At a Glance
- Listed sugar producers anchor food security while reducing costly sugar imports across Africa.
- Vertically integrated operations span farming, refining, distribution, ethanol, and renewable energy production.
- Market values range widely, reflecting policy risk, climate pressure, and uneven regional demand.
Africa’s sugar industry sits at the intersection of food security, industrial agriculture, and import substitution.
Across the continent, a small group of publicly listed sugar producers are anchoring national supply chains, employing tens of thousands, and investing billions to reduce dependence on imports that drain scarce foreign exchange.
From North Africa to Southern and East Africa, these firms dominate local markets through vertically integrated operations that combine cane farming, milling, refining, and distribution.
Many are also expanding into ethanol, renewable energy, and export markets as governments push for self-sufficiency and value-added agriculture.
Financially, the sector reflects Africa’s uneven economic landscape. Market capitalizations range from multi-billion-dollar leaders with regional footprints to smaller turnaround stories battling legacy debt and policy headwinds.
Rising production costs, climate volatility, and competition from cheap imports remain persistent challenges, but sustained population growth and policy support continue to underpin long-term demand.
Sustainability is increasingly central. Several of these companies have invested in water-efficient irrigation, cogeneration plants powered by bagasse, and community development programs that support smallholder farmers.
Together, they represent the backbone of Africa’s formal sugar economy, supplying domestic markets, stabilizing prices, and creating industrial jobs in rural areas.
Shore Africa has researched the African exchanges and chronicled seven listed sugar producers and their role in shaping the continent’s sugar future.
1. Cosumar
Sector: Consumer Goods
Market Capitalization: $2.03 billion
Overview: Cosumar is Morocco’s leading producer and seller of white sugar, offering sugar loaves, blocks, lumps, and granules under the La Panthère brand. It also produces pellets and molasses, distributing through 12 sales points nationwide as of end-2021. Listed on the Casablanca Stock Exchange, it has a valuation of MAD18.89 billion ($2.03 billion) as of writing
2. Zambia Sugar
Market Capitalization: $1.22 billion
A dominant agro-industrial player, anchored by regional exports and defensive consumer demand. Zambia Sugar is currently the fourth most valuable stock on the LuSE with a market capitalization of ZMW 23.8 billion ($1.22 billion), which makes about 7.14 percent of the Lusaka Securities Exchange equity market.
3. Illovo Sugar Limited
Market Cap.: MWK 1.91 trillion ($1.1 billion)
Country: Malawi
Illovo Sugar Limited is the sixth (6th) most valuable stock on the MSE, with a market capitalization of MWK 1.91 trillion ($1.1 billion), accounting for 5.92 percent of the exchange’s equity market. The company has consistently maintained strong financial performance, driven by high demand for sugar products both locally and internationally. Illovo Sugar’s focus on sustainability, modernization of production facilities, and market expansion has helped it maintain a competitive edge in the agricultural sector.
4. Dangote Sugar
Market Capitalization: $568.11 million
Country: Nigeria
Part of the Dangote Group, it’s Sub-Saharan Africa’s biggest refinery with a production capacity exceeding 1.44 million metric tonnes annually. Dangote Sugar is also driving backward integration projects to achieve self-sufficiency in sugar production through large-scale sugarcane farming across several Nigerian states. Dangote Sugar Refinery is currently the 26th most valuable stock on the Nigerian Exchange with a market capitalization of N809 billion ($568.11 million), which makes about 0.763 percent of the Nigerian Stock Exchange equity market.
5. Delta Sugar
Market Capitalization: $154.38 million
Country: Egypt
Delta Sugar is a public company, listed on Egyptian Exchange (EGX) since April 1992. It operates within the food, beverage sector focusing on agricultural products. Delta Sugar is based in Giza, Egypt and was established in January 1978. It is listed on the Egyptian Exchange with a market valuation of EGP7.27 billion ($154.38 million).
6. Miwa Sugar Limited
Market Capitalization: $45.22 million
Country: Mauritius
Miwa Sugar Limited is a public company incorporated 2022. It operates in the sugar sector in Eastern Africa. Its vision is to become a regional leader in sugar and renewable energy for sustainable growth and improvement of living conditions and prosperity of local farmers and local communities. Listed on the Mauritius Development & Enterprise Market, with operations spanning Tanzania and Kenya, its market valuation is currently MUR2.08 billion ($45.22 million).
7. Mumias Sugar Company Limited
Market Capitalization: Ksh428 million ($3.32 million)
Country: Kenya
A Kenya-based producer of sugar, ethanol, and electricity, currently under management. Mumias Sugar Company Limited is currently the 54th most valuable stock on the NSE with a market capitalization of Ksh428 million ($3.32 million), which makes about 0.014 percent of the Nairobi Securities Exchange equity market.
