Cane Sugar Market to Grow at 3.4% CAGR, Expected to Hit USD 86.0 Billion by 2034
The global cane sugar market is expected to grow from USD 61,318 million in 2024 to USD 86,011 million by 2034, with a CAGR of 3.4%. This growth is driven by strong demand from the bakery and confectionery sectors, household cooking, and increasing global sugar consumption. Key challenges include health concerns and raw material volatility, while automation boosts production efficiency.
The global cane sugar market is projected to grow significantly, with its size estimated at USD 61,318 million in 2024, rising to USD 86,011 million by 2034, driven by a CAGR of 3.4%. Key factors behind this growth include the widespread use of cane sugar in households, especially for cooking, and strong demand from the bakery and confectionery sector. As global consumer palates expand, sugar consumption, particularly for desserts and sweet treats, remains strong, further driving demand for cane sugar.
Industry Insights:
- Bakery & Confectionery Sector: A key driver of sugar demand as consumers continue to indulge in sweet delicacies.
- E-commerce Influence: While not a game-changer for sugar sales, online platforms are improving accessibility to specialty sugars like brown and organic varieties.
- Organic Trends: The demand for organic cane sugar is rising, driven by consumer preferences for less processed products.
Key Market Challenges:
- Health Trends: Increasing concerns over the health impact of sugar, including its role in obesity, are pushing some consumers toward alternatives such as honey, maple syrup, and jaggery.
- Raw Material Volatility: Fluctuations in sugarcane prices, especially in major producing countries like India, pose challenges for manufacturers.
Technological Innovations:
- Automation: Sugar manufacturers are adopting automation and high-tech solutions to streamline production, reduce labor costs, and ensure better quality. Automation also supports environmental goals by cutting waste and improving energy efficiency.
- Academic Collaboration: Companies are collaborating with academic institutions to increase transparency in the production process and address consumer concerns about sugar’s environmental and health impacts.
Competition Outlook
The competitive landscape of the product is highly fragmented in nature, with no single company or set of companies being dominant in the industry. Thus, the barriers to entry are low, and small-scale enterprises are thriving.
Key players are primarily focusing on increasing their production capacities to meet growing end user demand. Similarly, strategies like mergers, facility expansions, partnerships, and acquisitions are becoming prevalent in the sector.
Industry Updates
- In January 2023, Wholesome Brand of Whole Earth Brands, Inc. launched Regenerated Organic Certified sugars.
- In January 2024, the government in India notified that 8,606 tonnes of raw cane sugar were to be supplied from India to the United States.
Leading Cane Sugar Brands
- Cosan SA
- E.I.D.-Parry (India) Limited
- American Crystal Sugar Company
- Raizen S.A.
- Louis Dreyfus Company B.V.
- Associated British Foods Plc.
- Tereos International Limited
- Tongaat Hulett Sugar South Africa Limited
- Shree Renuka Sugars Limited
- Global Organics Limited
- Do-It Ingredient BV
- Wilmar Sugar Australia Limited
- Tate & Lyle plc
- ASR Group International, Inc.
Key Segments of Market Report
By Product Type:
Based on the product type, the cane sugar market is divided into liquid sugar, powdered sugar, granulated textured sugar, granulated flavored sugar, granulated colored sugar, pulp, and others.
By Nature:
Based on nature, the industry is bifurcated into organic and conventional.
By Application:
Cane sugar is mostly used for applications like dairy, bakery, confectionery, beverage, canned and frozen foods, pharmaceuticals, and other food items.
By Region:
The sector has been analyzed with the following regions covered: North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Recommended for you
