Industry Overview - Sugar crops are essential for the sugar industry, primarily including sugarcane, sugar beet, and sweet sorghum [2][3] - The economic benefits of sugar crop cultivation have declined, leading to reduced planting intentions among farmers, particularly in northern regions where corn expansion has occurred [4][6] - In 2024, China's sugar crop planting area is projected to be 1,480 thousand hectares, an increase of 64.85 thousand hectares year-on-year [3][4] - Sugar production is expected to reach 11,457.43 million tons in 2024, reflecting a year-on-year increase of 81.13 million tons [4][6] Regional Distribution - Sugar crop production is concentrated in three main regions: Guangxi (59% of national planting area), Yunnan (15.2%), and Guangdong [3][4] Industry Chain - The sugar crop industry chain includes upstream activities such as planting, involving seeds, pesticides, fertilizers, and agricultural machinery, as well as energy and auxiliary materials [6] - Midstream activities focus on sugar processing, primarily involving large state-owned or private enterprises [6] - Downstream applications include food and beverage, pharmaceuticals, and other industries, with by-products like molasses and bagasse contributing to a circular economy [6] Policy Environment - Sugar is a critical commodity in China, second only to staple foods and cooking oil, with various government policies aimed at ensuring supply and supporting agricultural technology [8] Competitive Landscape - The sugar crop industry in China is characterized by regional concentration, state-owned enterprise dominance, and a mix of domestic and international competition [8] - Major companies in the industry include COFCO Sugar, Guangxi Agricultural Investment Sugar Group, Guangdong Hengfu Sugar Group, Guangxi Sugar Group, and Yunnan Yingmao Sugar Group [8][9] Company Profiles - COFCO Sugar is the largest sugar production and trading enterprise in China, with a total sugar production capacity of approximately 1 million tons per year and a refined sugar capacity exceeding 2 million tons per year [9] - In 2024, COFCO Sugar's total sugar operating volume is expected to be around 4.21 million tons, with a revenue of approximately 29.91 billion yuan, reflecting a year-on-year decrease of 1.98% [9] - Guangxi Agricultural Investment Sugar Group is one of the largest sugar producers in Guangxi, with sugar production accounting for about 70% of its revenue [10] - In 2024, Guangxi Agricultural Investment Sugar Group's sugar production is projected to be 43.18 tons, with a revenue of 2.30 billion yuan from sugar sales [10] Future Trends - The sugar crop industry is expected to shift from a "scale-oriented" approach to a "value-oriented" model, driven by technological advancements, policy support, and market demand [6]