Theglobal sugar beetmarket is displays a highly competitive market owing to thepresence of numerous players striving to gain an edge in the market, reportsTransparency Market Research (TMR). The competition in the market is majorlydriven by new product innovations and advancements. Some of the key players inthe market comprise Minnesota Beet Sugar Cooperative, Amalgamated SugarCompany, Michigan Sugar Company, British Sugar Plc., and Nippon Beet SugarManufacturing Co. Ltd. These players are perceived to retain a stronghold in themarket owing to growing efforts in the direction of product diversification.Additionally, strategic mergers and acquisitions coupled with the developmentof new production methods will aid them in retaining their position in theglobal sugar beet market.
As perexpert analysts, the global sugar beet market is expected to burgeon at 6.5%CAGR from 2017 to 2026. The market is expected to witness an increment ofUS$50.42.1 mn by the end of this period.
In terms ofend use industry, the global sugar beet market is classified as transportationfuel, beet processing industry, and other end use industries. The market isexpected to generate the highest revenue from the beet processing industry.This is owing to a rise in production of sugar from sugar beet.
Geographically,the sugar beet market can be bifurcated into APEJ, Europe, North America, LatinAmerica, Japan, and Middle East and Africa. Europe is expected to lead themarket owing to high demand for a variety of sugars leading to a surge inproduction. Additionally, favorable climate for sugar production will boost themarket’s growth in this region.
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SurgingDemand for Sugar Beet By-Products to Spur Growth
Sugar beet is rich innutrients and is increasingly used in low-calorie diet. Additionally, it is anapt alternative to sugarcane. These factors have led to a tremendous rise inthe production, thereby propelling the global sugar beet market. Moreover,sugar beet by-products such as dried molasses, bagasse, pressmud, and beet pulpfind several industrial applications. They are used as de-icing agents on roadsand also as feed for livestock. These factors have highly contributed to thegrowth of sugar beet market.
Additionally,extensive use of sugar beet by-products in pharmaceuticals and alcoholproduction has expedited the market’s growth. Along with this, a risingpopulation and a high disposable income in the emerging economies is expectedto bolster the sugar beet market’s growth during the forecast period.Increasing applications of sugar beet in manufacturing bakery products,confectionary, and beverages have also bolstered the market’s expansion.
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However, there are afew restraints that may hinder the global sugar beet market’s growth. One ofthe major restraining factors is the ill effects of pollution on sugar beetcrop production. Extraction of sugar from these unhealthy crops will degradethe quality of the end product, thereby thwarting the market’s growth.Nevertheless, stringent regulations led down by governments pertaining toenvironmental control may subside the impact of the restraints.
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Approval ofGenetically Modified Sugar Beet to Underpin Growth Prospects
The European FoodSafety Authority (EFSA) has approved the use of genetically modified sugar infood products, processing, and feed imports. This has highly fortified thegrowth of global sugar beet market. Regulatory bodies of other countries arealso promoting the use of sugar beet as it finds several applications in thepharmaceutical and chemical industries. Moreover, it is used in the productionof biofuels, thereby presenting new growth opportunities for the global sugarbeet market.
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TMR has followedthe C19-TREND approach forconducting a comprehensive analysis on the trends and changes in the food andbeverage sector due to the COVID-19 outbreak. Each factor is analyzed withscrutiny. These points have been compiled in the report and will assure greatassistance to the stakeholders and CXOs in developing sound businessstrategies.
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