The Asia Pacific Industrial Sugar market is predicted to reach USD 17.45 billion in 2024 and USD 24.45 billion by 2029, growing at a CAGR of 6.98% during the forecast period.
Sugar is one of the most important commodities worldwide, as it is widely consumed in a variety of different foodstuffs. Sugar is considered one of the most important commodities and is produced and consumed around the world, of which around 70% of production is consumed in domestic markets and only 30% is traded in the international markets. The market is driven by factors such as a rise in average international prices and the importance of international trade, value addition of products from sugar cane by focusing on emerging by-products through integrated sugar complexes, expanding sugar crop production, growth in the industrial beet sugar market, consumption of packed food & beverage items, and the usage of sugar in healthy products such as low-calorie bakery and confectionery products. Bet that as it may, alternate sweeteners and water-consuming monoculture production of industrial sugar are the major restraints of the industrial sugar market as this requires a lot of space for the production of sugar, resulting in the destruction of natural rainforests, mangroves, and reduction in the areas of polyculture production.
Factors such as rising demand for confectionery products, growing retail market, and expansion of product portfolio are driving the demand for industrial sugar. Changing consumer preferences about different products has led to an upsurge in the consumption of different food and beverage products.
the granulated form is the most extensive type of industrial sugar used. This crystallized form of sugar is also used as a preservative for different end-use applications such as candied fruits, jams, and marmalades; thereby, increasing its functionality and driving its consumption.
Confectionery is the largest and fastest-growing segment during the forecast period due to its use in a wide variety of applications and consumption of confectionery products such as marmalade, chewing gum, sweets, candied nuts, chocolates, and chewing gum. The growing population and technological advancements in developing economies are expected to contribute extensively to the growth of the industrial sugar market.
Sugarcane production is higher than sugar beet production, as all the major developing countries are involved in the manufacturing of cane sugar.
The growth in food consumption has been propelled by rapid urbanization and increased disposable incomes accompanied by a significant structural and dietary shift from staples to packed food items in developing economies. India is one of the largest consumers of industrialized sugar and is projected to grow over a period of time as compared to other regions. India and China are the largest producers of sugar in this region.
Cargill Incorporated, Archer Daniel Midland, Raizen SA, Sudzucker AG, Tereos, Nordzucker Group AG, Tongaat Hulett Group, Illovo Sugar (Pty) Ltd, Dangote Group, E.I.D Parry Limited are some of the notable companies in the Asia Pacific Industrial Sugar market.
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