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.
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.
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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Surging Demand for Sugar Beet By-Products to Spur Growth
Sugar beet is rich in nutrients and is increasingly used in low-calorie diet. Additionally, it is an apt alternative to sugarcane. These factors have led to a tremendous rise in the production, thereby propelling the global sugar beet market. Moreover, sugar beet by-products such as dried molasses, bagasse, pressmud, and beet pulp find several industrial applications. They are used as de-icing agents on roads and also as feed for livestock. These factors have highly contributed to the growth of sugar beet market.
Additionally, extensive use of sugar beet by-products in pharmaceuticals and alcohol production has expedited the market’s growth. Along with this, a rising population and a high disposable income in the emerging economies is expected to bolster the sugar beet market’s growth during the forecast period. Increasing applications of sugar beet in manufacturing bakery products, confectionary, and beverages have also bolstered the market’s expansion.
However, there are a few restraints that may hinder the global sugar beet market’s growth. One of the major restraining factors is the ill effects of pollution on sugar beet crop production. Extraction of sugar from these unhealthy crops will degrade the quality of the end product, thereby thwarting the market’s growth. Nevertheless, stringent regulations led down by governments pertaining to environmental control may subside the impact of the restraints.
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.