Sugar Industry 2022, Market Share, Size, Growth Rate and Price Forecast to 2027

Sugar Market Price Forecast

SHERIDAN, WYOMING, USA, Aug. 4, 2022 / — According to the latest report released by IMARC Group, “Sugar Market Price 2022: Industry Share, Size, Growth and Forecast to 2027”, that the market Global sugar reached a volume of 185 million tons in 2021. Looking ahead, IMARC Group expects the market to reach 206.6 million tons by 2027, posting a CAGR of 1.8 % in 2022-2027.

Impact of Covid-19:

We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.

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What is meant by the sugar industry?

Sugar is a sweet crystalline substance prepared from sugar cane and sugar beets. It is a rich source of carbohydrates which contain hydrogen, carbon and oxygen molecules and can be easily dissolved in water. It is widely used as a preservative and humectant to prevent the growth of yeasts, bacteria and molds on various food products. Currently, several key players are introducing the product in various forms including cube, powder, tablet, syrup, and granule to expand their product portfolio.

Sugar is used as an ingredient to improve the quality, aroma, flavor and texture of various food and drink products, such as cakes, chocolate, ice cream, bread, shakes, smoothies, juices , coffee, tea, muffins, croissants, pizza. , cookies and cakes. This, in conjunction with the booming food and beverage (F&B) industry, represents one of the major factors increasing the growth of the market globally. Sugar is used in cocktails and the emerging trend of cocktail culture, especially among millennials, is also contributing to the growth of the market. There is an increasing shift in consumer preferences towards ready-to-eat (RTE) food products due to rapid urbanization, improving income levels and busy lifestyles.

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Additionally, an increasing number of cafes and restaurants are using table sugar to enhance the consumer experience, which is driving the market. Additionally, increasing consumption of sugar owing to individuals’ awareness of its health benefits is supporting the growth of the market. Apart from this, sugar is used in face wash, lip balm, scrub, moisturizer, face mask, oil, cleanser, lotions, and cream. This, coupled with the increase in sales of personal care products and cosmetics due to the growing awareness of physical appearance, creates a positive outlook for the market.

Additionally, sugar is used in the pharmaceutical industry as an excipient in drugs. It can also be used as an antioxidant agent in the production of antibiotics and cough syrups. This, along with the increasing prevalence of chronic diseases, is driving the growth of the market. Moreover, due to the growing health awareness among the masses, there is a shift in consumer preference for brown sugar. This, in turn, positively influences the market. Furthermore, the easy availability of sugar and sugar substitutes in innovative packaging solutions, such as jars, lids and bottles, with attractive labels through e-commerce platforms, provides lucrative growth opportunities for investors in the sector operating around the world.

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