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Cane Sugar Market 2024 Opportunity Assessment, Size, Growth Rate And Forecast To 2033
Cane Sugar Market Growth
According to The Business Research Company's, The cane sugar market size has grown steadily in recent years. It will grow from $178.14 billion in 2023 to $183.07 billion in 2024 at a compound annual growth rate (CAGR) of 2.8%. The growth in the historic period can be attributed to global population growth, cultural and culinary preferences, expansion of food and beverage industry, industrial applications, substitute for artificial sweeteners.
The cane sugar market size is expected to see steady growth in the next few years. It will grow to $206.95 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. The growth in the forecast period can be attributed to increasing demand for natural ingredients, market expansion in developing regions, growing awareness of sustainable agriculture, consumer preferences for authentic and traditional foods, climate change impact on sugar production. Major trends in the forecast period include product innovation and reformulation, clean label and non-gmo trends, technological advancements in processing, transparent and sustainable packaging.
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Market Drivers and Trends:
The rising demand for sugar-rich confectionery products and soft drinks is expected to propel the growth of the cane sugar industry going forward. Sweets, candied nuts, chocolates, chewing gum, sweetmeats, pastillage, and other confections that contain sugar are referred to as confectionery products. Confectionery products use cane sugar as a common sweetener mostly in foods, drinks, and bakery goods, as a result, the rising demand for sugar-rich confectionery products and soft drinks increases the demand for the cane sugar market. For instance, in March 2023, according to the report published by Farm Credit Canada, a Canada-based agricultural term lender, sales in the Canadian sugar and confectionery sector reached 15.0% in 2021 to $4.5 billion. The majority of the sales increase came from volume growth, which saw manufacturing selling prices rise by over 4.9%. Therefore, the rising demand for sugar-rich confectionery products and soft drinks is driving the growth of the cane sugar market.
Product innovation is the key trend gaining popularity in the cane sugar market. Major companies operating in the cane sugar market are focusing on introducing new products to sustain their position in the market. For instance, in August 2022, Raízen, a Brazil-based energy company partnered with ASR Group, a US-based cane sugar refining company, and introduced the world's first sustainable and fully traceable supply chain, with non-GM raw cane sugar backed by independent certification. This is done through a unique and dedicated farming, bioenergy parks, and infrastructure operation with a 100% physically traceable and non-genetically modified supply chain.
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Major Key Players of the Market:
Global Organics Limited; Louis Dreyfus Company; Associated British Foods plc; Tate & Lyle plc; Anthony's Goods; Delphi Organic GmbH; DO IT ORGANIC; Florida Crystals; Nanning Sugar Industry Co. Ltd.; Wholesome Sweeteners Inc.; American Crystal Sugar Company; ASR Group International Inc.; Balrampur Chini Mills Limited; Tongaat Hulett Sugar South Africa Limited; Suedzucker AG; Tereos; Cosan S.A.; Mitr Phol Sugar Corporation Ltd.; Nordzucker AG; Biosev S.A.; Wilmar International Limited; Thai Roong Ruang Group; Bunge Limited; Cargill Inc.; Archer Daniels Midland Company; Raizen Energia S.A.; Guangxi Guitang Group Co. Ltd.; Al Khaleej Sugar Company; East India Distilleries Parry Limited; Dalmia Bharat Sugar and Industries Ltd.; Illois Sugar Inc.; Okeana Sugar; Mauritius Sugarcane Industry Research Institute (MSIRI); Whitsunday Sugar Limited; Fiji Sugar Corporation
Cane Sugar Market 2024 Key Insights:
• The cane sugar market size will grow to $206.95 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%.
• Navigating The Growth Surge In The Cane Sugar Industry Fueled By Escalating Demand For Sugar-Rich Confectionery Products And Soft Drinks
• Exploring The Pioneering Trends In Cane Sugar Through Product Innovation
• Asia-Pacific was the largest region in the cane sugar market in 2023
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