The refined cane sugar market size is expected to be valued at US$ 62.24 billion in 2023 and is projected to reach US$ 108.34 billion by 2033. During the projection period, the demand for refined cane sugar is anticipated to increase at a CAGR of 5.7%.
The market is primarily driven by the abundance of sugarcane, as well as by other qualities including superior flavor and caramelization when compared to beet sugar. The demand for refined cane sugar has also been impacted by improvements made to the existing traditional sugar, like brown refined cane sugar, which has added molasses to boost flavor and aesthetic appeal. Additionally, the sales of refined cane sugar are rising due to the restorative properties of sugarcane and its health benefits to the body.
Due to its nutritional advantages over typical conventional cane sugar, organic refined cane sugar has experienced a significant increase in popularity. The expansion of the market is being influenced by the rising consumer demand for refined cane sugar as a sugar alternative in food and beverage goods.
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The food and beverage industry is booming as manufacturers of refined cane sugar are emphasizing innovation, launching new products, and shifting consumer demand. Refined cane sugar production has consequently evolved into a significant element in the food processing industry as a result of its vast range of applications.
The demand for processed foods and beverages among consumers is the main driver of industry growth. Furthermore, a sizable amount of refined cane sugar is used in every beverage, alcoholic and non-alcoholic. An increasing trend in the industry, such as pairing snacks with drinks, has significantly increased the prospects of revenue development for manufacturers of refined cane sugar.
Key Takeaways from the Refined Cane Sugar Market:
- Sales of refined cane sugar in the United States are likely to surpass $16.69 billion in 2022.
- The demand for refined cane sugar is predicted to increase in the US at a CAGR of 8.4% during the forecast period.
- With a CAGR of 3.6% expected during the projection period, Germany is predicted to dominate the European market for refined cane sugar.
- Japan is one of the countries with a notable CAGR of 2.8% for refined cane sugar throughout the predicted period.
- Despite having a far lower per capita consumption than other regions, such as Asia Pacific, South Korea is rapidly expanding its demand for refined cane sugar.
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What are the Key Players in the Refined Cane Sugar Industry Doing?
The global market for refined cane sugar is fragmented due to the existence of local and regional businesses in numerous countries. Due to the rising consumer desire for organic foods, there has been a significant increase in the demand for refined cane sugar in recent years. Large firms are expanding their current selection of refined sugar to include organic versions to meet the growing demand.
Recent Developments in the Refined Cane Sugar Market:
- DouxMatox and Lantic, a North American sugar producer, announced their collaboration in October 2020 to offer innovative cane sugar-based sugar reduction technology to North American food processing companies.
- In October 2019, Parry’s, a well-known sugar business in India, unveiled natural brown sugar. The product has undergone less processing than other comparable products, and it contains micronutrients like calcium, magnesium, potassium, and iron.
- “Vesnit Complete,” a brand-new herbicide for sugarcane and maize growers, was presented by BASF in March 2022. For the complete, effective management of broadleaf weeds and post-emergent grasses in sugarcane, turn to Visit Complete. It has a simple recipe and offers outstanding crop safety and long-term control.
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Key Market Segments
By Product Type:
- Liquid Sugar
- Granulated Textured Sugar
- Powdered Sugar
- Pulp
- Other Product Types
By End Use:
- Beverages
- Confectionary
- Bakery Products
- Dairy Products
- Other Food Applications
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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