Sugar Market Report and Forecast 2024-2032

According to the report, the global sugar market is projected to grow at a CAGR of 1% between 2024 and 2032 reaching a volume of around 197.19 million tons by 2032. Aided by the ever-present demand for sweetened food and beverages and the multifaceted applications of sugar in various industries, the market is expected to grow significantly by 2032.

Sugar, predominantly derived from sugarcane and sugar beet, remains a staple in culinary traditions worldwide. As a key sweetening agent, sugar is integral to an array of foods and beverages, from confectioneries, pastries, and desserts to sodas and energy drinks. Beyond its primary role as a sweetener, sugar plays pivotal roles in preserving foods, fermenting alcoholic beverages, and even serving as a texture enhancer and colouring agent in culinary preparations. Additionally, sugar is known for its osmotic properties, which prevent spoilage, making it indispensable in the production of jams and jellies.

The enduring consumer love affair with sweetened products is a prime driver of the global sugar market growth. With festivities, celebrations, and day-to-day consumption reliant on sweet treats, the demand for sugar has been unwavering. Moreover, the advent of quick-service restaurants and cafes, paired with the omnipresence of packaged foods, has further cemented sugar’s position in modern diets.

Additionally, sugar is not limited to just the plates. The industrial applications of sugar, spanning from the production of biofuels to its role in the pharmaceutical sector, are significant factors augmenting the sugar market outlook. For instance, sugar’s role in the pharmaceutical industry is not just as a sweetener for syrups but also as a crucial excipient in tablet formulations. In cosmetics, sugar finds its place as an organic exfoliant, catering to the rising demand for natural skincare products.

This health-driven pivot has led to innovations within the sugar industry, with producers exploring avenues like low-calorie sugar variants and sustainable farming practices. Additionally, there is a palpable trend of transparent labelling, ensuring consumers are informed about the sugar content in products, marking a move towards responsible production and consumption.

Furthermore, the increasing popularity of ethnic and gourmet cuisines, such as muscovado, demerara, and jaggery, has been bolstering the sugar market demand. Their distinctive flavours and perceived health benefits are gaining traction, especially among the culinary elite and health-conscious segments of consumers.

Market Segmentation

The market can be divided based on type, form, source, end user, and region.

Market Breakup by Type

• White
• Brown
• Liquid

Market Breakup by Form

• Granulated
• Powdered
• Syrup

Market Breakup by Source

• Sugar Beet
• Sugarcane

Market Breakup by End User

• Food and Beverages
• Pharma and Personal Care
• Household
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global sugar market. Some of the major players explored in the report are as follows:

• Cosan S.A.
• AB Sugar
• Südzucker AG
• Nordzucker AG
• COFCO International
• Tereos Group
• Mitr Phol Group
• Dalmia Bharat Sugar and Industries Limited
• Louis Dreyfus Company
• Wilmar International Ltd
• The Savola Group
• E.I.D. – Parry (India) Limited
• Rusagro Group
• Thai Roong Ruang Sugar Group
• Cargill, Incorporated
• Others