonesia
- Pakistan
- Russia
- Mexico
- Thailand
- Others
- Brazil
- India
- European Union
- China
- Thailand
- United States
- Pakistan
- Russia
- Mexico
- Australia
- Others
- Indonesia
- China
- India
- European Union
- United States
- Malaysia
- Bangladesh
- Algeria
- Nigeria
- United Arab Emirates
- Brazil
- Thailand
- India
- Australia
- Guatemala
- European Union
- Mexico
- South Africa
- Saudi Arabia
- Columbia
- Sugarcane
- Sugar Beet
- Granulated Sugar
- Powdered Sugar
- Syrup Sugar
- Beverage
- Confectionary
- Bakery
- Dairy Products
- Others
- Business Overview
- Key Persons
- Recent Development
- Financial Insights
- Archer Daniels Midland
- Tate and Lyle
- General Mills, Inc.
- MGP Ingredients Inc.
- Kerry Group
- Südzucker AG
- Tereos
- Cosan SA
Table of Contents
Companies Mentioned
- Archer Daniels Midland
- Tate and Lyle
- General Mills, Inc.
- MGP Ingredients Inc.
- Kerry Group
- Südzucker AG
- Tereos
- Cosan SA
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 320 |
| Published | August 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 64.07 Billion |
| Forecasted Market Value ( USD | $ 113.67 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
