ID: MRFR/F-B & N/1750-HCR | February 2021 | Region: Global | 110 pages
Sugar is the most common cooking ingredient that is found in every household across the globe irrespective of the eating habits of people. Industrial Sugar may include sweeteners that are extensively used in households, bakery shops, restaurants and caterers, the beverage industry as well as the pharmaceutical sector. Nowadays, it is also being popularly traded in the international market. There are many kinds of industrial sugars available in the market and the most readily used are table sugar or granulated sugar. These are used as food additives or sweeteners in various dishes and beverages.
The Industrial Sugar Market Share is anticipated to increase at a faster rate in the coming future. The Market Size will rise with a CAGR of 5.5 % throughout the forecasted period, that is, from 2019 to 2024. It is anticipated to touch a total of USD 60 Billion by the end of the year 2024.
COVID 19 Analysis
People across the globe are being affected by Coronavirus, the global pandemic. It has negatively impacted the operations of all the industries, except for the pharmaceutical industry. There has been a complete lockdown situation in almost every part of the world and people are forced to stay at their homes. Every nation has sealed their borders which mean no international travel will be possible shortly. The businesses are also being shut down and many people were laid off from their workplaces. This has affected the Industrial Sugar Market Growth as well.
It is being anticipated that post the Covid19 situation, Industrial Sugar Market Share will grow tremendously. The growth in global agricultural production of sugarcane and sugar beet has increased the processing and production of sugar. Sugar has become a necessity for every household. But due to the complete lockdown situation, several companies have to start selling their products on e-commerce platforms to overcome the hindrance of selling and distribution in physical stores.
Industrial Sugar Market Dynamics
Demand for sugar is increasing rapidly at the international trade forefront. This is the major key driving factor responsible for Industrial Sugar industry growth. The boost in the production of sugarcane, as well as sugar beet, is providing more raw materials for processing Industrial sugar.
The government of every nation is taking active initiatives to increase the domestic production of Industrial Sugar in their respective regions. For this purpose, they are providing subsidies and allowances to the producers. The production quotas are also being removed to fasten the process of procuring Industrial Sugar.
There are many substitutes available for the processed sugar. Consumers have become health conscious and are shifting to natural sweeteners such as Stevia, and other organic-based products. This is hindering the growth of the Industrial Sugar market. Due to the extensive change in climatic conditions the availability as well as the quality of raw material also varies. This may disrupt the prices and supply of raw materials, such as sugarcane and sugar beet.
Value Chain Analysis
The demand for sugar is increasing by a large number of application industries, such as the food & beverage, and pharmaceutical industry. This has become the opportunity for the new entrants and well as for the existing ones. Sugar is extensively used in confectionery as well as bakery items as a flavor enhancer, sweetening agent, adding texture to the product, or acts as a preservative in several drinks. This is fueling the growth of its Industrial Sugar market.
Industrial Sugar Market Segmentation
According to the global Industrial Sugar Market Analysis, its market can be divided into various segments. These are based on type, based on source, based on form, and based on application.
Based on type
The basic two types of industrial sugar available in the market are brown sugar and white sugar. White sugar is the most widely used type, and hence, it holds the largest Industrial Sugar industry share.
Based on source
Industrial sugar is processed from two raw organically produced raw materials, that is, sugarcane and sugar beet. The rate of sugarcane production is higher than that of sugar beet, and therefore, the sugarcane segment holds the largest market share.
Based on form
The sugar or sweeteners are widely available in various forms such as granules, powder, and syrup. Granulated sugar is most extensively used in households, and thus, holds the largest market share.
Based in application
The various end-user industries that use industrial sugar include food & beverages, pharmaceuticals, dairy & frozen desserts, bakery & confectionery, canned & frozen foods, and others.
Industrial Sugar Market Regional Analysis
The Global Industrial Sugar Market Value is increasing rapidly. It is leaving a huge impression in every part of the world owing to its specialization and advancements. The regions of the operation of its Global market include regions of America, Europe, Asia-pacific, and the rest of the world.
American region includes the area of North America (the US and Canada) and Latin America, and it provides a large market for industrial sugar due to its high level of consumption.
The European region, which includes Germany, UK, France, Russia, and Italy, is also expanding and holds a large market share. This is because this region is the largest producer of sugar beet.
The Asia-Pacific region includes China, Japan, India, Australia, and South Korea, and it is growing tremendously throughout the forecasted period. These countries have the highest level of production and are also providing a promising market for industrial sugar. Rapid urbanization and industrialization are also increasing the growth of industrial sugar application industries.
The rest of the world, which includes the region of the Middle East and Africa, is growing at a slower but constant rate owing to the lower technological development and fewer government initiatives.
Industrial Sugar Market Competitive Landscape
The list of major Global Market Key Players is as follows:
These companies form joint ventures or come together in partnerships for certain projects, mergers, and acquisitions to make technological advancements. They strive to develop end-products and services that are unique, cost-effective, and proficient in working, and can deliver accurate solutions to the respective problems.
The various recent activities found in the Global Forecast are as follows:
Industrial Sugar Market Report Overview
This report about the global Industrial Sugar Market Trends includes the following elements:
This research report provides a comprehensive study about the global Market Outlook. It includes a thorough analysis of its market trends and the areas of new advancements. The growing retail market is also increasing the demand for sugar and relating products. The implementation of favorable trade agreements will boost the growth of the industrial sugar market.
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.