ID: MRFR/F-B & N/1750-HCR | February 2021 | Region: Global | 110 pages
Market Scenario The global industrial sugar market is expected to garner a revenue of USD 60 billion by 2024, with a CAGR of approximately 5.5% during the forecast period, 2019–2024. The major determinants driving the growth of the market for industrial sugar are the rising importance of sugar in international trade and the importance of sugar in various application industries to add value to the final product. Increasing production of sugar cane and sugar beet, to meet the rising global demand for sugar is also driving the market growth of industrial sugar. Additionally, increasing government initiatives to promote sugar production by providing subsidies or removing sugar production quotas is also catalyzing market growth. However, the rising health concerns among the global populace has led to shift in demand for alternative sweeteners or sugar substitutes in the application industries, due to which the global industrial sugar market is witnessing hurdles in its growth. Manufacturers of sugar for industrial applications are facing challenges in their growth due to the fluctuating prices of raw materials and continually changing climatic conditions, disrupting the supply of raw materials such as sugarcane and sugar beet. Market players are expected to witness lucrative opportunities during the forecast period owing to the implementation of preferential trade agreements and increasing government support. Segmentation The global industrial sugar market has been segmented based on type, source, form, application, and region. By type, the global industrial sugar market has been divided into brown sugar and white sugar. The global industrial sugar market has also been segregated, based on source, into sugarcane, sugar beet, and others. Based on form, the market is segregated into, granules, powder, and syrup. By application, the global industrial sugar market has been classified into food & beverages, pharmaceuticals, and others. The food & beverages segment is further classified into dairy & frozen desserts, bakery & confectionery, beverages, and others. The global industrial sugar market has been studied with regard to four key regions—North America, Europe, Asia-Pacific, and the rest of the world. The North American industrial sugar market has further been segmented into the US, Canada, and Mexico. The European industrial sugar market has been classified as the UK, Germany, France, Italy, Spain, and the rest of Europe. The industrial sugar market in Asia-Pacific has been segmented into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific. The industrial sugar market in the rest of the world has been segmented into South America, the Middle East, and Africa. Key Players Sudzucker Group (Germany), British Sugar (UK), Tereos (France), Cargill (US), Rogers Sugar Inc (Canada), Michigan Sugar (US), Imperial Sugar Company (US), Guangxi Guitang Group Co., Ltd (China), Rizhao Lingyunhai Sugar Group (China), COFCO Tunhe Co., Ltd. (China), Guangxi Fengtang Biochemistry Co., Ltd. (China), Guangxi Funan East Asia Sugar Co., Ltd (China), Bannari Amman Sugars Limited (India), Rajshree Sugars (India), Rana Sugars (India), Shree Renuka Sugars (India), Upper Ganges Sugar & Industries (India), Bajaj Hindustan Limited (India), and Guangxi Guitang Group Co., Ltd (US) are some of the key players in the global industrial sugar market. Regional Market Summary Asia-Pacific is expected to dominate the industrial sugar market throughout the review period due to the high consumption of sugar in various application industries in the region. India is the most prominent market in the industrial sugar market due to the significant production and consumption of sugar in the nation. Additionally, rapid urbanization, growth of application industries in the region, and the growing presence of market players are also catalyzing the regional market growth. Owing to these factors, the region is also expected to register the highest CAGR during the forecast period, 2019–2024. Global Industrial Sugar Market, by Type
Frequently Asked Questions (FAQ) :
Industrial sugar market is projected to grow at a 5.5% CAGR between 2019-2024.
The Asia Pacific is expected to dominate the industrial sugar market.
Industrial sugar market is predicted to touch USD 60 billion by 2024.
Industrial sugar is widely used in pharmaceuticals, food and beverage, and other sectors.
Availability of substitutes may limit the industrial sugar market growth.