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Sugarcane Syrup Market Insights | Industry Outlook, Size, Growth Factors and Forecast To 2033
Sugarcane Syrup Market Trends
As per the report, the sugarcane syrup market size has grown strongly in recent years. It will grow from $44.71 billion in 2023 to $47.83 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The sugarcane syrup market size is expected to see strong growth in the next few years. It will grow to $60.7 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
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Sugarcane Syrup Market Surges With Escalating Beverage Consumption
Increasing consumption of beverages is expected to propel the growth of sugarcane syrup market going forward. A beverage is a human-consuming liquid that includes water, tea, coffee, milk, juice, soft drinks, and liquor. Since sugarcane syrup is a popular sweetener in producing beverages such as soft, energy, and sports, rising beverage demand can benefit the sugarcane syrup industry. The need for sugarcane syrup as a component develops in line with the popularity of these beverages. For instance, in March 2021, according to Statistics Canada and farm credit Canada (FCC), a Canadian agricultural term lender, the food and beverage manufacturing sales increased 3.5% year-over-year (YoY) in 2020 from $118.7 billion to $122.9 billion. Furthermore, in July 2022, according to a report published by the Food and Drink Federation, a UK-based organization that represents and consults food and drink manufacturers, the processed food and drink industry had a turnover of £105 ($115.01) billion in 2020 and a turnover of £112 ($122.68) billion in 2021, it has increased by 3.4% since 2020, and accounting for 20% of the total manufacturing in UK. Therefore, increasing beverages consumption will drive the sugarcane syrup market.
Technological Advancements Reshaping The Sugarcane Syrup Market
Technological advancement is the key trend gaining popularity in the sugarcane syrup market. Major companies operating in the sugarcane syrup market are focusing on increasing the shelf life of sugarcane syrup and increasing sugarcane syrup's applications in various sectors. For instance, in December 2021, Praj industries limited, an India-based process and project engineering company, launched an ingenious method to transform sugarcane juice into a new sustainable feedstock called BIOSYRUP for year-round ethanol production. With a patented method, Praj has created conditioned BIOSYRUP with a 12-month shelf life. This enables sugar mills to continue producing ethanol outside of the sugar season, increasing production capacity & boosting revenue.
The sugarcane syrup market covered in this report is segmented -
1) By Type: Pure Sugarcane Syrup, Mix Sugarcane Syrup
2) By Distribution Channel: Supermarkets And Hypermarkets, Convenience Stores, Online Retail Stores, Other Distribution Channels
3) By Application: Confectionery, Dairy, Prepared Mix, Other Applications
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Major companies operating in the sugarcane syrup market report are Associated British Foods plc, Super Syrups (pty) Ltd., Tongaat Hulett Ltd., Atlanta Sugar SA - BKB Ltd., Sunshine Sugar, Frozy Egypt, Kenana Sugar Company, White Nile Sugar Company, GM Sugar Uganda Ltd., Kinyara Sugar Ltd., Royal Swaziland Sugar Corp., Carolina Cider Company, Tate & Lyle plc, Liber and Company, Illovo Sugar Ltd., Suedzucker AG, Mitr Phol Group, Nordzucker AG, Biosev- Louis-Dreyfus Group Company, Wilmar International Limited, Thai Roong Ruang Group, Alexander & Baldwin Inc., Florida Crystals Corporation, American Sugar Refining Inc., Tully Sugar Limited, East India Distilleries Parry Limited, Shree Renuka Sugars Ltd., Dhampur Sugar Mills Ltd., Balrampur Chini Mills Ltd., Bajaj Hindusthan Sugar Ltd., Dangote Sugar Refinery plc, Golden Agri-Resources, Renuka Holdings plc
Contents of the report:
1. Executive Summary
2. Sugarcane Syrup Market Report Structure
3. Sugarcane Syrup Market Trends And Strategies
4. Sugarcane Syrup Market - Macro Economic Scenario
5. Sugarcane Syrup Market Size And Growth
…..
27. Sugarcane Syrup Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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