Overview and Scope
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.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
Top 5 Major Players:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Sugarcane Syrup Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Sugarcane Syrup Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Sugarcane Syrup Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 74: Associated British Foods plc Financial Performance
Table 75: Super Syrups (pty) Ltd. Financial Performance
Table 76: Tongaat Hulett Ltd. Financial Performance
Table 77: Atlanta Sugar SA – BKB Ltd. Financial Performance
Table 78: Sunshine Sugar Financial Performance
South America was the largest region in the sugarcane syrup market in 2023. The regions covered in the sugarcane syrup market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
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 – Macro Economic Scenario
5. Global Sugarcane Syrup Market Size and Growth
….
31. Global Sugarcane Syrup Market Competitive Benchmarking
32. Global Sugarcane Syrup Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Sugarcane Syrup Market
34. Sugarcane Syrup Market Future Outlook and Potential Analysis
35. Appendix
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