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Powdered Sugar Global Market Navigating Trends, Share Report, Growth Drivers, Market Size And Future Outlook 2024-2033
Powdered Sugar Global Market
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According to The Business Research Company's, The powdered sugar market size has grown steadily in recent years. It will grow from $5.79 billion in 2023 to $6.07 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to industrialization of food processing, consumer preference for convenience foods, advancements in sugar refining, expansion of the confectionery market.
The powdered sugar market size is expected to see steady growth in the next few years. It will grow to $7.36 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to continued growth in bakery sector, increased adoption of ready-to-eat foods, healthier variants and sugar alternatives, expansion of food and beverage industry, innovations in branding. Major trends in the forecast period include technological advancements in production, rise in home baking and cooking trends, customization and specialty variants, expansion of foodservice industry, innovation in packaging and presentation.
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Market Drivers and Trends:
The increasing demand in beverages is expected to propel the growth of the powdered sugar market going forward. Beverages refer to liquid substances specifically produced for human consumption which are designed to quench thirst, provide refreshment, and offer enjoyment. Powdered sugar dissolves more quickly than granulated sugar, making it an ideal choice for cold beverages, provides a more consistent sweetness, and smooth texture, for dusting as garnish, and can be used as a decorative element. For instance, in April 2022, according to a report shared by Common Thread Collective, a US-based e-commerce growth agency, in 2021, global beverage sales were $435.3 billion, and in 2022 it was $506 billion. It is expected to reach $857 billion by 2025. Therefore, the increasing demand in beverages is driving the growth of the powdered sugar market .
Technological innovations have emerged as a key trend in the powdered sugar market. Major companies operating in the powdered sugar market are focused on innovating new methods to sustain their position in the market. For instance, in March 2022, Cargill, a US-based food corporation, launched the EverSweet + ClearFlo Stevia Platform, combined with a stevia-enhancing clearflo technology. This mixture can improve flavor, solubility, formulation stability, and dissolution speed. Due to EverSweet's quick sweetness onset and high sweetness potency, the platform would provide a more sugar-like sensation, especially at higher concentrations. The innovative sweetening process can also help to reduce unpleasant flavors present in a formulation, such as bitter coffee flavors, earthy protein notes, or metallic tastes from potassium chloride.
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Major Key Players of the Market:
Südzucker AG, Tate & Lyle Sugars, Cargill Incorporated, Nordic Sugar A/S, American Crystal Sugar Company, Domino Foods Inc., Taikoo Sugar Ltd., Wholesome Sweeteners Inc., Nanning Sugar Industry Co. Ltd., Cofco International, Corporación Azucarera del Pacífico S.A., Barry Callebaut AG, Olam International, Ingredion Incorporated, United Sugars Corporation, Imperial Sugar Company, Michigan Sugar Company, Rogers Sugar Inc., Florida Crystals Corporation, Redpath Sugar Ltd., The Western Sugar Cooperative, Amalgamated Sugar Company LLC, The Mennel Milling Company, The Andersons Inc., The C F Sauer Company, Sugar Corporation, The Hershey Company, The J M Smucker Company, The Kraft Heinz Company, Nordzucker Group, Tereos Internacional SA, Raffinerie Tirlemontoise, Eridania Sadam, British Sugar plc, Südzucker Polska AG, Rübenanbauerverband, Agrana Zucker GmbH, Pfeifer & Langen, Zucarmex SA
Powdered Sugar Market 2024 Key Insights:
• The powdered sugar market size is expected to see steady growth in the next few years. It will grow to $7.36 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Powdered Sugar Market Growth Fueled By Escalating Demand In The Dairy Sector
• Cargill's Innovative Eversweet + Clearflo Stevia Platform Redefining The Powdered Sugar Market
• North America was the largest region in the powdered sugar market share in 2023
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