NEWARK, Del, Jan. 11, 2024 (GLOBE NEWSWIRE) -- As per the latest analysis, the global beet sugar market value is expected to total US$ 4.6 billion in 2024. Overall, beet sugar demand is projected to increase at 5.5% CAGR throughout the forecast period. Accordingly, the total market valuation is set to reach US$ 7.8 billion by 2034.
Demand in the market remains exceptionally high for granulated beet sugar. The target segment is anticipated to account for a revenue share of 45.6% in 2024. This can be attributed to growing usage of granulated sugar for different applications due to its versatility.
Several factors are expected to drive growth of the beet sugar industry during the assessment period. These include high sugar demand, expanding food & beverage industry, and rising preference for cane sugar alternatives.
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In recent years, there has been a dramatic rise in sugar demand, including beet sugar, and the trend is expected to continue through 2034. This is due to factors like population explosion, urbanization, and changing dietary patterns.
The food and beverage industry is becoming a leading consumer of beet sugar. Top food and beverage companies are incorporating beet sugar into a wide range of products. This is expected to boost the global beet sugar market during the forecast period.
The versatility of beet sugar, coupled with its natural origin, has made it a sought-after ingredient in the food industry. Hence, rising production and consumption of food products like confectioneries, bakery items, and beverages will likely uplift beet sugar demand.
Another key factor expected to foster market growth is the rising demand for natural sugar alternatives. Similarly, the trend of clean-label products will benefit the global beet sugar industry.
Top players are focusing on increasing their production capacities to meet growing consumer demand. They are also making substantial investments in new processing equipment and acreage expansion.
Key Takeaways from the Report-
- The global market for beet sugar is expected to reach a valuation of US$ 7.8 billion by 2034.
- By applications, the bakery products segment is set to hold a market share of 25.5% in 2034
- Based on form, the granulated sugar segment is projected to account for a value share of 45.6% in 2024.
- By nature, the conventional beet sugar segment is estimated to hold a market share of 70.0% in 2024.
- India is expected to register a CAGR of 6.2% from 2024 to 2034.
- Sales in the United States are projected to total US$ 2.7 billion by 2034.
“The global beet sugar market is a significant player in the overall sugar industry, serving as an alternative to cane sugar and high-fructose corn syrup. It is driven by the demand from the food and beverage industry, which incorporates beet sugar into a wide range of products such as confectionery, bakery items, and beverages.” -says Nandini Roy Choudhury (client Partner for Food and Beverages at Future Market Insights, Inc.)
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Who is Winning?
United Sugars Corporation, Now Foods, Domino Sugar, Michigan Sugar Company, Amalgamated Sugar Company, American Crystal Sugar Company, Southern Minnesota Beet Sugar Cooperative, Western Sugar Cooperative, Longmont Sugar Company, Cosun Beet Company, British Sugar, Associated British Foods plc (ABF) and others are the few leading beet sugar manufacturers listed in the report.
Key players are using a wide range of strategies to stay ahead of the competition. These include new product launches, mergers, partnerships, acquisitions, facility expansions, and collaborations.
Acquisitions and mergers are beneficial for companies in terms of improving their product quality and expanding their market reach. This is because combining resources, expertise, and customer base can lead to access to new technology, distribution channels, manufacturing facilities, and talent.
Launching new products can help businesses meet the changing consumer demands and stay competitive. It will also allow them to attract new customers.
Recent Development:
- In 2021, Béghin introduced two new ranges of sugar products in France, including French organic sugar and sugar from sugar beets.
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Beet Sugar Market Outlook by Category
By Product Type:
- White Sugar
- Brown Sugar
By Form:
- Granulated Sugar
- Powdered Sugar
- Liquid Sugar
By Application:
- Dairy Products
- Bakery Products
- Beverages
- Confectionery Products
- Dietary Supplements
- Snacks
- Others (Electrolyte Mixes and Pharmaceuticals)
By Nature:
- Organic
- Conventional
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East & Africa
About the Food & Beverage Division at Future Market Insights (FMI)
Future Market Insights (FMI) food & beverage team offers comprehensive business intelligence services, with a vast array of reports and data points analyzed across 50+ countries over a decade. The team provides consulting services and end-to-end research, offering expert analysis, actionable insights, and strategic recommendations to clients worldwide. Contact them to explore how they can assist with your unique business intelligence needs.
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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