- White sugar is the most popular product, holding the largest market share.
- At present, food and beverage currently represent the largest end use industry.
- Brazil currently represents the largest producer of sugar, which contributes to a significant share in the national GDP.
Sugar, also known as table sugar or sucrose, is a disaccharide that consists of glucose and fructose molecules and has the molecular formula C12H22O11. It is the generalized name for sweet, short-chain, soluble carbohydrates, many of which are used in food. Sugar is a type of soluble carbohydrate that provides energy and gets easily digested and absorbed by the body. It is used to sweeten, preserve, and improve the functional attributes of foods and beverages, including color, texture, viscosity and browning capability. According to IMARC Group, the global sugar market size reached 187.9 Million Tons in 2018.
Sugar is consumed across all socioeconomic age groups on account of its economic nature and easy availability. It has also been universally accepted across the food industry as it helps to balance acidity, add bulk or prevent spoilage. It also acts as a preservative, where it inhibits the growth of microorganisms and is also used to hold moisture, prevent staleness, enhance texture and color, and prevent large ice crystals from forming in frozen sweet mixtures.
Besides this, in cosmetics and personal care products, sugar is used in numerous products, including body and hand preparations, bath products, soaps and detergents, depilatories, cleansing products, eye makeup, foundations, hair care products, suntan products and oral hygiene products. Along with this, sugar is useful in treating wounds and severe burns as it restricts microbial growth while providing nourishment to the tissues. Also, it is utilized in pharmaceutical tablets as a diluent, binder and protective layer, and in cough syrups as a result of its bodying and solubility effects.
Owing to its extensive usage in these industries, the sugar market is projected to reach a volume of 199.6 Million Tons by 2024, expanding at a CAGR of nearly 1% during 2019-2024.
White sugar Exhibits a Clear Dominance
Based on the type, white sugar is the most popular product, holding the largest market share. White sugar is the crystallized sucrose extracted from either sugarcane or sugar beets. Other significant types include brown and liquid sugar.
Food and beverage industry: The Largest End User
The market has been segregated on the basis of the end use into the food and beverage, pharma and personal care, and household sectors. At present, food and beverage currently represent the largest end use industry. In addition to imparting sweetness, sugar aids in extending the shelf life and enhancing the texture, tenderness, appearance, flavor and taste of the food products.
Sugarcane: The Leading Source for Sugar Production
The market has been categorized based on the source into sugarcane, sugar beet and others. At present, sugarcane exhibits a clear dominance in the market. It is a subtropical grass cultivated for its juice from which sugar is processed. Other than offering sugar, sugarcane also provides molasses and bagasse, which are regarded as some of the most efficient and significant sources of biomass for biofuel production.
Brazil holds the leading position in the market
Brazil currently represents the largest producer of sugar, which contributes to a significant share in the national GDP. Sugar is principally produced from sugarcane in two distinct regions – the Centre-South region and the North-Northeast region. The Centre-South region accounts for the major part of the sugar produced in Brazil as a result of favorable climatic and historical conditions. Other major regions include India, the United States, European Union, China, and Thailand.
The competitive landscape of the industry has been analyzed in the sugar market report with some of the key players being Suedzucker AG, Tereos France, Cosan S/A Indústria E Comércio, Mitr Phol Sugar Corporation, Ltd., Associated British Foods PLC, Nordzucker AG, Biosev SA (Louis-Dreyfus), Wilmar International Limited and Thai Roong Ruang Group.