According to the latest report by IMARC Group, titled “Sugar Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached 187.9 Million Tons in 2018. Sugar is a class of carbohydrate found naturally in most fruits and vegetables, milk and dairy products, malted drinks, and honey. Some of the most common types of sugar are sucrose, lactose, maltose, fructose and glucose. Sucrose, or table sugar, is the most popular type of sugar and is employed across various industry verticals. It is mostly used in the food and beverage industry to balance acidity, add bulk or prevent spoilage in addition to providing sweetness.
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Market Trends:
Sugar is consumed across all socioeconomic groups as it is more economical and readily available as compared to its substitutes. Besides this, it is an essential and versatile food ingredient which helps to prolong the shelf life of food items and delays the change of proteins to a semi-solid state. In addition to this, sugar acts as a preservative and anticoagulant which prevents the growth of bacteria, yeast and molds. Further, it finds applications in industries ranging from pharmaceutical, personal care to industrial and automotive. For instance, in beauty and cosmetics products, sugar is used for its exfoliating and moisturizing properties. While in the healthcare industry, it is utilized for coating, flavoring and enhancing the texture of medicines. In the industrial and agricultural sectors, sugar helps in making furfural, an organic compound useful in the production of cement, herbicides, adhesives and coatings. Continuous growth in these end use industries is expected to drive the demand for sugar worldwide. Looking forward, the market volume is projected to reach 199.6 Million Tons by 2024, registering a CAGR of nearly 1% during 2019-2024.
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Market Summary:
- Based on the type, white sugar is the most popular product, accounting for the majority of the total market share. Some of the other major product types include brown sugar and liquid sugar.
- The market has also been categorized based on the form into granulated, powdered and syrup sugar. Amongst these, granulate sugar represents the leading segment.
- On the basis of the end use sector, the market is divided into food and beverages, pharma and personal care, and household. The food and beverages sector currently dominates the market, holding the largest market share.
- Based on the source, the market has been segregated into sugar cane and sugar beet. At present, sugar cane enjoys the leading position in the market.
- Region-wise, Brazil exhibits a clear dominance in the global sugar market. Other major markets for sugar are India, United States, European Union, China and Thailand.
- The competitive landscape of the market has also been examined with some of the key players being Suedzucker AG, Tereos, Cosan, Mitr Phol Sugar Corporation., Ltd., Associated British Foods, Nordzucker AG, Biosev (Louis-Dreyfus), Wilmar International Limited and Thai Roong Ruang Group.
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