Global Sugar Market, Size, Share, Forecast 2022-2027, Industry Trends, Growth, Outlook, Impact of COVID-19, Opportunity Company Analysis
Global Sugar Market will reach USD 76.62 Billion in 2027. In its broadest sense, sugar is a sweet crystalline material made from sugar cane and sugar beet. Sugar production (cane or beet) is likewise capital demanding, necessitating large-scale operations to remain competitive. Soft drinks, sweetened beverages, convenience foods, fast food, sweets, confectionery, baked goods, and other sweetened foods are all made using sugar. Sugar is also employed in the rum distilling process. Furthermore, sugar is a high-profile commodity in the world's major producing countries, both politically and commercially.
Worldwide Sugar Market Size was USD 67.59 Billion in 2021
The sugar industry, which is on the rise, encompasses the production, processing, and marketing of sugars (principally saccharose and fructose). In recent years, sugar prices are projected to be supported by continuously rising crude oil prices and decreased global output. However, massive stocks, strong products in the current season and near-stagnant domestic demand will limit price increases. Moreover, sugar's ground-breaking application has many uses in the pharmaceutical and beauty industries. Additionally, it is used to manufacture antibiotics and cough syrups in the pharmaceutical industry. On the other hand, it is employed in creating scrubs because of its exfoliating capabilities in the skincare industry.
Critical Consumers and the Policies that Supports the Global Sugar Industry:
A small number of powerful consuming countries dominate global sugar production and commerce. The top 10 consumers are India, European Union, China, the United States, Brazil, Indonesia, Russia, Pakistan, Mexico, and Egypt in our analysis. Although the sugar market in industrialized economies such as India, the European Union, and China remains saturated, they show signs of constant growth in emerging markets. Moreover, as sugar-based products are in high demand in growing economies like India, the European Union, and China, the market is also expanding due to increasing disposable incomes, urbanization, and changing eating patterns.
COVID-19 Wreaked Havoc on the Global Sugar Industry:
The sugar business, which is a significant contributor to national economies worldwide, has experienced numerous obstacles throughout its history. The most recent threat has been modeled by the increasing pandemic coronavirus (COVID-19), which affected sugar sector stakeholders and their integrated businesses worldwide. The spillover effects harmed the entire value chain of the global sugar sector, including sugarcane, sugar, molasses, ethanol, and their subsequent marketing and export relating to the slow growth of the market in 2020. However, with the normalization of the COVID-19 situation, the slight setbacks of COVID-19 on the sugar business around the world are reversing. According to Renub Research, Global Sugar Market is expected to expand at a CAGR of 2.1% during 2021-2027 post recovery from the COVID-19 situation.
Production Support Policies and Subsidies in the Sugar Industry around the World:
According to our analysis, global producers include Brazil, India, European Union, Thailand, China, the United States, Russia, Mexico, Pakistan, and Australia. As per our analysis, Brazil, India, and the European Union are the top three producing countries. These countries have responded by implementing a complex set of policies and subsidies to boost local output. These measures, taken together, have a significant distorting influence on the global sugar market. Indeed, government sugar policies in a few countries, most notably Brazil, Thailand, and India, have a significant impact on the worldwide sugar market's supply-demand balance and, as a result, the trading price level. As a result, the sugar business is not a regular clearing market and hence cannot be utilized as a long-term 'benchmark' for developing sugar sector policies and plans.
Trolling News about the Sugar Industry in 2021:
According to The Hindu Business line, Sugar prices soared in 2019-20 due to significantly lower output from India, the EU, and Thailand. Despite this, due to Covid-led delays and lockdowns, prices plummeted by more than 30% between February and April 2020. In addition, despite unfavourable weather in Brazil and Thailand and a reduction in European output, India is focused on producing a record amount of sugar in the 2020-21 sugar season. Furthermore, in a global production deficit, sugar prices in India are projected to remain stable, but substantial carry-over stocks may limit price increases.
Renub Research new report titled “Global Sugar Market & Volume by Consumption (India, European Union, China, United States, Brazil, Indonesia, Russia, Pakistan, Mexico, Egypt, Other), Production (Brazil, India, European-Union, Thailand, China, United States, Russia, Mexico, Pakistan, Australia, Other), Import (Indonesia, China, United States, Bangladesh, Algeria, Malaysia, United Arab Emirates, European Union, South Korea, Nigeria), Export (Brazil, Thailand, India, Australia, Guatemala, Mexico, European Union, South Africa, Russia, Colombia), Company Analysis (Archer Daniels Midland, Tate and Lyle, General Mills, Inc., MGP Ingredients Inc. and Kerry Group)"" provides a detailed analysis of Global Sugar Industry.
Consuming Countries – Market & Volume breakup from 11 Countries:
2. European Union
4. United States
Producing Countries - Volume breakup from 11 Countries:
6. United States
Importing Countries - Volume breakup from 10 Countries:
3. United States
7. United Arab Emirates
8. European Union
9. South Korea
Exporting Countries - Volume breakup from 10 Countries:
7. European Union
8. South Africa
All Key Players has been covered with 3 viewpoints:
1. Archer Daniels Midland
2. Tate and Lyle
3. General Mills, Inc.
4. MGP Ingredients Inc.
5. Kerry Group
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