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,
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.
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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.