A
tough competition exists between sugar beet and sugar cane
manufacturing businesses, thus forcing the former to bank upon
product innovation, says Transparency Market Research in its recently
published report on the global sugar beet market. Such innovations
are being leveraged upon by key players in order to grow their market
share. This trend is serving to up the competition in the market.
There
has been a significant rise in businesses entering this domain in
recent times, thus spurring the production of sugar beet all over the
world. Some of the prominent players in the global sugar beet market
are Michigan Sugar Company, American Crystal Sugar Company,
Amalgamated Sugar Company, Minnesota Beet Sugar Cooperative, Rana
Sugar Ltd, Nippon Beet Sugar Manufacturing Co. Ltd., and British
Sugar Plc.
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Out
analysts crunched various numbers to find that the global sugar beet
market will make a sufficient headway during the forecast period from
2017 to 2026. The market is expected to clock a revenue of US$50.42.1
mn revenue by 2026-end by expanding at a CAGR of 6.5%, notes our
analysts.
The
global sugar beet market can be segmented based on different criteria
such as end products, end-use industry, and regions. Based on the end
products, the ‘other end products segment’ is expected to hold a
dominant position in the market, at the end of the forecast period.
From a geographical perspective, the global market for sugar beet
consists of Europe, North America, Asia Pacific Excluding Japan
(APEJ), Middle East and Africa, and Latin America. Of these, high
production of sugar coupled with its enormous demand amongst
consumers has led Europe to take the mantle of the leading regional
segment.
Manufacturers
Thrust on Product Innovation Catalyzes Growth
Sugar
beet market has emerged as an excellent alternative to sugar cane,
particularly in the tropical region. And with changing lifestyles and
food habits of people all over the world, the global
sugar beet market is expected to see continued growth.
Another factor that has managed to improve the sales graph in this
industry is the significant product innovation being carried out by
chief players in the market. With increasing product innovation, the
demand by consumers for a variety of sugars is also steadily
ascending, thus proving beneficial to the market. From a regional
perspective, Europe has increased its sugar production capacity by a
considerable amount, with countries such as Germany, Poland, France,
and Czech Republic to accumulating gigantic sugar heaps extracted
from sugar beet sources.
In
contrast to all these growth driving agents, few obstacles continue
to challenge the global sugar beet market’s progress. A significant
is the rising ill effects of environmental pollution on several
crops, which might led to unhealthy sources for extracting sugars.
However, with stringent environmental regulations and laws amended by
several governments, this picture is soon expected to change.
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