Rockville, MD, July 16, 2024 (GLOBE NEWSWIRE) -- A newly published study by Fact.MR, a market research and competitive intelligence provider, reveals that worldwide demand for industrial sugar is analyzed to reach a market value of US$ 40.73 billion in 2024. The global industrial sugar market size has been forecasted to expand at a CAGR of 4.7% from 2024 to 2034.
The increasing number of health-conscious people across the world is leading to a higher demand for natural sweeteners compared to high-density and artificial sweeteners. As such, there is rising demand for industrial sugar that is manufactured from sugar beet and sugarcane, which is perceived to be one of the most popular natural sweetening options. More consumers are seeking clean-label food products that are free from chemicals and artificial additives. Simplicity and transparency in industrial sugar formulation procedures align well with the expanding trend of consuming organic products.
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There is a rapidly growing demand for soft drinks and sugary confectionery products in East Asia. This has resulted in the increased consumption of industrial sugar as one of the key ingredients that is used in these beverages.
Key Takeaway from Market Study
- The global industrial sugar market is projected to reach a value of US$ 64.48 billion by the end of 2034.
- Raw industrial sugar is projected to hold 82.9% of the global market revenue by 2034.
- East Asia is forecasted to capture 27% share of the global market by 2034-end.
- Worldwide demand for cane industrial sugar is approximated to increase at a CAGR of 4.6% and reach a market value of US$ 47.52 billion by the end of 2034.
- Sales of industrial sugar in South Korea are analyzed to rise at a CAGR of 5% from 2024 to 2034.
- The market in Japan is forecasted to expand at 4.7% CAGR through 2034.
“Companies should focus on the manufacturing of organic and natural industrial sugar with the use of sugar beet, sugarcane, or any plant-based source to make it more appealing to health-conscious consumers,” shares a Fact.MR analyst.
Rising Preference for Raw Industrial Sugar for its High Nutritional Value
Worldwide sales of raw industrial sugar are evaluated to rise at a CAGR of 4.6% and reach US$ 53.45 billion by the end of 2034. This sugar is not prepared at higher temperatures. Further, molasses is also not separated from it, thereby resulting in its high nutritional value, which is otherwise not present in refined sugar. Raw industrial sugar is produced organically and does not contain anti-caking or chemicals, making it a preferred choice among more end users.
Key Market Players Driving Innovation in the Industrial Sugar Market
Some of the leading manufacturers of industrial sugar, driving latest measures are Suedzucker AG, Crystal Sugar Company, Shree Renuka Sugars, Associated British Foods, E.I.D.-Parry (India) Ltd., Tereos International, American Crystal Sugar Company, Mitr Phol Sugar Corporation, Wilmar International, Louis Dreyfus Holding, Cargill Incorporated, Raizen Energia S.A., Nordzucker AG, Cosan S.A., and Tereos.
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Industrial Sugar Market Industry News
- Leading companies in the industrial sugar industry are actively pursuing growth strategies. This includes launching innovative new products, forming strategic partnerships, and collaborating with other industry players. Furthermore, significant investments in research and development (R&D) are fueling the introduction of novel sugar products, which is expected to generate new revenue streams.
- For example, Raizen, a prominent global sugar exporter from Brazil, partnered with ASR Group, a leading cane sugar refiner and marketer, in August 2022. This collaboration aims to establish specific standards for supplying sustainable raw cane sugar. Similarly, AI Khaleej Sugar announced the construction of a new sugar facility in Merida, Spain, in July 2021, demonstrating the industry's focus on expanding capacity.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the industrial sugar market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on product type (raw, refined, brown), source (cane, beet), and use (sweeteners, bakery products, confectionery, beverages, packaged foods, pharmaceuticals, other food & beverages), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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