A comprehensive overview of the global Industrial Sugar market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the industrial sugar market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels. The global Industrial Sugar market is likely to showcase a robust growth of around ~6% during the forecast period (2021-2027).
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Market Overview
A rise in per-capita consumption of sugar is contributing to the growth of industrial sugar. Moreover, the demand is expected to increase over the next decade as a result of income gains and urbanization in developing countries. As per Industrial Sugar Organization (ISO), Between 2001 and 2018, world sugar consumption increased from 123.454 mln tonnes to 172.441 mln tonnes, the equivalent to average annual growth of 2.01%. However, the second half of the current decade has seen a considerable deceleration in world sugar consumption growth to less than 0.84% per annum (average for 2016-2018), while no growth has been for 2018. Sugar consumption in Asia is foreseen to grow the most and to represent more than half of global consumption by 2030, reflecting higher demand in sugar-rich confectionery products and soft drinks. In Africa, the increase in consumption is expected to be driven by population growth but consumption is projected to remain at levels well below those in Asia.
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COVID-19 Impact
Durging the COVID-19 pandemic, the demand for industrial sugar was highly impacted owing to the emerging concerns related to health among consumers. Moreover, the nationwide lockdowns and restrictions over the supply of ingredients to food processing companies significantly impacted sugar consumption during 2020. Furthermore, the price of industrial sugar considerably declined due to the lower demand, which in turn reduced the market value. However, as restriction measures were lifted after the pandemic, the restaurants have reopened, and the supply chain of the market is also back on track, resuming market growth. The sales of products are expected to increase at a steady rate over the forecasted period owing to the growing demand for processed food and beverages and rising away from home consumption
The global Industrial Sugar market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By application, the market is primarily bifurcated into:
• Dairy
• Bakery & Confectionery
• Beverages
• Pharmaceuticals
• Other Food Items
Based on application, the market is classified into Dairy, bakery & confectionery, beverages, pharmaceuticals, and other food items. the beverage segment grabbed a considerable market share in 2020. Sugar is a vital component of many of the beverages that has been consumed on daily basis. Its presence is both functional and provides flavor, ensuring drinks retain their distinct tastes and characteristics alongside maximum shelf life.
By source, the market is primarily bifurcated into:
• Cane Sugar
• Beet Sugar
Based on the source, the market is categorized into cane sugar and beet sugar. The cane sugar segment grab the major market share and dominated the market in 2020. Sugarcane is a crop primarily grown in tropical countries and has the notable quality of serving as both a food and a fuel source along with supplying 86% of the world’s sugar.
For a better understanding of the market adoption of the Industrial Sugar industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. North America is expected to witness the highest CAGR during the forecast period. A growth in sugar production coupled with the surging demand from the bakery and confectionery in the counties such as the United States and Canada is contributing to the growing market of industrial sugar. As per USDA, Sugar production in the United States and Mexico is expected to be flat in Marketing Year (MY) 2021/22 at 14.6 million tons.
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The major players targeting the market include:
• Al Dahra ACX Global Inc.
• Alfalfa Monegros SL
• Anderson Hay & Grain Inc.
• Bailey Farms
• Border Valley
• Standlee Premium Products, LLC
• Cubeit Hay Company
• Glenvar Hay
• Green Prairie International
• Grupo Osés
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global industrial sugar market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the global industrial sugar market?
· Which factors are influencing the global industrial sugar market over the forecast period?
· What are the global challenges, threats, and risks in the global industrial sugar market?
· Which factors are propelling and restraining the global industrial sugar market?
· What are the demanding global regions of the global industrial sugar market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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