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The global sugar market reached a volume of 193.2 Million Tons in 2020. Sugar is a sweet crystalline material made from sugar cane and beet. It is used in countless food and non-food products in the world. Besides the sweet taste, sugar plays a lot of other role in the food industry. It is used as a container and stops micro-organisms from growing. It is also used to prevent large ice crystals from forming in frozen goods such as ice cream. In the case of yeast-containing products, sugar often promotes fermentation. In addition, it is used in baked products for moisture retention and stallion prevention.
Global Drivers in the Sugar Market
- Sugar is cheaper and easier to obtain compared to its alternatives It is available in a range of retail formats across all socioeconomic classes and can easily be reached around the globe, including grocery stores and department stores, supermarkets, etc.
- The global food and drink industry is largely resilient to economic downturns. Therefore, in the last few years the sector has seen constant growth. The food and drink industry is currently a significant driver of sugar consumption and is projected to have a beneficial effect on the sugar industry. In addition, long-term demand growth is expected to continue.
- The medicinal and skincare uses of Sugar can be numerous. In the pharmaceutical industry, on the other hand, sugar is used in the production of antibiotic and cough soups, thanks to its exfoliating properties in the skin care sector.
- While in advanced economies such as North America and Western Europe, the sugar market remains saturated, it shows promising growth in the emerging regions. The demand for sugar-based products in emerging markets like India, China and the Middle East is showing strong growth, driven by increasing disposable revenues, urbanization and evolving food practices.
- Sugar cane, though sugar beets remain most of the global sugar production. Sugar is abundant in raw materials worldwide, accounting for their cultivation in almost all tropical and subtropical regions.
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