Global Beet Sugar Sales Market Gaining Impetus from Rising Demand: Projected to Touch USD 6.36 Billion by 2027, Growing at the CAGR of 5.1% During the Forecast Period (2021-2027)

Published | 18 June 2021

A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global beet sugar sales market was worth USD 4.50 Billion in the year 2020. As per the data yielded by the study, the market is estimated to grow at the CAGR of 5.1%, earning revenue of around USD 6.36 Billion by the end of 2027. Sugar beet is a root vegetable that is commonly used to make sugar. Sugar beets are utilized in low-calorie and low-fat diets because they are high in nutrients. Rising personal disposable income and increase in the population are the reasons contributing to the growth of the beet sugar sales market. Additionally, changing lifestyles and increasing health disorders are probable to drive the global beet sugar sales market during the forecast period. Also, a growing consumer base and the entry of a number of new global players are likely to boost the worldwide beet sugar sales industry.

Changing weather conditions propelling the market growth

Sugar production depends largely on favorable weather conditions. Sugarcane crops are affected by dry weather, which results in decreased output. For example, in 2019, India’s sugar output declined due to harsh weather conditions. Also, the Indian Sugar Mills Association reported that 232.74 lakh tonnes of sugar had been produced by March 31, 2020, compared to 296.82 lakh tonnes by March 31, 2019, a reduction of 64.08 lakh tonnes. Since fluctuations in weather conditions often wreak havoc on sugar production, the demand for sugar alternatives is growing worldwide. Thus, changing weather and climatic conditions play a major role in driving the growth of the beet sugar sales market worldwide, particularly in developing countries. Sugar derived from beets is gaining immense popularity as a preferable substitute to extractive sweeteners.

Rising consumer consciousness regarding health

The demand for natural sweeteners is being driven by consumers' growing awareness of the importance of maintaining a healthy lifestyle and eating habits. Beet sugar is a healthier alternative to artificial sweeteners. Beet sugar extract also contains betaine, which is an organic ingredient that is commonly found in energy beverages for athletes and fitness enthusiasts. Moreover, the usage of beet sugar has been extended to the beverage industry, which is expected to drive the global market.

Contaminated and low-quality products impeding market growth

Few restraints are limiting the growth of the beet sugar sales market globally. One of the key causes is the overall impact of contamination on sugar beet crop yield. Sugar extraction from diseased crops or genetically engineered sugar beets might compromise the quality of the end product, which limits the expansion of the beet sugar market across the globe.  Thus, the issue of contamination is likely to halt the growth of the beet sugar sales market during the forecast period.

Impact of COVID-19 in the industry

The COVID-19 pandemic and the lockdown imposed by the different countries to check the spread of the virus have wreaked havoc on several industries, including the global beet sugar sales market. The coronavirus's unfavorable global effects are already evident, and they already have had a big impact on the beet sugar sales market. The pandemic is causing mayhem on sugar sector stakeholders and their related industries all over the world. The entire value chain of the beet sugar industry has been unfavorably affected by the spillover impacts.

The beverage segment occupies the largest share of the global beet sugar sales market

Based on the application, the global beet sugar sales market is segmented into Bakery, Confectionery, Dairy Industry, and Beverage. Sugar beet is mostly used in the beverage industry; therefore, over the next few years, the beverage category is expected to have the maximum market sales potential.  Sugar beets are most commonly used to make processed sugar which is added to sweeten a variety of beverages. For example, Sugar beets are used to make a strong rum-like alcoholic beverage in the Czech Republic and Slovakia. The syrup is made from shredded sugar beets that have been cooked for a few hours and then mashed. The juice derived from this mash is thick by nature, similar to honey or molasses, and can be used as a sandwich spread or to sweeten other foods.

North America region is expected to witness significant growth in the market during the forecast period

Based on the region, the global beet sugar sales market is categorized into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among all the regions, North America is dominating the market with the largest market share and is likely to dominate even during the forecast period. Nevertheless, the Asia-Pacific is also gearing up to  emerge as the fastest-growing region during the forecast period. India is the world’s fastest-growing market because of its rising standard of living.

Competitive Landscape

Key players in the global beet sugar sales market are Agrana Zucker, Michigan Sugar Company, Amalgamated Sugar, Rana Sugar Ltd, Tereos, Nordic Sugar A/S, Nippon Beet Sugar Manufacturing, British Sugar Plc, American Crystal Sugar Company, and other key manufacturers. The market players are continually investing in R&D in order to grow their businesses and maintain their market dominance in the global beet sugar market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global beet sugar sales market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global beet sugar sales market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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