BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India branded sugar market size at USD 787 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects India branded sugar market size is projected to grow at an impressive CAGR of 9.5% reaching a value of USD 1,472.12 million by 2029. Increasing consumer awareness about branded sugar among the country's urban and rural populations is the main factor fueling the market growth. Also, the country's market for branded sugar is expected to grow as a result of a growth in industry participants' use of e-commerce platforms. Increasing product innovation, rising disposable income, and rising urbanization. Due to increasing purchasing power and government initiatives, the market for branded sugar in India is expected to grow during the period in analysis.
India Branded Sugar Market - Overview
Branded sugar is becoming more popular among consumers, as it is thought to be cleaner than loose sugar on the market. Improved advertising and promotional schemes by the market players, which influence consumer purchasing behavior to a greater extent, are another major factor driving demand for branded sugar in India.
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India Branded Sugar Market – By Product
India branded sugar market by product is segmented into White Crystal Sugar, Brown Sugar, Sugar Lite, Sachets - White & Brown Sugar, and others. The white crystal sugar segment is expected to hold the highest revenue market share and dominate the market sector in the coming years, due to its historical popularity and widespread use among the population. Also, the growth of India's branded sugar market will be actively aided by rising disposable income and consumption, and consumers' growing preference for home-cooked sweets.
Impact of COVID-19 on India Branded Sugar Market
Brand sugar producers are using more environmentally friendly production methods. Notwithstanding the COVID-19 pandemic, sugar production services continued to be provided normally. For instance, despite the pandemic, Renuka Sugars doubled refinery output and over 30% expanded the size of two distilleries. Contrarily, a fall in consumer demand brought on by a reduction in sugar consumption had a minor impact on sugar sales. The COVID-19 outbreak has made healthy living more prevalent among consumers. In the current pandemic crisis, where everyone's health and immunity are their top priorities, a balanced diet with less sugar has become even more vital, hurting sales of branded sugar.
Competitive Landscape
India branded sugar market is fiercely competitive. Prominent players in the market include Shree Renuka Sugars Ltd, Dhampur Sugar Mills Ltd, Uttam Sugar Mills Limited (Uttam Sugar, Triveni Engineering & Industries Ltd., Simbhaoli Sugars Limited, E.I.D. - Parry Limited, Mawana Foods Pvt. Ltd., DCM Shriram Industries Ltd., Dhanraj Sugars Private Limited, SNJ Group, and Dwarikesh Sugar Industries Limited. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in India branded sugar market.
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