The global industrial sugar market size is expected to expand at a notable pace owing to the increased sugar production in developing economies, observes Fortune Business Insights™ in its report, titled “Industrial Sugar Market, 2022-2029”. According to projections released by the Organization for Economic Cooperation and Development (OECD) and the Food and Agriculture Organization (FAO), over the next decade, 83% of the rise in sugar production will be witnessed in the developing economies of Asia, Africa, and South America. In terms of numbers, major increases are expected in India, China, Brazil, Thailand, and the European Union (EU), with Brazil leading the charge.
Industrial sugar is an essential part of the processed food industry and this refined sugar is extensively utilized as a sweetening agent for several confectionery items and dessert food & beverage products. Moreover, the incorporation of industrially produced sugar also enables the lowering of the freezing point of any perishable, thus allowing it to retain its taste and texture for a longer period of time.
Market Segments
Based on source, the market is divided into cane sugar and beet sugar. On the basis of type, the market segments include white sugar, brown sugar, and liquid sugar. By form, the market has been categorized into granulated, powdered, and syrup. On the basis of application, the market has been clubbed into bakery, confectionery, beverage, dairy processed products, and others. In terms of region, the market has been segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
What Does the Report Offer?
The report provides a holistic evaluation of all market segments and an in-depth analysis of the market drivers, trends, restraints, and opportunities. Further, the report contains tangible insights into the regional dynamics shaping the market, as well as highlights and examines the key market players’ profiles and strategies.
Restrained Sugar Consumption amid COVID to Hinder Market Growth
The industrial sugar market growth is likely to get obstructed amid the COVID-19 pandemic as the disease is known to take an aggravated form in people with comorbidities, such as diabetes and obesity. The excessive intake of sugary foods and beverages, especially in urban areas, has escalated the prevalence of such lifestyle-based conditions. The outbreak of the coronavirus worsened the effects of these disorders and health authorities are now urging people to reduce their sugar consumption. For example, in September 2020, a federal committee in the US recommended that Americans should lower their industrial sugar consumption from the current guideline of 10% to 6%, in an attempt to limit the incidence of obesity among the populace. The sudden resurgence of health consciousness and growing awareness about the harmful effects of refined sugar during the pandemic are anticipated to restrict the growth of this market.
Regional Insights
High Consumption of Processed Sugar to Feed Market Growth in North America
Among regions, North America is expected to dominate the industrial sugar market share owing to the extensive consumption of processed sugar products in the US and Canada. Consumers in these two countries are known for their taste of foods and beverages with refined sugar, which has created immense opportunities for market players.
The market in Brazil will be mainly driven by the rising sugar production in Brazil, which produces nearly 20% of sugar in the world. In Asia Pacific, the expanding cultivation of sugarcane, which is the main source of industrial sugar in India and China, will accelerate the growth of the regional market.
Competitive Landscape
Key Players to Eye Operational Diversification Opportunities
Top entities in this market are constantly exploring avenues to diversify their operations across geographies and bolster their global market position. With the demand for industrial sugar widening steadily, key market players are also entering into exciting ventures with regional companies to establish their foothold in emerging economies.
Industry Development:
- June 2020: Tereos Sugar & Energy Brazil announced the closure and disbursement of the first-of-its-kind sustainability-linked loan of USD 105 million. The credit facility is meant to deepen Tereos’ presence in the Brazilian sugar and ethanol industry and advance sustainability in the sector.
List of Key Players Covered in the Industrial Sugar Market Report:
- Wilmar International
- American Crystal Sugar Company
- Imperial Sugar Company
- Mitr Phol Group
- Cosan
- Suedzucker AG
- Louis Dreyfus Holding B.V.
- Rogers Sugar Inc.
- Cargill Incorporated
- Associated British Foods
- Tereos S.A.
Browse Summary
https://www.fortunebusinessinsights.com/industrial-sugar-market-102462
