The
global brown sugar market is likely to exhibit robust growth in the
coming years on the back of rising demand from the food and beverage
industry. Brown sugar is a type of refined sugar containing molasses,
which also imparts the brown color. Production of molasses is a part
of the production process of ordinary refined sugar, but can also be
added to refined sugar afterwards to turn it into brown sugar. Brown
sugar is a staple in the production of various commercially important
food and beverage products such as bakery products and sweetened
beverages. The global
brown sugar market is thus likely to exhibit steady growth in
the coming years due to the steady growth trajectory expected from
the food and beverage industry.
According
to Transparency Market Research, the global brown sugar market was
valued at US$18.3 bn in 2017 and is likely to rise to US$26.5 bn over
the 2017-2022 forecast period at a solid CAGR of 7.7%.
Here
are the key insights into the global brown sugar market:
Rising
demand for bakery products in urban areas is likely to be a major
driver for the global brown sugar market. The bakery products
industry is a key consumer of powdered, granulated, as well as syrup
brown sugar and is likely to remain a major contributor to the global
brown sugar market due to the increasing awareness of Western bakery
products in emerging markets. The rising indigenous bakery products
industry in emerging regions such as Latin America and Asia Pacific
is likely to remain a significant contributor to the global brown
sugar market in the coming years due to the rising popularity of
bakery items in urban areas in these regions. Household production of
bakery products is also likely to increase in emerging regions due to
the increasing interest in cooking bakery products, leading to a
steady rise in the demand from the brown sugar market.
The
beverage industry is likely to be a major contributor to the global
brown sugar market in the coming years. Aerated and fruit-based
beverages have become widely popular across the world due to the
instant appeal and demand for brown sugar in beverage production is
thus likely to benefit massively over the coming years. The rising
popularity of local beverage manufacturers, who can compete with
international players due to the cheaper regulatory expenses, is
likely to remain a major driver for the global brown sugar market in
the coming years, particularly in emerging regions such as Southeast
Asia and Latin America. The dairy industry is also likely to
contribute significantly to the brown sugar market across the world
due to the rising awareness about the utility of dairy products as a
healthier alternative to conventional sweetened and aerated
beverages.
Geographically,
Asia Pacific except Japan is likely to remain the leading contributor
to the global brown sugar market over the coming years. The region
accounted for more than 33% of the global brown sugar market in 2017
and is likely to remain relevant to the global brown sugar market
figures over the coming years in spite of a fall in market share.
North America is likely to become increasingly relevant to the global
brown sugar market in the coming years due to the growing demand from
the packaged food and beverage industry. The longstanding popularity
of bakery products in North America has been a major driver for the
brown sugar market in the region. The North America market for brown
sugar is expected to grow from US$2.5 bn to US$3.8 bn over the
2017-2022 forecast period at a robust 8.7% CAGR.
Europe
is also likely to remain a dominant contributor to the global brown
sugar market thanks to the widespread presence of traditional bakery
practices, which often make use of molasses more than modern
operations. The Europe brown sugar market is expected to be valued at
more than US$4.7 bn by 2022, with the region likely to exhibit a 7.7%
CAGR over the 2017-2022 forecast period.
Competitive
Tracking
The
global brown sugar market is highly competitive due to the presence
of several players looking to claim a major share in global figures.
Leading players in the global brown sugar market include AkzoNobel
NV, Masco Corporation, Hempel A/S, Jotun A/S, The Valspar
Corporation, Axalta Coating Systems Ltd., Nippon Paint Holding Co.
Ltd., BASF SE, and PPG Industries Inc. Moreover, new entrants could
join the brown sugar market over the coming years due to the
increasing commercial prospects of the food and beverage industry in
the urbanized modern world.
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