The global sugar market size was estimated at USD 66.39 billion in 2023 and is projected to reach USD 102.32 billion by 2030, growing at a CAGR of 6.5% from 2024 to 2030. The growth of the market is driven primarily by the increasing global population, which boosts the demand for sugar as a key ingredient in numerous food and beverage products. Additionally, evolving consumer preferences toward sweetened foods and beverages significantly contribute to the expansion of the market.

The food industry is a major consumer of sugar, utilizing it extensively in products such as confectionery, baked goods, and processed foods. Economic growth in emerging markets has led to higher disposable incomes, enabling greater consumption of sugar-based products. Beyond food applications, sugar also finds use in biofuel production. Furthermore, government policies and subsidies, along with health and wellness trends that encourage moderated sugar consumption, play a role in shaping market dynamics.

Societal shifts in dietary habits, particularly in emerging economies, are also influencing sugar consumption. As incomes rise and lifestyles become increasingly fast-paced, consumers are more likely to choose processed foods, sugary snacks, and beverages for convenience, which in turn fuels demand for sugar. The ongoing expansion of the food and beverage industry—across segments like confectionery, bakery, and beverages—serves as a major driver for market growth. Sugar remains a fundamental ingredient in a wide range of products, from soft drinks and desserts to pastries and sauces. Consequently, the steady growth of the food and beverage sector directly translates into increased demand for sugar to meet production requirements and cater to evolving consumer preferences.

Key Market Trends & Insights:

• The Asia Pacific region dominated the global sugar market in 2023, accounting for a revenue share of approximately 42.1%. The region’s leadership is driven by the presence of major sugar-producing countries, growing population, rising disposable incomes, and increasing consumption of sugar-based food and beverages. The robust growth of the food and beverage industry in the region further supports high sugar demand, making Asia Pacific a key contributor to the global market.

• Within the region, the sugar market in China is expected to grow at the fastest CAGR of 7.2% from 2024 to 2030. This rapid growth is fueled by increasing urbanization, changing dietary habits, and a rising preference for processed foods and sweetened beverages, which collectively drive the demand for sugar across the country.

• Based on source, the sugarcane segment dominated the market in 2023, holding the largest revenue share of 77.9%. Sugarcane remains the primary raw material for sugar production due to its high yield, cost-effectiveness, and widespread cultivation in major sugar-producing regions.

• By end-use, the food and beverages segment led the market in 2023, accounting for the largest revenue share of 45.6%. This segment encompasses a wide range of products, including confectionery, bakery items, beverages, and processed foods, all of which rely heavily on sugar as a key ingredient. The continuous growth and diversification of the food and beverage industry directly contribute to sustained demand for sugar across various applications.

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Market Size & Forecast:

• 2023 Market Size: USD 66.39 billion

• 2030 Projected Market Size: USD 102.32 billion

• CAGR (2024-2030): 6.5%

• Asia Pacific: Largest market in 2023

• North America: Fastest growing market

Key Companies & Market Share Insights:

The global sugar market comprises both international and domestic participants, each actively competing to strengthen their market presence and expand their consumer base. Brand market share analysis indicates that key players are employing strategic initiatives such as new product launches, partnerships, mergers and acquisitions, and global expansion to enhance their position and meet evolving consumer demands. Some notable initiatives in recent years include:

In August 2023, Sugar Refinery Sdn Bhd (CSR) launched its latest product, Better White Clear White Sugar, aiming to reinforce its position as Malaysia's premier sugar specialist. This product follows the success of CSR's Better Brown variant, introduced in 2018 to promote healthier sugar consumption, which has since captured approximately 78% of the brown sugar segment in Malaysia. The launch of Better White aims to cater to rising consumer expectations by offering high-quality sugar products at competitive prices, further strengthening CSR’s leadership in the local market.

In September 2023, British Sugar partnered with Sidel to introduce an innovative end-of-line solution for the first time. British Sugar, a subsidiary of Associated British Foods plc and a leading sugar producer in the Irish and British food and beverage markets, processes roughly 8 million tonnes of sugar beet annually, resulting in up to 1.2 million tonnes of sugar production. The collaboration aims to replace British Sugar’s existing end-of-line system, which has been operational for over 38 years, with a state-of-the-art solution capable of managing high complexity and automation. This initiative demonstrates the company’s commitment to meeting market demands, improving operational efficiency, and handling multiple SKUs effectively.

In August 2023, UPL Sustainable Agriculture Solutions (UPL SAS), based in Mumbai, signed a Memorandum of Understanding (MoU) with NSL Sugars in Hyderabad to promote sustainable sugarcane cultivation practices. The partnership is designed to benefit both parties: UPL SAS seeks to expand its market presence, while NSL aims to improve productivity through sustainable practices. The collaboration targets a 15% increase in sugarcane yield per acre, equivalent to an additional 5 metric tonnes, thereby enhancing both sustainability and profitability in sugar production.

Key Players

• Südzucker AG

• Tereos

• Cosan

• Mitr Phol Group

• Associated British Foods plc

• Nordzucker

• Texon International Group

• Biosev (Louis Dreyfus)

• Wilmar International Ltd

• Thai Roong Ruang Sugar Group

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Conclusion:

The report concludes that the global sugar market is expected to grow steadily over the forecast period, driven by increasing demand for sugar in food and beverage products and expanding consumption in emerging economies. Growth is supported by population increases, rising disposable incomes, and evolving dietary preferences, which together boost consumption of sweetened goods, processed foods, and beverages that rely on sugar as a key ingredient. The market is further shaped by the continued expansion of the food processing industry, broader applications of sugar across sectors, and the growing influence of convenience foods in modern diets, all of which contribute to heightened demand worldwide.