Refined Cane Sugar Market Size, Share, Growth, and Industry Analysis, By Type (Liquid Sugar, Powdered Sugar and Granulated Sugar), By Application (Retailers, Food Processors and Others), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Refined Cane Sugar Market REPORT OVERVIEW

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The global refined cane sugar market size was 47580 million in 2021 and and is projected to touch USD 66794.8 million by 2031, exhibiting a CAGR of 3.4% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Refined cane sugar, also known as white sugar, is a common type of sugar that is widely used in households and food industries around the world. It is derived from sugarcane, a tall tropical grass mainly cultivated in regions with a suitable climate for its growth. The process of refining cane sugar involves several steps to remove impurities and produce a granulated, pure white product.

It is primarily composed of sucrose, which provides sweetness and energy. It is a highly versatile ingredient used in baking, cooking, beverage production, and as a sweetener in various food products.

COVID-19 IMPACT: Disrupted Supply Chains resulted in Recession of the Market

COVID-19 had a life changing impact globally. The refined cane sugar market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected.

The pandemic resulted in disruptions in global supply chains, including the sugar industry. Restrictions on transportation, labor shortages, and lockdown measures affected the movement of sugarcane, sugar refining operations, and the distribution of refined cane sugar. These disruptions led to supply constraints and logistical challenges, impacting the availability of sugar in some regions. International trade in the refined cane sugar market was affected by the pandemic. Travel restrictions, border closures, and disruptions in logistics and shipping impacted the import and export of sugar. Some countries implemented export restrictions to ensure domestic supply, while others faced challenges in meeting their import requirements. These trade disruptions contributed to fluctuations in sugar prices and availability in different regions.

The pandemic brought about significant changes in consumer behavior and preferences. With widespread lockdowns and restrictions on dining out, there was a surge in home cooking and baking activities. This increased demand for food ingredients, including refined cane sugar, as people sought to make homemade meals, desserts, and beverages. However, the closure of restaurants, cafes, and other foodservice establishments resulted in a decline in sugar consumption in the foodservice sector. The market is anticipated to boost the refined cane sugar market share following the pandemic.

LATEST TRENDS

"Emphasis on Sustainable and Ethical Production to Broaden Market Growth"

There is a growing focus on sustainability and ethical production practices in the refined cane sugar market. Consumers are increasingly concerned about the environmental and social impact of sugar production. Certification programs such as Fairtrade and Bonsucro have gained prominence, ensuring that sugar is produced in an environmentally and socially responsible manner. The sugar industry has witnessed advancements in refining technologies, aimed at improving efficiency and reducing energy consumption. These advancements help sugar refineries produce higher-quality refined cane sugar while minimizing waste and environmental impact.

The market for organic and specialty sugars, including organic refined cane sugar, has been expanding. Consumers are increasingly interested in organic and sustainably sourced products, and this trend has extended to the sugar industry. Organic cane sugar is produced without the use of synthetic chemicals or genetically modified organisms (GMOs). These latest developments are anticipated to boost the refined cane sugar market share.

Refined Cane Sugar Market SEGMENTATION

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• By Type

Based on type, the market is divided into Liquid Sugar, Powdered Sugar and Granulated Sugar.

Granulated Sugar holds the major share in the global market.

• By Application

Based on application, market is segmented into Retailers, Food Processors and Others.

DRIVING FACTORS

"Urbanization and Changing Lifestyles to Boost Market Share"

Urbanization and the shift towards urban lifestyles have a direct impact on the refined cane sugar market. Urban dwellers tend to have higher incomes and access to a wider range of food and beverage options, which often include products with added sugar. The convenience and availability of processed foods and beverages contribute to the demand for refined cane sugar. The global population growth is a significant driver of the refined cane sugar market. As the population increases, the overall demand for food and beverages rises, leading to a higher consumption of sugar and sugary products.

"Food Processing and Convenience to Boost Market Size"

The trend of convenience and processed foods has driven the demand for refined cane sugar. Processed food manufacturers often rely on sugar as a key ingredient for flavor enhancement, texture improvement, and shelf-life extension. Ready-to-eat meals, snacks, and packaged food products typically contain refined cane sugar. These factors are anticipated to drive the refined cane sugar market share.

RESTRAINING FACTORS

"Health Concerns and Dietary Shifts to Hamper Market Share"

Increasing awareness of the health risks associated with excessive sugar consumption has led to a shift in consumer preferences towards healthier options. Concerns about obesity, diabetes, and other health issues have prompted individuals to reduce their sugar intake or seek alternatives to refined cane sugar. This shift in dietary patterns can negatively impact the demand for refined cane sugar.

The increasing demand for sugar substitutes, such as artificial sweeteners, natural sweeteners (e.g., stevia), and low-calorie sweeteners, presents a challenge to the refined cane sugar market. Consumers seeking to reduce their sugar intake may opt for these alternatives, which can impact the demand for refined cane sugar. The factors are anticipated to hinder the growth of the refined cane sugar market share.

Refined Cane Sugar Market REGIONAL INSIGHTS

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"Latin America Holds the Major Share of the Global Market"

Latin America, particularly Brazil is the largest producer and exporter of sugarcane in the world, making it a significant player in the refined cane sugar market. The country has favorable climatic conditions for sugarcane cultivation and a well-established sugar industry. Brazil's large-scale production and export capabilities contribute to its major share in the market. Additionally, the country's efficient refining processes and competitive pricing make Brazilian refined cane sugar widely sought after globally. The second major shareholder of the refined cane sugar market is India.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Cosan (Raízen) [Brazil]
• EID Parry [India]
• American Crystal Sugar [U.S.]
• Louis Dreyfus (Imperial Sugar) [U.S.]
• Associated British Foods [U.K.]
• Tereos Internacional [Brazil]
• Tongaat Hulett [ South Africa]
• Wilmar International (Shree Renuka Sugars) [India]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.