Global COVID-19 Pandemic Impact on Industrial Sugar Market size is bound to reach a valuation of USD 60 billion by 2024. It can display a CAGR of 5.5% over the forecast period. It is expected to expand owing to its demand from applications of cereals, bakery products, dairy items, and assorted confectionery. The growth is facilitated by the vast growth of the agriculture sector and displayed by high cultivation of sugar cane. Government efforts for promoting the production of sugar via subsidies are likely to bode well for the market.
Industrial sugar is a commodity produced using sugar cane and beet root. It is used across various end-use industries in its formulations. The global industrial sugar market report compiled by Market Research Future (MRFR) consists of drivers, challenges, trends, opportunities, and threats to be faced by industry leaders for the period of 2019 to 2024 (forecast period). The impact of the COVID-19 virus on the market and its implications are recorded as well.
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Food safety concerns can evoke the need for transparency towards customers and strict labeling policies. Agencies such as Food Safety and Standards Authority of India (FSSAI) have enforced guidelines for sugar manufacturers for revealing the sugar content and making consumer aware. Campaigns of sustainability in developing countries have led to manufacturers shifting to flexible packaging for sugar and sugar-based products.
The COVID-19 impact on the global industrial sugar market has been grave owing to trade restrictions and enforcement against procurement, production, and distribution. This has in turn dipped the prices of sugar. In addition, the shift of manufacturers to healthy alternatives amid health concerns during the lockdown period can lead to restructuring of strategies among industrial sugar manufacturers.
Global COVID-19 Pandemic Impact on Industrial Sugar Market is facing a challenge owing to presence of sugar substitutes and alternative sweeteners.
COFCO Tunhe Co., Ltd., Rajshree Sugars, Imperial Sugar Company, Guangxi Funan East Asia Sugar Co., Ltd, Michigan Sugar, Tereos , Cargill, Guangxi Guitang Group Co., Ltd, Sudzucker Group, British Sugar, Rizhao Lingyunhai Sugar Group, Shree Renuka Sugars, Rogers Sugar Inc, Guangxi Fengtang Biochemistry Co., Ltd., Upper Ganges Sugar & Industries, Bannari Amman Sugars Limited, Guangxi Guitang Group Co., Ltd, Bajaj Hindustan Limited, and Rana Sugars are key players of the Global COVID-19 Pandemic Impact on Industrial Sugar Market.
Global COVID-19 Pandemic Impact on Industrial Sugar Market has been segmented by type, source, form, and application.
By type, the global industrial sugar market has been divided into brown sugar and white sugar.
The global industrial sugar market has also been segregated, based on source, into beet, sugarcane, sugar, and others.
Based on form, the market is segmented into syrup, granules, and powder.
By application, the global COVID-19 Pandemic Impact on Industrial Sugar Market has been classified into food & beverages, pharmaceuticals, and others. The food & beverages segment is further sub-segmented into beverages, dairy & frozen desserts, bakery & confectionery, and others. Among food & beverages, the bakery & confectionery segment is expected to reap huge dividends during the forecast period.
The global industrial sugar market has been studied with regard to four key regions—North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC is predicted to lead in the global market till the end of the forecast period. This can be attributed to many sugarcane and beet growing nations in the region. Presence of various application industries, large disposable income levels, key players, and high consumption of sugar among consumers are other drivers of the global industrial sugar market regionally. Abundance of raw materials in India, Indonesia, and China can positively impact the market.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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