The global specialty sugars market is experiencing growth due
to several factors, including the significant increase in
globalization and trade, change in food & beverages industry
trend, and the rise in demand for natural and artisanal
products.
WILMINGTON, Del., April 30, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Specialty
Sugars Market by Type (Brown Sugar, Icing Sugar,
Demerara Sugar, Muscovado Sugar and Others), Application (Food
& Beverage Industry, Food Service Industry and Retail), and
Distribution Channel (B2B and B2C): Global Opportunity Analysis and
Industry Forecast, 2022–2032." According to the report, the
global specialty sugars industry was valued at $40.6 billion in 2022, and is projected to reach
$69.0 billion by 2032, exhibiting a
CAGR of 5.4% from 2023 to 2032.
Specialty sugars are types of sugars that have unique properties
and are used in cooking and baking. It has been growing in recent
years as more people become interested in using different types of
sugars as they derive health and wellness properties. The specialty
sugars include brown sugar, powdered sugar, and even exotic sugars
like coconut or palm sugar.
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Prime Determinants of Growth:
The global specialty sugars market is experiencing growth due to
several factors, including the significant increase in
globalization and trade, changes in food & beverages industry
trends, and the rise in demand for natural and artisanal products.
However, the high cost of specialty sugar products, and limited
awareness, and the rise in competition from sugar substitutes limit
the market growth to some extent. On the other hand, there was a
rise in innovative product offerings that are creating lucrative
opportunities for market growth in the future.
Report Coverage & Details:
Report
Coverage
|
Details
|
Forecast
Period
|
2023–2032
|
Base
Year
|
2022
|
Market Size in
2022
|
$40.6
billion
|
Market Size in
2032
|
$69.0
billion
|
CAGR
|
5.4 %
|
No. of Pages in
Report
|
290
|
Segments
Covered
|
Type, Application,
Distribution Channel, and Region
|
Drivers
|
The significant
increase in globalization and trade
|
Change in food &
beverages industry trend
|
The rise in demand for
natural and artisanal products
|
Opportunities
|
The rise in innovative
product offering
|
Restraints
|
High cost of specialty
sugar products and limited awareness
|
The rise in competition
from sugar substitutes
|
The brown sugar segment to maintain its leadership status
throughout the forecast period-
Based on type, the brown sugar segment held the highest market
share in 2022, accounting for more than one-third of the global
specialty sugars market revenue, and is estimated to maintain its
leadership status throughout the forecast period. Consumers
everywhere are already looking for healthier substitutes for common
food ingredients. Moreover, due to the rising natural and organic
product demand and growing consumer interest in health and
wellness, brown sugar has seen tremendous growth in recent years.
Brown sugar is widely used in many different applications,
including baking, confectionery, sauces, and beverages, which has
contributed to an increase in demand for the commodity. However,
the demerara Sugar segment would cite the fastest CAGR of 6.9% from
2023 to 2032.
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The food service industry segment to maintain its leadership
status throughout the forecast period-
Based on application, the food service industry segment
held the highest market share in 2022, contributing to more than
two-fifth of the global specialty sugars market revenue and is
estimated to maintain its leadership status throughout the forecast
period. The main focus of the food service sector is the addition
of specialized items to their menu. The food service sector uses a
variety of sugars in its products to meet shifting consumer tastes.
Beside from that, specialty sugars including brown sugar,
icing sugar, demerara sugar, and muscovado sugar have grown in
popularity due to their distinctive flavors and alleged health
advantages. As consumers are more concerned about their health and
are looking for healthier sweetening options, specialty sugar is in
more demand in the food service sector. However, the food and
beverage industry showcase the fastest CAGR of 6.1% from 2023 to
2032.
The B2B segment to maintain its leadership status throughout
the forecast period-
Based on distribution channel, the B2B segment held the
major market share in 2022, accounting for nearly
two-thirds of the global specialty sugars market revenue, and is
expected to maintain its leadership status throughout the forecast
period. There are many leading players in the B2B specialty
sugars ecosystem, including producers/suppliers,
wholesalers/distributors, retailers, food service providers, food
producers, importers, and exporters. It consists of markets where
buyers and sellers of specialized sugars negotiate and conduct
business. The suppliers get their specialized sugars directly from
other companies through a procedure in which one company transacts
with another. The B2C segment, however, would portray the fastest
CAGR of 6.8% from 2023 to 2032.
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North America to maintain
its dominance throughout the forecast period-
Based on region, North America
held the highest market share in 2022, garnering more than
two-fifth of the global specialty sugars market revenue
and is expected to maintain its dominance throughout the
forecast period. A significant shift in consumer behavior toward
using healthy foods for baking and cooking has been noted in the
area. Additionally, the market is witnessing a notable increase in
demand for specialty sugar products because of a rise in the number
of consumers using these goods in their baking and beverages. The
Asia-Pacific region, on the other
hand, would cite the fastest CAGR of 6.3% from 2023 to
2032.
Leading Market Players: -
- American Crystal
Sugar
- Südzucker AG
- Louis Dreyfus Company
- ASR Group
- Wilmar International Ltd
- Michigan Sugar Company
- Amalgamated Sugar
- Nordzucker
- Pfeifer & Langen IHKG
- MB Sugars and Pharmaceuticals Pvt. Ltd.
The report provides a detailed analysis of these key players in
the global specialty sugars market. These players have adopted
different strategies such as collaborations, expansion, joint
ventures, agreements, and others to increase their market share and
maintain dominant shares in different countries. The report is
valuable in highlighting business performance, operating segments,
product portfolio, and strategic moves of market players to
showcase the competitive scenario.
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