New report analyses global sugar market

The global sugar market is expected to reach USD 76.62 billion in 2027, from USD 67.59 billion in 2021. This is according to the latest report on the industry:  "Global Sugar Market, Size, Share, Forecast 2022-2027, Industry Trends, Growth, Outlook, Impact of COVID-19, Opportunity Company Analysis", which is now available in ResearchAndMarkets.com. 

In its broadest sense, sugar is a sweet crystalline material made from sugar cane and sugar beet. Sugar production (cane or beet) is capital demanding, necessitating large-scale operations to remain competitive. The product is mainly used in beverages, convenience foods, fast food, etc, and in the rum distilling process. Furthermore, sugar is a high-profile commodity in the world's major producing countries, both politically and commercially.

The sugar industry encompasses the production, processing, and marketing of sugars (principally saccharose and fructose). In recent years, sugar prices are projected to be supported by continuously rising crude oil prices and decreased global output. However, massive stocks, strong products in the current season and near-stagnant domestic demand will limit price increases. Moreover, sugar's ground-breaking application has many uses in the pharmaceutical and beauty industries. Additionally, it is used to manufacture antibiotics and cough syrups in the pharmaceutical industry. On the other hand, it is employed in creating scrubs because of its exfoliating capabilities in the skincare industry.

Critical consumers and the policies that support the global sugar industry
A small number of powerful consuming countries dominate global sugar production and commerce. The top 10 consumers are India, European Union, China, the United States, Brazil, Indonesia, Russia, Pakistan, Mexico, and Egypt in the analysis. Although the sugar market in industrialized economies such as India, the European Union, and China remains saturated, they show signs of constant growth in emerging markets. Moreover as sugar-based products are in high demand in growing economies like India, the European Union, and China, the market is also expanding due to increasing disposable incomes, urbanization, and changing eating patterns.

Impact of COVID-19 crisis
The sugar business, which is a significant contributor to national economies worldwide, has experienced numerous obstacles throughout its history. The most recent threat has been modeled by the increasing pandemic coronavirus, which affected sugar sector stakeholders and their integrated businesses worldwide.

The spillover effects harmed the entire value chain of the global sugar sector, including sugarcane, sugar, molasses, ethanol, and their subsequent marketing and export relating to the slow growth of the market in 2020.

However, with the normalization of the COVID-19 situation, the slight setbacks of COVID-19 on the sugar business around the world are reversing. According to the publisher, Global Sugar Market is expected to expand at a CAGR of 2.1% during 2021-2027 post recovery from the COVID-19 situation.