Global Sugar Market Trends, Key Players, Product Scope, Growth Rate Outlook, Challenge and Forecast to 2023

The global sugar market is currently witnessing a positive growth. This can be highly accredited to the factors such as thriving food & beverage industry, expanding non-food applications as well as a strong demand from emerging regions.

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Sugar, also known as sucrose, refers to a type of disaccharide made from the combination of the monosaccharides glucose and fructose. Sugar is a fine, colourless, odourless crystalline powder with a pleasing and sweet taste. In addition to this, it is not only present naturally within fruits but can also be produced commercially. Further, sugar is highly regarded across various industries for its distinct properties which include. A new research report title “Sugar Market: Global Industry Trends, share, Size, Growth, Opportunity and Forecast 2018-2023” by IMARC Group estimates that the market was worth 185 Million Tons in 2017. The report further anticipates the market to reach approximately 198 Million Tons by 2023, at a projected CAGR of 1.1% over the forecast period.

Market Drivers/Constraints:

* Sugar helps to enhance texture, controls moisture and acts as a preservative due to which it is extensively used in the food and beverage industry. This represents one of the primary factors which is stimulating the growth of the global sugar market.

* Expanding non-food applications across various sectors such as pharmaceuticals, cosmetics, bioplastic, etc. is another factor which is contributing to the market growth. In pharmaceuticals, sugar is used in tablets and cough syrups whereas in cosmetics, it is utilised as an organic exfoliant.

* Some of the other forces that have been proactive in maintaining the demand for sugar include surging population, elevating incomes, urbanisation, improving standards of living, flourishing end-use industries and a strong demand from emerging economies.

* However, the confluence of health-conscious consumer base and the availability of substitutes, such as stevia and aspartame, acts as major hindrance for the market growth.

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Global Sugar Market Segmentation:

Breakup by Product Type:

1. White Sugar

2. Brown Sugar

3. Liquid Sugar

On the basis of type, the market has been segmented as white sugar, brown sugar and liquid sugar. At present, white sugar accounts for the majority of the market share.

Breakup by Form:

1. Granulated Sugar

2. Powdered Sugar

3. Syrup Sugar

Based on form, the market is divided into granulated sugar, powdered sugar and syrup sugar. Amongst these, granulate sugar represents the biggest segment followed by powdered and syrup sugar.

Breakup by Application:

1. Dairy

2. Bakery

3. Confectionery

4. Beverage

5. Canned & Frozen Foods

6. Pharmaceutical

7. Other Food Items

On the basis of application, the market finds varied applications in dairy, bakery, confectionery, beverage, canned and frozen foods, pharmaceutical and other food items. Currently, confectionery holds the largest market share.

Breakup by Source:

1. Cane Sugar

2. Beet Sugar

Based on source, cane sugar accounts for the majority of the market share, which is followed by beet sugar.

Market Breakup by Region:

1. Brazil

2. India

3. United States

4. European Union

5. China

6. Thailand

7. Others

On a geographical front, Brazil enjoys a leading position in the global sugar market. The sugar industry represents a vital part of the Brazilian economy and accounts for a valuable share in the national GDP. Besides this, Central-South region of Brazil produces a major part of sugar due to favourable climatic conditions. Brazil is followed by India, United States, European Union, China and Thailand and others.

Competitive Landscape:

The market is highly fragmented in nature with the presence of several regional as well as large manufacturers who are competing in terms of prices and quality. There prevails a rigid competition in the market which makes it difficult for small players to enter. Some of the leading players operating in the market are Suedzucker AG, Tereos, Cosan, Mitr Phol Sugar Corporation., Ltd., Associated British Foods, Nordzucker AG, Biosev (Louis-Dreyfus), Wilmar International Limited, Thai Roong Ruang Group.

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This release was published on openPR.