The Sugarcane Syrup Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Sugarcane Syrup Global Market Report 2024, The sugarcane syrup market size has grown strongly in recent years. It will grow from $44.71 billion in 2023 to $47.83 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to cultural and regional demand, craft and artisanal food movement, demand in beverages, versatility in culinary applications, heritage and traditional medicine, niche and gourmet markets.
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.
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.
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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
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.
The sugarcane syrup market report table of contents includes:
1. Executive Summary
2.Sugarcane Syrup Market Characteristics
3.Sugarcane Syrup Market Trends And Strategies
4.Sugarcane Syrup Market analysis
5.Sugarcane Syrup Market Size And Growth
6. Sugarcane Syrup Segmentation
7.Sugarcane Syrup Regional And Country Analysis
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27.Sugarcane Syrup Competitive Landscape And Company Profiles
28.Sugarcane Syrup Key Mergers And Acquisitions
29.Sugarcane Syrup Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Associated British Foods PLC
- Super Syrups (pty) Ltd.,
- Tongaat Hulett Ltd.
- Atlanta Sugar SA - BKB Ltd.
- Sunshine Sugar
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Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
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