The global industrial sugar market is estimated to reach USD 54.91 Billion by 2023, growing at a CAGR of 5.92% during 2016 to 2023. Sugar is available in different types, forms. It can also be classified on basis of its application. It can also be classified from source sugar is produced. Sugar is one of the important product that has produced and consumed around the world, and the total production of sugar was 175.1 million metric tons in 2016. 65% of the sugar is produced and consumed in domestic markets and only 35% is exported in the international markets.
On the basis of type, it is categorized in three types in which white sugar is the largest and fastest growing market as it is the most common type of industrial sugar used globally. Factors such as growing demand for confectionery products, growing retail market and expansion of product portfolio are driving factor for the increase in demand for industrial sugar globally. Changing customer preferences about different products has led to increase in the consumption of different food and beverage products globally consumed.
On the basis of its source, cane sugar is projected to grow at a significant rate during the forecast period. Sugar cane production is higher than sugar beet production, globally, as all the major developing countries are involved in the manufacturing of cane sugar.
On the basis of application, the industrial sugar market is segmented into industries such as dairy, bakery, confectionery, beverage, canned & frozen foods, and other food items. Confectionery is the largest and fastest growing segment during the forecast period due to its use in a wide variety of applications and consumption of confectionery products such as marmalade, chewing gum, sweets, candied nuts, chocolates, and chewing gum. The growing population and technological advancements in developing countries are expected to contribute extensively towards the growth of the global industrial sugar market.
On the basis of form, the granulated form is the most extensive type of industrial sugar used globally. This crystallized form of sugar is also used as a preservative for different end-use applications such as candied fruits, jams, and marmalades; thereby, increasing its functionality and driving its consumption.
Brazil, India and China are the largest producer of sugar with Brazil leading the tally with approximately 24% share. Higher industrial sugar production in this region is attributed to the tropical climate favorable for sugarcane crop production. Growing importance of alternative sweeteners globally enhanced sweeteners market and is one of the restraints that could hinder the growth of industrial sugar market.
Acquisitions and mergers are the key strategies adopted by the established market players to ensure their growth. Major players in the market include Cargill Incorporated (U.S.), Archer Daniel Midland (U.S.), Raizen SA (Brazil), and Sudzucker AG (Germany), and Tereos (France), shree renuka sugar (India).