The sugar market is expected to grow at a CAGR of 2.59% from US$61.264 billion in 2021 to US$73.279 billion in 2028.

NOIDA, UTTAR PARDESH, INDIA, January 3, 2024 /EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the sugar market is projected to grow at a CAGR of 2.59% between 2021 and 2028 to reach US$73.279 billion by 2028.

One of the key growth drivers to propel the global sugar market is the increasing consumption of confectionery and processed products, which are fuelled by the increasing growth in the global population, rise in urbanization and the increase in net national income. Sugar consumption is expected to increase due to the increase in processed products and confectionery items, which contain sugar content to some extent in the form of sweeteners and others. As per the World Health Organization, over 55% of the world's population is urbanized and is expected to increase to 68% by 2050. This can be linked to factors such as increasing population in the urban areas and also an increase in net national income. As per the data from the World Bank, the adjusted net national income of the world has shown an increase from US$8,770 in 2020 to US$9,748 in 2021. As the net national income is expected to increase, it will increase the urbanization rate, which will provide the necessary fuel for the growth of the global sugar market.

There are many product launches and developments that are taking place in the global sugar market. For instance, in March 2021, Dalmia Bharat Sugar and Industries Ltd. (DBSIL) entered the B2C segment with the launch of packaged sugar, which was dubbed Dalmia Utsav. This launch was with the focus of their vision to expand its reach to the consumers and launched sulphur-free white crystal sugar and natural brown sugar in branded packages across different states in India, which include Delhi/NCR, Uttarakhand, Punjab, Uttar Pradesh, Jammu & Kashmir, Madhya Pradesh, Rajasthan, Chandigarh, Bihar and West Bengal. Releases such as these will provide the necessary fuel for the growth of the global sugar market.

Access sample report or view details: https://www.knowledge-sourcing.com/report/global-sugar-market

The global sugar market, based on product type, is categorized into three types- granular, powder, and liquid. Granulated sugar, also known as refined sugar, is a type used for baking and cooking. It is granulated from a sugarcane plant and is 100% sucrose.

The global sugar market, based on application, is categorized into five types- dairy, beverages, confectionery & bakery, processed food, and others. The most common usage of sugar is in dairy and beverages, where sugars like sucrose are added for sweetening, colouring, creating texture or providing bulk. Well-known examples of the usage of sugar are in Coca-Cola drinks and flavoured fruit yoghurts.

The United States of America is expected to witness significant growth in the global sugar market during the forecasted period. The United States is known to be one of the largest sugar producers in the world. The United States has the largest and well-developed industries for the production of sugar beets and sugarcane. As per Healthy Food America, the typical American consumes at least 17 teaspoons of added sugars per day, which is around 50% more than the recommended dosage by the Dietary Guideline for Americans (DGA) and the World Health Organisation (WHO). Also, as per the United States Department of Agriculture (USDA), global production of sugar is estimated to be 8.2 million tons year-over-year, with U.S. production to be an estimated 8.4 million tons flat. As the production and consumption of sugar is expected to increase at a steady pace, it will fuel the growth of the global sugar market during the forecasted period.

The research includes several key players from the global sugar market, such as Cargill, Incorporated, Archer Daniels Midland, Sudzucker AG, Raizan SA, Tereos, Tongaat Hulett Group, Nordzucker Holding AG, Illovo Sugar (Pty) Ltd (Associated British Foods Plc.), E.I.D Parry Limited (Murugappa Group), Dangote Group, and Shree Renuka Sugars Ltd. (Wilmar Sugar Holdings).

The market analytics report segments the sugar market using the following criteria:

• By Product Type:

o Granular
o Powder
o Liquid

• By Application:

o Dairy
o Beverages
o Confectionary & Bakery
o Processed Food
o Others

• By Geography:

o North America

• United States
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Colombia
• Venezuela
• Ecuador
• Peru
• Others

o Europe

• Austria
• Belgium
• Bulgaria
• Czech Republic
• Denmark
• Finland
• France
• Germany
• Hungary
• Ireland
• Italy
• Netherlands
• Poland
• Portugal
• Romania
• Russia
• Slovakia
• Slovenia
• Spain
• Sweden
• UK

o Middle East and Africa

• Saudi Arabia
• Israel
• UAE
• Turkey
• Morocco
• Ethiopia
• Algeria
• Egypt
• Others

o Asia Pacific

• China
• India
• Japan
• South Korea
• Australia
• Philippines
• Indonesia
• Vietnam
• Malaysia
• Thailand

Companies Mentioned:

• Cargill, Incorporated
• Archer Daniels Midland
• Raizan SA
• Sudzucker AG
• Tereos
• Nordzucker Holding AG
• Tongaat Hulett Group
• Illovo Sugar (Pty) Ltd (Associated British Foods Plc.)
• Dangote Group
• E.I.D Parry Limited (Murugappa Group)
• Shree Renuka Sugars Ltd. (Wilmar Sugar Holdings)

Explore More Reports:

• Sugar-Free Food Market: https://www.knowledge-sourcing.com/report/sugar-free-food-market
• Artificial Sweetener Market: https://www.knowledge-sourcing.com/report/global-artificial-sweetener-market
• Sugar Polyols Market: https://www.knowledge-sourcing.com/report/sugar-polyols-market

Ankit Mishra
Knowledge Sourcing Intelligence LLP
+1 850-250-1698
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