The global sugar market is projected to grow at a CAGR of 2.90% to reach US$89.244 billion in 2024 from US$75.617 billion in 2018. Sugar refers to a soluble crystalline used to sweeten food and beverages. Sugar is derived from various sources, with sugarcane and sugar beets being the prominent sources. The series of activities involved in the sugar market is production, processing, and distribution. The production of sugar is primarily under the control of farmers globally with only a handful of industries actually involved in the production of sugar. However, the processing and the distribution of sugar is vastly influenced by public and private owned companies The high consumption of sweetened food and beverages worldwide is considered one of the drivers for the sugar market globally, on the other hand, fluctuations in the price and supply of sugar may hinder its growth. The sugar market has been segmented on the basis of type, application, and geography.
Geographically the Asia Pacific region is assessed to have a high market growth for the sugar market due to the rise in disposable income as well as rapid urbanization of previously low-income sections along with improvement in the food and beverage industry in the regions. In North America as well as the European region it is projected that these regions will hold a significant hold in the market during the forecasted time period due to high consumption of food, beverages, confectionaries, etc. In South America, Brazil is also anticipated to hold a significant share in the market owing to the fact it is one of the leading producers and exporters of sugar globally.
Increase in consumption of products containing sugar
Growth in sugar crop production
Rapid urbanization of low-income economies
Availability of substitute sweeteners
Rising awareness of health concerns caused by consuming sugar
Fluctuation in the price and supply of sugar
In January 2019, Suedzucker one of the prominent producers of sugar in Europe has announced that they are planning to close down sugar production plants and also reduce their production volumes by up to around 700,000 tonnes per year.
Major industry players profiled as part of the report are Cargill, Incorporated, Archer Daniels Midland Company, Raizen SA, Sudzucker, Tereos, Nordzucker AG, Tongaat Hulett Group, and Illovo Sugar (Pty) Ltd. among others.
The global sugar market has been analyzed through the following segments:
Confectionary and Bakery
Middle East and Africa