Sugar is one of the most important food products. It is used as a sweetener, preservative, and flavour enhancer in various food products. The global export-import market of sugar is expected to reach USD 36 billion by 2022, growing at a CAGR of 6% during 2017-2022.
Factors such as rising demand for sugar from the confectionery industry and increasing consumption of soft drinks are driving the growth of this market. However, fluctuating prices of raw materials may hamper the growth of this market.
The global Export-Import Market of Sugar in 2022 is expected to reach USD 327.9 billion and is expected to grow at a CAGR of 10.5% between 2017 and 2022 to USD 813.6 billion by 2022.
The global Export-Import market for sugar was valued at USD 325.4 billion in 2017. The market is expected to grow at a CAGR of 10.5% from 2017 to 2022, reaching USD 813.6 billion in 2022, according to a new report by Grand View Research, Inc., U.S. based market research and consulting company
Global Import of Sugar Market: Drivers and Restraints
The global import market for sugar is highly volatile in nature due to the presence of various factors such as high demand from developing countries such as India and China, which leads to fluctuating sugar prices due to inflationary trends around the world. However, this trend may be offset by the rising demand for sugar from consumers who are conscious about their health and are gradually shifting towards healthier foods such as fruits and vegetables instead of carbohydrates such as sugar which can lead to obesity and other metabolic disorders like diabetes mellitus type II.
Sugar import & export from India
Sugar is one of the most important commodities in the world. The sugar sector is one of the largest in India and the nation is also one of the largest sugar producers in the world. Sugar production in India is mainly concentrated in Maharashtra, Uttar Pradesh, Karnataka and Tamil Nadu.
The major importers of raw sugar from India include Pakistan (2% share), China (4%), Nepal (3%), Bangladesh (3%) and Sri Lanka (1%). The major exporters of refined white sugar to India include Thailand (7%), Brazil (6%), Indonesia (6%) and South Africa (2%).
In the year 2020-21, India exported a total of 3.47 million tonnes of sugar to the world market. This represented an increase of 23% compared to 2.58 million tonnes in the previous year. The major export destinations for Indian sugar were China and Bangladesh.
Global Sugar Consumption
Sugar may be sweet, but its global consumption is not. The world’s sweet tooth for sugar is on the rise and will only continue to increase as developing countries get wealthier and more people decide that too much sugar is better than not enough. Developing countries currently consume 42 percent of the world’s sugar, and they’re expected to increase their share to 50 percent by 2022.
The average person in developing countries consumes an estimated 24 pounds of sugar each year, compared to an average of 110 pounds per person in developed countries.
One more reason is that buying sugar is now easier than ever. A platform like Tradologie.com has made the buying process of sugar simpler. Sugar importers can buy sugar online in bulk through Tradologie.com from all over the world.