(EMAILWIRE.COM, August 09, 2023 ) According to a research report “Industrial Sugar Market by Type (White Sugar, Brown Sugar, & Liquid Sugar), Application (Dairy Products, Bakery Products, Confectionery, Beverages, & Pharmaceuticals), Source (Sugarcane & Sugar Beet) and Region – Global Forecast to 2028″ published by MarketsandMarkets, the industrial sugar market is projected to reach USD 59.1 billion by 2028 from USD 46.4 billion by 2023, at a CAGR of 5.0% during the forecast period in terms of value. The market for industrial sugar by solution is experiencing growth due to the increasing demand for processed and convenience food and beverages globally.
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By type, white sugar is projected to grow at the fastest rate during the forecast period
Due to various factors, white sugar is growing at an unprecedented rate in the industrial sugar market. The consumption rate of white sugar has grown steadily over the years, owing to its widespread use in many food items such as baked goods, beverages, and confectioneries. Global sugar production is forecast to reach a record high of 191.7 million tons in 2021/2022, with most of the production being white sugar, according to the United States Department of Agriculture (USDA). White sugar production has also been on the rise due to technological advancements and the adoption of efficient cultivation practices. Furthermore, the affordability and accessibility of white sugar have also contributed to its growing popularity in the industrial sugar market. The combination of these factors has led to white sugar becoming the most sought-after variety of sugar in the industrial market, growing at an accelerated rate.
By application, beverages to hold a significant market share during the forecast period
Beverages have the largest market share in the application of the industrial sugar market due to several factors. The consumption of sugar-sweetened beverages such as sodas, energy drinks, and sports drinks has been increasing worldwide, particularly in developing countries. Despite efforts by public health advocates to reduce sugar consumption, sales of sugary drinks in the United States increased by 6.4% in 2021, according to Beverage Digest. The production of these beverages has also been on the rise as the global beverage industry continues to expand. Furthermore, the use of sugar as a sweetener in beverages is preferred due to its low cost and ability to improve the flavor and taste of the product. Coca-Cola remains one of the largest consumers of sugar globally, using over 100 million metric tons annually in its products.
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Asia Pacific to boost market growth during the forecast period
The Asia Pacific region has been instrumental in boosting the growth of the industrial sugar market due to several factors. The sugar consumption rate in this region is significantly high, with countries like India and China being the largest sugar consumers. The region is also a major producer of sugar, with countries like India, Thailand, and Indonesia being major producers. This ensures a steady supply of sugar to meet the high demand in the region, leading to increased growth in the industrial sugar market. According to the International Sugar Organization (ISO), the Asia-Pacific region accounted for over 50% of global sugar consumption in 2020. Moreover, with the rise in population and income levels, the demand for processed and packaged food items has also increased in the region, further driving the growth of the industrial sugar market.
The key players in this market include Sudzucker AG (Germany), Cargill Inc. (US), Associated British Foods plc (UK), Raizen (Brazil), Lantic Inc. (Germany), Mitr Phol Group (Thailand), Louis Dreyfus Company (Netherlands), Tereos (France), Michigan Sugar Company (US) Dwarikesh Sugar Industries Limited (India) Canal Sugar (Egypt), Al Khaleej Sugar (Dubai), Rajshree Sugars & Chemical Limited (RSCL) (India), Rana Group (India) Shree Renuka Sugars Limited (India) Upper Ganges Sugar & Industries Limited (India), Bajaj Hindihan Sugar Ltd (India), Nile Sugar (Egypt), Bannari Amman Group (India), Dhampur Bio Organics Limited (India), Thai Sugar Group (Thailand) Metta Group (India), and Dalmia Bharat Group (India). The study includes an in-depth competitive analysis of these key players in the industrial sugar market with their company profiles, recent developments, and key market strategies.
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