The
global sugar beet market is characterized by tough competition and
this is expected to compel sugar beet manufacturing businesses to
innovate their products and these innovations will be used by market
players to grow in the market and gain competitive edge above all
others. The considerable increase in several businesses entering the
sugar beet market will also help drive the production of sugar beet.
The names of the key players within the global sugar beet market are:
British Sugar Plc., Rana Sugar Ltd, Minnesota Beet Sugar Cooperative,
Michigan Sugar Company, Amalgamated Sugar Company, Nippon Beet Sugar
Manufacturing Co. Ltd., and American Crystal Sugar Company,
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As
per TMR, the global sugar beet market will expand at a 6.5% CAGR from
2017 to 2026 and be worth US$50.42.1 mn revenue by 2026. On the
basis of geography, the market is anticipated to be led by Europe due
to high production of sugar, thanks to the favourable climate for the
production of sugar. The U.K., France, Germany, and Poland are at
the forefront of the sugar beet market in Europe. North America is
also anticipated to witness high growth in the market.
Europe
to Lead in Market for Sugar Beet
As
per an expert TMR analyst, “in the tropical regions, sugar beet has
emerged as a great substitute to sugar cane.” Market players are
focusing on product innovation, which will also propel the growth of
the market. The demand for a variety of sugars is growing on account
of the efforts taken by market players in terms of product
innovation. Europe has boosted its sugar production capacity by
significantly and this is helping countries such as Poland, Germany,
Czech Republic, and France to collect huge amount of sugar from sugar
beet sources.
Use
in Low Fat and Low Calorie Diet Driving Demand
Sugar
beet is extremely rich in nutrients and is generally used for
producing sugar and this is one of the primary factors feeling the
growth of the global
sugar beet market. Since sugar beet is low in fat as well as
have reduced calories, it is used for reduced fat diet and low
calorie diet. The dried beet pulp which is left after sugar has been
extracted from sugar beet, is used by companies involved in the
production of sugar. This dried beet pulp is used in the form of
pellet, molasses, and other forms such as clean or dried.
Manufacturers are supplying this by-product of beet sugar to farmers
for livestock feed. Molasses are also being supplied to the chemical
and pharmaceutical sectors for the production of yeast, chemicals and
other drugs.
Sugar
Beet to Now be Considered for Use in Biofuel
With
the recent approval of the European Food Safety Authority (EFSA)
clearing the path of genetically modified sugar beet to be utilized
for food, feed imports, processing, and for food containing
ingredients produced from sugar beet, this market has received a
significant impetus. While sugar beet is used extensively in the
pharmaceutical sector, chemical sector, and food sector, it is now
being considered for the production of biofuel as well and this is
expected to create several growth opportunities within the market in
the next few years.
Polluted
Environment Posing a Challenge
On
the other hand, there are a few factors restricting the growth of the
market. One of the leading factors restricting the growth of the
market is the growing environmental pollution and its associated ill
effects on the crops. This is resulting in the extraction of sugar
from unhealthy sources and will be a challenge for the market.
However, with strict environmental regulations laid by government and
other environmental bodies, the impact of this restraint is expected
to reduce.
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