Covid-19 Impact on Global Sugar Market (2020-2026)
The entire value chain in the sugar sector from sugarcane, sugar, molasses, ethanol, and their subsequent marketing and export has been adversely affected due to the pandemic.
The industry is also facing reduced off-take from associated industries such as beverage and other FMCG companies due to the lockdown. The industries are shut to control the spread of coronavirus, due to which the demand for the sugar declined, and hence sugar sector is declining in generating revenue.
Mainly two of the country which produces sugar and dominating worldwide and also helping socio-economic development of the nation are now facing bigger challenges in this industry. They are Brazil and India in which India accounts for around 15.0 to 25% of the sugar and sugarcane production all over the world. Now, with the pandemic and lockdown, the consumption has fallen as people are made to stay at home and also shutdown in foodservice sectors such as bakeries, hotels, restaurants, and cafes reducing the demand for the sugar.
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The report covers changes in market dynamics and demand patterns related to the current COVID-19 pandemic. The report offers an in-depth examination of the business area, growth prospects and futuristic outlook based on the impact of COVID-19 on the overall growth of the industry. The report also includes an analysis of the current and future impact of the pandemic on the market, as well as the outlook after COVID-19.
COVID-19 can affect the global economy in 3 main ways: by directly affecting production and demand, by creating supply chain and market disturbance, and by its financial impact on firms and financial markets.
Sugar manufacturers: perspective & initiatives
The outbreak of COVID-19 has brought world to a halt where each and every industry has got an impact of it. This crisis has brought to an unexpected situation through which everyone is going on. With such unscrupulous situation, everyone is trying to get over of it. In all, one of the cannabis related product industry which has fallen badly due to Covid-19 in start of 2020. But rising support from several companies as well as governments are helping the industry to rebuild the position again in market.
Sugar Confectionery Market Regional Outlook (Revenue, USD bn, 2020-2024)
North America - size and forecast 2019-2024
Europe - size and forecast 2019-2024
APAC - size and forecast 2019-2024
South America - size and forecast 2019-2024
MEA - size and forecast 2019-2024
Report Objectives
· Analyzing the size of the global Sugar market on the basis of value and volume
· Accurately calculating the market shares, consumption, and other vital factors of different segments of the global Sugar market
· Exploring key dynamics of the global Sugar market
· Highlighting important trends of the global Sugar market in terms of production, revenue, and sales
· Deeply profiling top players of the global Sugar market and showing how they compete in the industry
· Studying manufacturing processes and costs, product pricing, and various trends related to them
· Showing the performance of different regions and countries in the global Sugar market
· Forecasting the market size and share of all segments, regions, and the global market.
Conclusion
The threat posed by the growing pandemic novel coronavirus (COVID-19), has been the most recent once and it is impacting sugar industry stakeholders and its integrated industries, all over the world. Brazil and India are the top producers of sugar across the globe, each producing nearly 25% and 15% of global sugar and sugarcane, respectively. The development of COVID-19 will have a direct effect on the production and consumption of the sugar industry in the short term.