Published: Feb, 2018
A tough competition exists between sugar beet and sugar cane manufacturing businesses, thus forcing the former to bank upon product innovation, says Transparency Market Research in its recently published report on the global sugar beet market. Such innovations are being leveraged upon by key players in order to grow their market share. This trend is serving to up the competition in the market.
There has been a significant rise in businesses entering this domain in recent times, thus spurring the production of sugar beet all over the world. Some of the prominent players in the global sugar beet market are Michigan Sugar Company, American Crystal Sugar Company, Amalgamated Sugar Company, Minnesota Beet Sugar Cooperative, Rana Sugar Ltd, Nippon Beet Sugar Manufacturing Co. Ltd., and British Sugar Plc.
Out analysts crunched various numbers to find that the global sugar beet market will make a sufficient headway during the forecast period from 2017 to 2026. The market is expected to clock a revenue of US$50.42.1 mn revenue by 2026-end by expanding at a CAGR of 6.5%, notes our analysts.
The global sugar beet market can be segmented based on different criteria such as end products, end-use industry, and regions. Based on the end products, the ‘other end products segment’ is expected to hold a dominant position in the market, at the end of the forecast period. From a geographical perspective, the global market for sugar beet consists of Europe, North America, Asia Pacific Excluding Japan (APEJ), Middle East and Africa, and Latin America. Of these, high production of sugar coupled with its enormous demand amongst consumers has led Europe to take the mantle of the leading regional segment.
Manufacturers Thrust on Product Innovation Catalyzes Growth
Sugar beet market has emerged as an excellent alternative to sugar cane, particularly in the tropical region. And with changing lifestyles and food habits of people all over the world, the global sugar beet market is expected to see continued growth. Another factor that has managed to improve the sales graph in this industry is the significant product innovation being carried out by chief players in the market. With increasing product innovation, the demand by consumers for a variety of sugars is also steadily ascending, thus proving beneficial to the market. From a regional perspective, Europe has increased its sugar production capacity by a considerable amount, with countries such as Germany, Poland, France, and Czech Republic to accumulating gigantic sugar heaps extracted from sugar beet sources.
In contrast to all these growth driving agents, few obstacles continue to challenge the global sugar beet market’s progress. A significant is the rising ill effects of environmental pollution on several crops, which might led to unhealthy sources for extracting sugars. However, with stringent environmental regulations and laws amended by several governments, this picture is soon expected to change.
The information presented here is based on the findings of a report by Transparency Market Research, titled “Sugar Beet Market (End Products - Direct Use, Raw Sugar, Refined Sugar, Brown Sugar, Other End Products (Beet Pulp, Molasses, Bagasse, Pressmud); End Use Industry - Beet Processing Industry, Transportation Fuel, Other End Use Industries) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2026”
- By 2026 end, beat processing industry is projected to surpass US$ 21,500 million in revenue
- Europe is likely to emerge as the largest region in the global market for sugar beet.
Leading segments of the global sugar beet market are:
By end product
- Direct use
- Raw sugar
- Refined sugar
- Brown sugar
- Other end products
By end use industry
- Beet processing industry
- Transportation fuel
- Other end use industry
- Asia Pacific Excluding Japan (APEJ)
- North America
- Latin America
- Middle East and Africa