The global sugar beet market is displays a highly competitive market owing to the presence of numerous players striving to gain an edge in the market, reports Transparency Market Research (TMR). The competition in the market is majorly driven by new product innovations and advancements. Some of the key players in the market comprise Minnesota Beet Sugar Cooperative, Amalgamated Sugar Company, Michigan Sugar Company, British Sugar Plc., and Nippon Beet Sugar Manufacturing Co. Ltd. These players are perceived to retain a stronghold in the market owing to growing efforts in the direction of product diversification. Additionally, strategic mergers and acquisitions coupled with the development of new production methods will aid them in retaining their position in the global sugar beet market.
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As per expert analysts, the global sugar beet market is expected to burgeon at 6.5% CAGR from 2017 to 2026. The market is expected to witness an increment of US$50.42.1 mn by the end of this period.
In terms of end use industry, the global sugar beet market is classified as transportation fuel, beet processing industry, and other end use industries. The market is expected to generate the highest revenue from the beet processing industry. This is owing to a rise in production of sugar from sugar beet.
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Geographically, the sugar beet market can be bifurcated into APEJ, Europe, North America, Latin America, Japan, and Middle East and Africa. Europe is expected to lead the market owing to high demand for a variety of sugars leading to a surge in production. Additionally, favorable climate for sugar production will boost the market’s growth in this region.
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Approval of Genetically Modified Sugar Beet to Underpin Growth Prospects
The European Food Safety Authority (EFSA) has approved the use of genetically modified sugar in food products, processing, and feed imports. This has highly fortified the growth of global sugar beet market. Regulatory bodies of other countries are also promoting the use of sugar beet as it finds several applications in the pharmaceutical and chemical industries. Moreover, it is used in the production of biofuels, thereby presenting new growth opportunities for the global sugar beet market.
The study presented here is based on a report by Transparency Market Research (TMR) 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”.
The global sugar beet market is segmented based on:
- Direct use
- Raw sugar
- Refined sugar
- Brown sugar
- Other end products
End Use Industry
- Beet processing industry
- Transportation fuel
- Other end use industry
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