Dublin, Sept. 04, 2024 (GLOBE NEWSWIRE) — The “Sugar Market Report, Forecast by Consuming Countries, Producing Countries, Importing Countries, Exporting Countries, Source, Form, Application, Company Analysis 2024-2032” report has been added to ResearchAndMarkets.com’s offering.
The Global Sugar Market will reach US$ 113.67 Billion by 2032, up from US$ 64.07 Billion in 2023, with a CAGR of 6.58% between 2024 and 2032
Since sugar is a necessary component of many food and beverage products, the world’s population is growing, which raises demand for the commodity. The market is growing mostly due to shifts in customer preferences for beverages and commodities with added sugar.
The development of biofuel from sugar crops, such sugarcane and sugar beets, increases demand for sugar even more. Increased sugar crop development for this particular purpose is occurring in places where biofuel mandates or incentives are in place, adding to the pressure on world demand.
The increased demand for sugar is a result of its widespread availability through a variety of distribution channels.
At the moment, sugar is widely available through a range of distribution channels, supporting the market’s expansion. Furthermore, sugar is inexpensive and abundantly available, providing comfort and convenience to people worldwide. Consequently, it is an essential product that is used frequently and is offered in a wide range of textures, sizes, and forms to satisfy a variety of consumers. In addition, the sector is developing as a result of the rise in sugar sales through online channels worldwide.
The increase in beverage consumption has a beneficial effect on sugar sales
Sugar is frequently added to a range of beverages to enhance their color and give them a sweet taste. It also aids in balancing acidity, adding viscosity or thickness, and enhancing palatability and shelf life in a variety of liquids. Furthermore, the global population’s increasing desire for a wide range of beverages, such as shakes, mojitos, cocktails, mocktails, energy drinks, sports drinks, and energy drinks, is supporting the growth of the sugar industry. In addition, the sector is growing as more sugar is routinely consumed by homes in their coffee and tea.
Asia Pacific Sugar Market
The market share of Asia Pacific is substantial. Some of the world’s major producers of sugar, such as China, Thailand, Indonesia, and India, are found in Asia Pacific. The region’s vast amount of arable land and ideal agroclimatic conditions make it ideal for growing sugarcane, the mainstay of the sugar business. Moreover, there is a strong demand for sugar as a basic ingredient in a variety of food and beverage items due to the region’s vast and expanding population, rising disposable incomes, and shifting dietary habits. The need for processed meals, sweetened beverages, confections, and bakery goods drives up sugar consumption in Asia Pacific markets.
Furthermore, the swift industrialization, urbanization, and economic growth of nations such as China and India have raised urban consumption and the need for convenience goods, in which sugar is a key ingredient as a preservative and sweetener. Moreover, the need for sugar-based chemicals in pharmaceuticals, cosmetics, and personal care products is fueled by the growing pharmaceutical and personal care sectors in Asia Pacific.
China’s sugar market is predicted to develop at the quickest rate. China’s population is so large and becoming so wealthy that there is a significant demand for sugar and items made with sugar. A growing number of people have the disposable income and population (over 1.4 billion) to purchase sweet snacks, candies, and beverages.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 320 |
| Forecast Period | 2023 – 2032 |
| Estimated Market Value (USD) in 2023 | $64.07 Billion |
| Forecasted Market Value (USD) by 2032 | $113.67 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
Key Players Analysis: Business Overview, Key Personnel, Recent Developments, Financial Insights
- Archer Daniels Midland
- Tate and Lyle
- General Mills, Inc.
- MGP Ingredients Inc.
- Kerry Group
- Sudzucker AG
- Tereos
- Cosan SA
Scope of the Report
Consuming Countries – Market breakup in 11 viewpoints:
- India
- European Union
- China
- United States
- Brazil
- Indonesia
- Pakistan
- Russia
- Mexico
- Thailand
- Others
Producing Countries – Volume breakup in 11 viewpoints:
- Brazil
- India
- European Union
- China
- Thailand
- United States
- Pakistan
- Russia
- Mexico
- Australia
- Others
Importing Countries – Volume breakup in 10 viewpoints:
- Indonesia
- China
- India
- European Union
- United States
- Malaysia
- Bangladesh
- Algeria
- Nigeria
- United Arab Emirates
Exporting Countries – Volume breakup in 10 viewpoints:
- Brazil
- Thailand
- India
- Australia
- Guatemala
- European Union
- Mexico
- South Africa
- Saudi Arabia
- Columbia
Source – Market breakup in 2 viewpoints:
Form – Market breakup in 3 viewpoints:
- Granulated Sugar
- Powdered Sugar
- Syrup Sugar
Application – Market breakup in 5 viewpoints:
- Beverage
- Confectionary
- Bakery
- Dairy Products
- Others
For more information about this report visit https://www.researchandmarkets.com/r/qt9xp5
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