Cane Sugar Market size was over USD 58.81 billion in 2023 and is anticipated to cross USD 89.69 billion by 2036, witnessing more than 3.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of cane sugar is assessed at USD 60.36 billion. The growth of the market can primarily be attributed to growing demand for cane sugar worldwide. Cane sugar is used widely for different industrial purposes. Apart from its utilization as sugar, cane sugar is also used as a source of energy and fuel. It is also used as a raw feed for various materials. Sugar crystals are also widely utilized in food and beverages industry for making different food products. It is also a preferred choice in the pharmaceutical, and cosmetic industries. According to the statistics by the International Sugar Organization (ISO), sugar consumption around the world touched 172.441 Million tonnes by the end of 2018, up from 123.454 Million tonnes in 2001. The statistics also stated that globally, the trade on sugar averaged around 64 Million tonnes/year. In addition, the rising production of sugar cane worldwide, and the increasing exports of the product is also anticipated to drive the market growth in the coming years. Besides this, the growing focus of the government of nations to raise the crop output is also expected to create numerous opportunities for cane sugar market growth.
Growth Drivers
Challenges
Base Year |
2023 |
Forecast Year |
2024–2036 |
CAGR |
3.3% |
Base Year Market Size (2023) |
USD 58.81 billion |
Forecast Year Market Size (2036) |
USD 89.69 billion |
Regional Scope |
|
Cane Sugar Segmentation
The cane sugar market is segmented by type into crystallized and non-crystallized sugar. Out of these segments, the crystallized sugar segment is anticipated to hold the highest market share globally during the forecast period and further attain the largest revenue of USD 205671.13 Million by the end of 2021. The segment is also anticipated to grow with the highest CAGR of 1.32% during the forecast period. The crystallized sugar segment is further divided into single and doubled crystallized sugar, out of which, the double crystallized sugar segment is anticipated to hold the highest market share during the forecast period. The single crystallized sugar segment, on the other hand, is expected to grow with the highest CAGR of 2.85% during the forecast period. The non-crystallized segment, on the other hand, is anticipated to grow with a CAGR of 0.76% during the forecast period.
Our in-depth analysis of the global market includes the following segments:
Type |
|
The cane sugar market in the Asia Pacific is poised to hold largest revenue share by 2036, attributed to presence of several nations in the region, who are also the leading exporters of sugar around the globe. in the year 2019 by recording a production volume of 29.66 Million metric tonnes. China, Pakistan, and Australia held the 4th, 6th and 7th position respectively. The market in the region is segmented by country into China, India, Japan, Pakistan, Australia, and the Rest of Asia Pacific. Out of the market in these countries, the market in China is anticipated to garner the largest revenue of USD 43968.31 Million by the end of 2030, by growing with a CAGR of 1.45% during the forecast period. In the year 2017, the cane sugar market in the country garnered a value of USD 37130.50 Million.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global and Asia Pacific cane sugar market that are included in our report are
March 3rd, 2020: Mitr Phol Corporation announced that it has come into an agreement with Olam International for acquiring the remaining stake of 50% in its Indonesian sugar joint venture, Far East Agri, for a consideration amount between USD 82.5 Million and USD 85 Million.
Author Credits: Parul Atri
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