Global Sugar Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product Type (Granular, Powder, Liquid), By Application (Dairy, Beverages, Confectionary & Bakery, Processed Food, Others), And By Geography - Forecasts From 2023 To 2028

The global sugar market is expected to grow at a CAGR of 2.59% from US$61.264 billion in 2021 to US$73.279 billion by 2028.

Sugar has been known as a soluble crystalline, which is used to sweeten food & beverages. Farmers worldwide have traditionally controlled the majority of sugar production, together with several food and beverage companies. As more people throughout the world are consuming sweetened food and drinks, the industry is anticipated to expand in the upcoming years. The rising demand for sugar-free goods and price variations, however, are anticipated to impede market expansion.

According to the May 2023 World Agricultural Supply and Demand Estimates (WASDE), the United States supply of sugar is expected to be 14.259 million short tonnes, raw value (STRV), or 2% less than in 2022–2023. This decrease is attributed to reduced starting inventories, output, and imports.  In 2023–2024, sugar consumption is projected to be 12.815 million STRV (total) and 12.675 million (food usage), both unchanged from 2022–2023. The stocks-to-use ratio is 11.3 percent, and the ending stocks for 2023–2024 are 1.444 million STRV. Furthermore, as per the PIB, a record of over 5000 lakh metric tonnes (LMT) of sugarcane were produced in the nation during the sugar season (October to September) of 2021–2022, of which around 3574 LMT of sugarcane were crushed by sugar mills to create approximately 394 LMT of sugar (sucrose). Of this, 359 LMT of sugar was produced by sugar mills, while 35 LMT was diverted to the manufacturing of ethanol. As a result, India is considered the world's largest producer, user, and exporter of sugar, ranking second globally.

Increasing consumption of confectionary and processed products

Sugar demand is expected to grow in the coming years, due to the rise in the consumption of processed and confectionery products worldwide. With the growth in urban population and disposable income, the demand for high-quality bakery and confectionary food is expected to surge. According to the World Bank, 68% of the global population is expected to reside in urban areas by the year 2050.

According to the National Library of Medicine report in 2021, 33.8% of the 17,264 goods exhibited nutrition claims, while 3.4% did so for health. 80.8% of all items sold in Mexico were deemed to be "less healthy" overall, 48.2% of these products had too many calories, 44.6% had too much salt, and 40.7% had too many free sugars. The highest decline is shown for ultra-processed foods (51.1%), the new legislation would restrict the presentation of health and nutrition claims on 39.4% of goods having claims. Calories and non-sugar sweeteners had the highest reduction in claims (OR 0.62, P 0.001, and OR 0.54, P 0.001, respectively).

Customers are aware that candies and chocolates are treats. The National Health and Nutrition Survey (NHANES) conducted by the CDC indicates that Americans consume sweets and chocolate two to three times a week on average, consuming just 40 calories and around one teaspoon of added sugar daily. Manufacturers around the globe have been focusing on product innovation taking into consideration the nutrition level in processed food. For instance, in March 2022, the natural sweetener company Sweegen entered Mexico when the Mexican food safety agency approved the Codex Alimentarius requirements for steviol glycosides produced using several methods.

The USA’s sugar market is anticipated to grow steadily. 

According to Healthy Food America, the United States leads the world in the consumption of added sugars and ranks third in the world in sales of sugary drinks. It also states that Americans eat, on average, over 17 teaspoons of sugar a day, which is 60% more than the recommended consumption. Sugary drinks are key drivers for the widespread consumption of added sugar in the U.S. and are anticipated to fuel the sugar market's expansion over the projected period. This has also increased the sugarcane production in the United States. For instance, as per the USDA, sugarcane acreage increased from an average of 704,000 acres in the first half of the 1980s to 903,400 acres in FY 2020–2021. The amount of sugar produced from sugarcane increased from 2.910 million STRV in 2020–21 to 4.251 million STRV in the same period.

Further, strategic mergers and collaborations are also aiding in market growth. For instance, U.S. Sugar announced in March 2021 that it had agreed to buy the business and resources of Imperial Sugar Company, a port refiner with business in Georgia and Kentucky, from Louis Dreyfus Company. Both production and costs will rise as a result of this action.

Segmentation:

• By Product Type
  • Granular
  • Powder
  • Liquid
• By Application
  • Dairy
  • Beverages
  • Confectionary & Bakery
  • Processed Food
  • Others
• By Geography
  • North America
    • By Type
    • By Application
    • By Country
      • United States
      • Canada
      • Mexico
  • South America
    • By Type
    • By Application
    • By Country
      • Brazil
      • Argentina
      • Colombia
      • Venezuela
      • Ecuador
      • Peru
      • Others
  • Europe
    • By Type
    • By Application
    • By Country
      • Austria
      • Belgium
      • Bulgaria
      • Czech Republic
      • Denmark
      • Finland
      • France
      • Germany
      • Hungary
      • Ireland
      • Italy
      • Netherlands
      • Poland
      • Portugal
      • Romania
      • Russia
      • Slovakia
      • Slovenia
      • Spain
      • Sweden
      • UK
  • Middle East and Africa
    • By Type
    • By Application
    • By Country
      • Saudi Arabia
      • Israel
      • UAE
      • Turkey
      • Morocco
      • Ethiopia
      • Algeria
      • Egypt
      • Others
  • Asia Pacific
    • By Type
    • By Application
    • By Country
      • China
      • India
      • Japan
      • South Korea
      • Australia
      • Philippines
      • Indonesia
      • Vietnam
      • Malaysia
      • Thailand