Bangladesh Sugar Market - Forecasts from 2024 to 2029

The Bangladesh sugar market is expected to experience a CAGR of 2.43% throughout the forecast period, with a valuation of US$2,008.790 million in 2022, and reaching a market size of US$2,376.338 million by 2029.

The demand for sugar and products containing sugar is predicted to rise as a result of economic progress, shifting consumer tastes, and a continually growing population, which in turn fuels the sugar market in Bangladesh. Additionally, many companies have installed sugar mills to increase the productivity of sugar in the nation. For instance, BSFIC had set a target for nine sugar mills to produce 52,945.00 MT of sugar in the Financial Year 2022-2023, and as of February 2023, 21,313.00 MT of sugar had been produced. In partnership with Bangladesh Sugar Crop Research Institute (BSRI), high-quality sugarcane seed production operations have been launched to boost sugarcane output at the nine sugar mills that are part of Bangladesh Sugar and Food Industry Corporation. Access to Information (A2I) has made it possible to effectively implement E-Purji, Online Purji, Gazette, and E-Payment systems for sugar mill farmers under Bangladesh Sugar and Food Industries Corporation. Further, Bangladesh is reliant on India for a guaranteed supply of seven basic commodities: wheat, rice, lentils, sugar, onion, garlic, and ginger. Bangladesh's commerce minister, Tipu Munshi, requested a secure supply from his Indian counterpart, Piyush Goyal, before the scheduled G20 Commerce and Investment Ministers' meeting in Jaipur, India, on August 2023

Expansion of the food industry is anticipated to upsurge the market.

Bangladesh's food and beverage sector growth directly and significantly affects the nation's sugar market. Sugar is increasingly needed as a main component due to the growing demand for a variety of sweetened items, such as drinks, confections, and processed meals. The food and beverage industry adjusts to changing customer tastes and the pace of urbanization by launching novel and inventive sugar-based products to satisfy consumer demand. The demand for sugar is greatly impacted by this explosion in product diversity and consumption habits, which in turn shapes the sugar industry's growth trajectory. As per the USDA, the imports of food goods targeted toward consumers grew from $1.5 billion in 2018 to $2 billion in 2022 in Bangladesh. In 2022, the US ranked Bangladesh as the 17th-largest provider of goods geared towards consumers. In 2023, barely 1% of all agricultural exports from the United States to Bangladesh were consumer goods.

There were 436,274 hotels and restaurants in Bangladesh in 2021; of these, 80% were tea stalls, and 15% were fast food restaurants, according to USDA. In 2023, the GDP contribution from hotels and food services grew at a faster pace of 5.89 percent compared to 2022. There are over 700 food processing businesses in Bangladesh. Bangladesh's $8 billion food processing industry expanded at an average annual rate of 8%., from 2005 through 2022. The contemporary food retail sector in Bangladesh has around fifty businesses with over 250 outlets. The Bangladesh Supermarket Owners Association's members' yearly revenue increased from about $200 million to $300 million between 2015 and 2022. Bangladesh imported $12 million worth of consumer-oriented food from the US in the calendar year 2021, an increase of 11% from 2020. The middle class is becoming more affluent, which is driving up the demand for imported food. The food sector is, nonetheless, extremely competitive due to the growth of local processed food firms and customer demand for high-quality, reasonably priced goods. Opportunities for consumer-oriented goods in the food processing, modern retail, hotel, restaurant, and institutional sectors are growing due to the shifting dynamics of the Bangladeshi market

Segmentation:

By Type:

• White Sugar
• Brown Sugar
• Confectioner Sugar
• Cane Sugar
• Others

By Crop:

• Sugarcane
• Sugar Beets

By Form:

• Liquid
• Solid

By Distribution Channel:

• Online
• Offline

By Application:

• Preservative
• Texture Modifier
• Sweetener
• Flavoring & Coloring Agent
• Bulking Agent
• Others

By Industry Vertical:

• Food & Beverage
• Pharmaceutical