The sales of raw cane sugar and sugarcane mill products in the US have shown a consistent upward trend from 2017 to 2023, with the value standing at $2.9359 billion in 2023. This growth trend is coupled with relatively modest year-on-year increases, averaging below 1% annually over the last few years. The last two years saw increases of 0.94% and 0.97%, respectively. The compound annual growth rate (CAGR) for the last five years has been 1%, suggesting steady but slow growth.
Looking ahead, from 2024 to 2028, the forecast indicates continued growth with a CAGR of 0.68%, and the total market value is expected to reach $3.0643 billion by 2028, representing a 3.43% increase over five years. Key trends to watch for include potential impacts of climate change on sugarcane yields, increasing health-conscious consumer behavior, and advances in sugarcane processing technology.
Future trends to watch for:
- Impact of climate change on sugarcane yields and production costs.
- Consumer demand shifting towards healthier alternatives, possibly affecting sugar consumption.
- Technological advancements in sugar processing for efficiency and sustainability.
- Policy changes related to agriculture and trade affecting import/export dynamics.
