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Sugarcane Syrup Market Report 2024 | Size, Share, Growth, Trends, Analysis, Forecast, Outlook, Mergers and Acquisitions, Top Major Key Players, Competitive Landscape | 2033 Forecast
Sugarcane Syrup Market
The sugarcane syrup market size is expected to see strong growth in the next few years. It will grow to $60.7 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to rising demand for natural sweeteners, diversification in beverage industry, marketing emphasis on authenticity, global cuisine fusion, clean and green packaging, e-commerce growth. Major trends in the forecast period include innovative product formulations, clean label and transparency, diversification of product offerings, sustainable and ethical sourcing, innovation in packaging.
Market Overview -
Sugarcane syrup refers to a concentrated sugarcane juice produced by drying the juice taken from sugar cane pieces and turned into syrup without crystallized sugar. It is used as a sweetener in confectionery and baking items.
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Sugarcane Syrup Market Surges With Escalating Beverage Consumption
Increasing consumption of beverages is expected to propel the growth of sugarcane syrup market going forward. A beverage is a human-consuming liquid that includes water, tea, coffee, milk, juice, soft drinks, and liquor. Since sugarcane syrup is a popular sweetener in producing beverages such as soft, energy, and sports, rising beverage demand can benefit the sugarcane syrup industry. The need for sugarcane syrup as a component develops in line with the popularity of these beverages. For instance, in March 2021, according to Statistics Canada and farm credit Canada (FCC), a Canadian agricultural term lender, the food and beverage manufacturing sales increased 3.5% year-over-year (YoY) in 2020 from $118.7 billion to $122.9 billion. Furthermore, in July 2022, according to a report published by the Food and Drink Federation, a UK-based organization that represents and consults food and drink manufacturers, the processed food and drink industry had a turnover of £105 ($115.01) billion in 2020 and a turnover of £112 ($122.68) billion in 2021, it has increased by 3.4% since 2020, and accounting for 20% of the total manufacturing in UK. Therefore, increasing beverages consumption will drive the sugarcane syrup market.
Competitive Landscape -
Major companies operating in the sugarcane syrup market report are Associated British Foods plc, Super Syrups (pty) Ltd., Tongaat Hulett Ltd., Atlanta Sugar SA - BKB Ltd., Sunshine Sugar, Frozy Egypt, Kenana Sugar Company, White Nile Sugar Company, GM Sugar Uganda Ltd., Kinyara Sugar Ltd., Royal Swaziland Sugar Corp., Carolina Cider Company, Tate & Lyle plc, Liber and Company, Illovo Sugar Ltd., Suedzucker AG, Mitr Phol Group, Nordzucker AG, Biosev- Louis-Dreyfus Group Company, Wilmar International Limited, Thai Roong Ruang Group, Alexander & Baldwin Inc., Florida Crystals Corporation, American Sugar Refining Inc., Tully Sugar Limited, East India Distilleries Parry Limited, Shree Renuka Sugars Ltd., Dhampur Sugar Mills Ltd., Balrampur Chini Mills Ltd., Bajaj Hindusthan Sugar Ltd., Dangote Sugar Refinery plc, Golden Agri-Resources, Renuka Holdings plc
Technological Advancements Reshaping The Sugarcane Syrup Market
Technological advancement is the key trend gaining popularity in the sugarcane syrup market. Major companies operating in the sugarcane syrup market are focusing on increasing the shelf life of sugarcane syrup and increasing sugarcane syrup's applications in various sectors. For instance, in December 2021, Praj industries limited, an India-based process and project engineering company, launched an ingenious method to transform sugarcane juice into a new sustainable feedstock called BIOSYRUP for year-round ethanol production. With a patented method, Praj has created conditioned BIOSYRUP with a 12-month shelf life. This enables sugar mills to continue producing ethanol outside of the sugar season, increasing production capacity & boosting revenue.
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Key Segments -
The sugarcane syrup market covered in this report is segmented -
1) By Type: Pure Sugarcane Syrup, Mix Sugarcane Syrup
2) By Distribution Channel: Supermarkets And Hypermarkets, Convenience Stores, Online Retail Stores, Other Distribution Channels
3) By Application: Confectionery, Dairy, Prepared Mix, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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