白糖行业研究：低糖低脂，传统白糖如何破局？头豹词条报告系列

Investment Rating - The report does not explicitly provide an investment rating for the sugar industry Core Insights - The sugar industry is experiencing a transformation towards low-sugar and low-fat products due to changing consumer preferences for healthier options, which is expected to impact sugar sales directly [4][10] - The market for sugar is characterized by cyclical fluctuations influenced by various factors, including weather conditions, planting areas, and international trade policies [8][9] - The sugar market in China is projected to grow, driven by the low per capita sugar consumption compared to developed countries, indicating significant growth potential [27] Industry Definition - Sugar primarily consists of sucrose, which is crucial for energy supply in the human body, accounting for about 70% of energy needs [5] - The sugar industry can be categorized based on the size and shape of sugar granules, with white sugar being a key product [7] Industry Characteristics - The sugar market is subject to cyclical fluctuations due to factors such as planting area changes, extreme weather events, and international trade policies [8] - There is a growing trend towards sustainable and environmentally friendly production methods within the sugar industry [9] - Health-conscious consumer trends are driving changes in the industry, leading to a demand for reduced sugar products [10] Development History - The sugar industry in China has evolved through several stages, from its early beginnings in the Shang and Zhou dynasties to the establishment of mechanized sugar factories post-1949, leading to significant production increases [11][12][14][15] Industry Chain Analysis - The sugar industry chain consists of upstream raw material supply, midstream sugar production, and downstream end-user consumption [16] - China is a major sugar producer, with Guangxi being the largest sugarcane planting area, contributing significantly to national production [17] Market Size - The sugar industry market size in China grew from 61.71 billion RMB in 2018 to 79.47 billion RMB in 2023, with a compound annual growth rate of 5.19% [26] - The market is expected to continue growing, albeit at a slower rate, with projections indicating a rise to 89.97 billion RMB by 2028 [26] Policy Overview - Recent policies emphasize the importance of food safety and health, promoting reduced sugar intake as part of national health initiatives [30][31] Competitive Landscape - The sugar industry in China is fragmented, with numerous small and medium-sized enterprises, while major players like COFCO Sugar dominate the market [35] - The competitive dynamics are influenced by production scale, technological advancements, and supply chain capabilities [35][36]