Global Industrial Sugar Market Insights:
Industrial Sugar Market Is Estimated to Reach USD 69,795.3 million By 2032 It Is Projected To Grow at a CAGR Of 6.01% From 2023 to 2032, reveals a research report by Market Research Future (MRFR). Sugar is among one of the most widely consumed and traded commodities, and industrial sugar finds different application in various industry verticals such as the food and beverage, pharmaceuticals, confectionery and others. Industrial sugar is primarily used for a broad range of sweetening solutions, and its diverse application range is one of the primary reasons for the growth of the industrial sugar market.
Sugar is the primary ingredient in the baking and a rise in consumption of bakery and confectionery products has led to an increase in the Industrial Sugar Market. Growth in global retail industry, coupled with an increase in sugarcane production across the globe are major factors which fuel the growth of the market. Moreover, sugar crops serve as excellent feedstock which also adds to the growth of the market. Furthermore, sugarcane extraneous matter is a rich source of renewable biomass. Rising disposable income and technological developments in sugar processing and extraction techniques have also provided an impetus for market growth. Growth in demand for sweeteners, the rise in consumption of packaged food and beverages, rising consumer base of industrial sugar and the recent surge in demand for sugar beet are other factors augmenting the market growth.
The current trend of manufacture of VHP (Very High Pol) and VLC (Very Low Color) Sugar and exports for the overseas market has provided opportunities for the industrial sugar market. Production of these higher quality sugar not only creates additional efficiencies at the new refineries but also requires less fossil fuel energy consumption. Industrialization of operations of local sugar crop farmers also is a crucial driver of the market. However, unlike any other market, the industrial sugar market too faces essential sustainability issues. The relatively low and fluctuating profit margins for sugar, reduction in consumption of sugar due to rising health consciousness and rise in demand for sugar substitutes and alternative sweeteners such as honey, dates, coconut sugar, etc., and drop in sugar prices due to overproduction are factors restraining the market growth. Additionally, sugar crops require a vast amount of water which has the potential to hamper the market growth.
Segmentation:
The global industrial sugar market has been segmented based on source, type, form, application, and products. By source, the market has been segmented into sugarcane, sugar beet, date palm, sorghum, sugar maple, and others. By type, the market has been segmented into granulated sugar, icing sugar, brown sugar, liquid sugar, specialty sugars and others. By form, the market has been segmented into granular, powder, solid, liquid, paste and others. By application, the market has been segmented into food, beverage, confectionery, pharmaceuticals, and others. By products, the market has been segmented into molasses, sugar, and bagasse and press mud.
Regional Analysis:
By region, the global industrial sugar market has been segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Europe accounts for the largest share of the market followed by Asia-Pacific. Increased disposable income and rise in demand for sweetened and confectionery products in developed countries of Europe and North America has helped in the growth of the market. The major exporters of industrial sugar market include U.S., China, Germany, U.K, and Indonesia. The growth in the Asia-Pacific region can be attributed to increased sugarcane farming and presence of large number of small and medium-sized local players in the region. Moreover, China and India have a strong concentration of key players which also aids in the growth of the Asia-Pacific market.
Competitive Landscape:
Sudzucker Group (Germany), Tereos (France), Rogers Sugar Inc (Canada), Imperial Sugar Company (U.S.), Rizhao Lingyunhai Sugar Group (China), Guangxi Fengtang Biochemistry Co., Ltd. (China), Bannari Amman Sugars Limited (India), Rana Sugars (India), Upper Ganges Sugar & Industries (India), Guangxi Guitang Group Co., Ltd (U.S.), British Sugar (U.K.), Cargill (U.S.), Michigan Sugar (U.S.), COFCO Tunhe Co., Ltd. (China), Guangxi Funan East Asia Sugar Co., Ltd (China), Rajshree Sugars (India), Shree Renuka Sugars (India), Bajaj Hindustan Limited (India) are the key Industrial Sugar Market players operating in the market.
Industry Updates:
In June 2018, around 2000 members of the sugar industry in South Africa led a protest march to highlight the plight of the sugar industry due to excess imports. The protest was an initiative to appeal to the International Trade Administration Commission (Itac) to quicken its decision on the application of South African Sugar Association (Sasa).
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