Meticulous Research® has released a new market research report titled, "Industrial Sugar Market Size, Share, Forecast, Trends Analysis by Type (White, Liquid, Brown), Source (Sugarcane, Sugar Beet), Form (Granulated, Powdered, Syrup), Application (Food Beverage, Pharmaceutical, Personal Care) - Global Forecast to 2031." According to the report, the industrial sugar market is projected to reach $60.19 billion by 2031, growing at a CAGR of 3.0% from 2024 to 2031.
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Market Growth Drivers and Challenges
The growth of the industrial sugar market is primarily driven by the increasing consumption of processed food and beverage products, the rising demand for confectionery items, and the low cost and high availability of industrial sugar. Despite these drivers, the market faces challenges such as growing consumer preference for sugar substitutes, rising prevalence of chronic diseases like diabetes, and the imposition of sugar taxes in various countries.
Technological advancements in sugar processing and the increasing use of natural and organic sugar in the pharmaceutical and personal care industries present significant growth opportunities for market players. However, rising sugar production costs and fluctuations in raw material supply remain key challenges.
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Key Market Trends
The market is witnessing a notable trend towards the adoption of organic and clean-label products. This shift reflects consumers' increasing focus on health and sustainability.
Regional Insights
In 2024, Asia-Pacific is expected to dominate the industrial sugar market with a share of 34.5%, followed by North America and Europe. The region's dominance is attributed to high demand for processed foods and beverages, rapid urbanization, and significant sugar consumption.
Key Findings
- White Sugar is projected to register the highest CAGR during the forecast period due to rising demand for processed foods and increasing use in pharmaceuticals and personal care products.
- Sugarcane is expected to hold the largest market share of 79.1% in 2024 due to its high sucrose content and affordability.
- Granulated Sugar is anticipated to lead the market in 2024 due to its wide range of applications and ease of handling.
- Food Beverage will account for the largest market share of 75.0% in 2024, driven by the increasing demand for various food products, including confectionery and beverages.
- Asia-Pacific is poised to achieve the highest growth rate of 3.3% during the forecast period, supported by population growth and rapid urbanization.
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Key Market Players
The report includes a comprehensive assessment of leading market players, including Südzucker AG (Germany), Associated British Foods plc (U.K.), Rogers Sugar Inc. (Canada), Tereos Group (France), Cargill, Incorporated (U.S.), and others. The industrial sugar market has seen several product launches, partnerships, and collaborations in recent years.
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