SHERIDAN, WYOMING, UNITED STATES, August 4, 2022 /EINPresswire.com/ — According to IMARC Group latest published report, titled “Sugar Market Price 2022: Industry Share, Size, Growth and Forecast to 2027,” that the global sugar market reached a volume of 185 Million Tons in 2021. Looking forward, IMARC Group expects the market to reach 206.6 Million Tons by 2027, exhibiting a CAGR of 1.8% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What is meant by sugar industry?
Sugar is a sweet crystalline substance prepared from sugar cane and sugar beet. It is a rich source of carbohydrates that contain hydrogen, carbon, and oxygen molecules and can be easily dissolved in water. It is widely used as a preservative and humectant to prevent the growth of yeast, bacteria, and molds on various food products. At present, several key players are introducing the product in different forms, including cube, powder, tablet, syrup, and granulated, to expand their product portfolio.
Sugar is used as an ingredient in enhancing the quality, aroma, flavor, and texture of various food products and beverages, such as cake, chocolate, ice cream, bread, shakes, smoothies, juices, coffee, tea, muffin, croissants, pizza , cookies, and cakes. This, in confluence with the burgeoning food and beverage (F&B) industry, represents one of the major factors augmenting the market growth around the world. Sugar is utilized in cocktail drinks, and the emerging trend of cocktail culture, especially among millennials, is also contributing to the market growth. There is a rise in the shift of consumer preferences toward ready-to-eat (RTE) food products on account of rapid urbanization, improving income levels, and busy lifestyles.
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Moreover, the growing number of cafes and restaurants are using table sugar to enhance the experience of the consumer, which is driving the market. In addition, the increasing consumption of sugar on account of the driving awareness among individuals about its health benefits is bolstering the market growth. Apart from this, sugar is employed in face wash, lip balm, scrub, moisturizer, face mask, oil, cleanser, lotions, and cream. This, coupled with the sales of personal care and cosmetic products on account of the growing consciousness about physical appearance, is creating a positive outlook for the market.
Furthermore, sugar is utilized in the pharmaceutical industry as an excipient in drugs. It can also be used as an antioxidant agent in the production of antibiotics and cough syrups. This, along with the increasing prevalence of chronic ailments, is impelling the market growth. Additionally, due to the rising health awareness among the masses, there is a shift in consumer preference for brown sugar. This, in turn, is positively influencing the market. Besides this, the easy availability of sugar and sugar substitutes in innovative packaging solutions, such as the jar, lids, and bottles, with attractive labels through e-commerce platforms is offering lucrative growth opportunities to industry investors operating worldwide.
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