The Industrial Sugar Market Is Projected to Reach USD59.1bn by 2028
Research And Markets estimates the industrial sugar market will reach USD59.1bn by 2028 from USD46.4bn in 2023, at a CAGR of 5.0%.
The demand for industrial sugar is driven by the growth in the food and beverage industry, which accounts for the majority of sugar consumption. The increasing demand for convenience foods and beverages has led to an increase in the use of sugar as a sweetener and preservative. The pharmaceutical and chemical industries also use sugar as a raw material in the production of various products.
Moreover, the industrial sugar market is also influenced by the growing trend toward natural and organic food products, which has increased demand for organic sugar. Additionally, the market for alternative sweeteners, such as high-fructose corn syrup, is also impacting the demand for industrial sugar.
By type, white sugar is projected to be in high demand during the forecast period. Several factors, including the growing demand for processed foods and beverages and the increasing use of sugar in the pharmaceutical and personal care industries, drive the global market for white sugar. The market is also influenced by factors such as sugar prices, government regulations, and the availability of raw sugar.
Moreover, the raw sugar undergoes a refining process that removes impurities and produces a granulated, white product that is approximately 99.5% pure sucrose. This refined white sugar is commonly used in the food and beverage industry as a sweetener and in other industrial applications.
Asia Pacific will significantly contribute towards market growth during the forecast period. The industrial sugar market in the Asia Pacific region has been experiencing steady growth over the past few years. This growth can be attributed to the dominance of domestic food manufacturers, which is driving the adoption of food and beverages industry in the region.
Moreover, the food and beverage industry is the largest consumer of industrial sugar in the region, due to the high demand for sweeteners and other sugar-based ingredients in various food and beverage products. Additionally, the pharmaceutical and personal care industries are also driving the growth of the industrial sugar market in the region, as sugar is widely used in the production of medicines and cosmetic products.