The global powdered sugar market size is projected to touch USD 7.49 billion by 2025, according to Million Insights, registering a 4.2% CAGR over the forecasted period, from 2019 to 2025. The market growth is attributed to the increasing consumption of confectionery and bakery food products among consumers.
Conventional products accounted for the largest market share of more than 73.0%, in 2018. These conventional products are produced by sugar beets and sugarcane. The powder sugar undergoes refining process resulting in striping down all vitamins and minerals. Thus, this factor can hamper the growth of this segment. However, the easy production process along with the low price is expected to drive the growth of this segment over the forecast period.
Application-wise, the powdered sugar market is fragmented into the bakery, confectionery, dairy, and others. In 2018, the bakery segment accounted for the largest market share and expected to retain its position through the forecasted period. This is attributed to the increasing demand for various bakery food products such as cookies, pies, cakes, and pastries to maintain food structure and texture.
The major players operating in this market are Domino Foods, Inc., Tate & Lyle Sugars, Taikoo Sugar Ltd., American Crystal Sugar Company, Wholesome Sweeteners, Inc., Imperial Sugar, Nordic Sugar A/S, Südzucker United Kingdom Ltd., Cargill, Inc., COFCO International, and Nanning Sugar Industry Co., Ltd. Market players are majorly concentrating on product development and innovation to sustain in the competitive market and gain the largest market share.
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Further key findings from the report suggest:
• Among products, the organic products is expected to register fastest CAGR of more than 4.5% from 2019 to 2025.
• Bakery application accounted largest market share of 33.0%, in 2018.
• North America held the largest market share, in 2018 and expected to grow with significant CAGR over the forecast period.
• The major players included in this market are Tate & Lyle Sugars, Domino Foods, Inc., Taikoo Sugar Ltd., American Crystal Sugar Company, Wholesome Sweeteners, Inc., Imperial Sugar, Nordic Sugar A/S, Südzucker United Kingdom Ltd., Cargill, Inc., COFCO International and Nanning Sugar Industry Co., Ltd.
Million Insights has segmented the powdered sugar market on the basis of product, application, and region:
Product Outlook (Revenue, USD Million, 2015 - 2025)
Application Outlook (Revenue, USD Million, 2015 - 2025)
Powdered Sugar Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa