Northbrook, IL 60062 -- (SBWIRE) -- 05/10/2023 -- According to a research report by MarketsandMarkets, the global industrial sugar market is expected to reach USD 59.1 billion by 2028 from USD 46.4 billion by 2023, at a CAGR of 5.0% during the forecast period in terms of value. The market growth is attributed to the increasing demand for processed and convenience food and beverages worldwide.

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The report indicates that white sugar is projected to grow at the fastest rate during the forecast period. The consumption of white sugar has been steadily increasing over the years due to its widespread use in baked goods, beverages, and confectioneries. The majority of global sugar production is forecast to be white sugar in 2021/2022, according to the United States Department of Agriculture (USDA). Technological advancements and efficient cultivation practices have contributed to the rise in white sugar production.

Additionally, the affordability and accessibility of white sugar have also made it a popular choice in the industrial sugar market.

Beverages have the largest market share in the application of the industrial sugar market due to the increasing consumption of sugar-sweetened beverages such as sodas, energy drinks, and sports drinks. The production of these beverages has also been on the rise, particularly in developing countries. Sugar is preferred as a sweetener in beverages due to its low cost and ability to enhance the flavor and taste of the product.

The Asia Pacific region has played a crucial role in boosting the growth of the industrial sugar market due to its high sugar consumption rate and being a major producer of sugar. The demand for processed and packaged food items has also increased in the region due to the rise in population and income levels.

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Key players in the industrial sugar market include Sudzucker AG, Cargill Inc., Associated British Foods plc, Raizen, Lantic Inc., Mitr Phol Group, Louis Dreyfus Company, Tereos, Michigan Sugar Company, Dwarikesh Sugar Industries Limited, Canal Sugar, Al Khaleej Sugar, Rajshree Sugars & Chemical Limited (RSCL), Rana Group, Shree Renuka Sugars Limited, Upper Ganges Sugar & Industries Limited, Bajaj Hindihan Sugar Ltd, Nile Sugar, Bannari Amman Group, Dhampur Bio Organics Limited, Thai Sugar Group, Metta Group, and Dalmia Bharat Group. The report includes an in-depth competitive analysis of these key players in the industrial sugar market with their company profiles, recent developments, and key market strategies.

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