The Global Refined Beet Market is anticipated to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing usage of refined beet sugars in multiple industries especially in the food processing sector.
Refined beet sugars are the main raw materials used in manufacturing of a wide variety of sugar products and sweeteners. They are used on a large number of the food production and organic chemical manufacturing. They are not only of better quality but are also high in saccharine, which makes them valuable for manufacturing of artificial sweeteners.
Sugar factories are focusing to establish their production units closer to the beet plantations, which is likely to help the farmers to bridge the gap between them and the manufacturers. Beet farming is becoming simpler in industrialized regions, while developing markets are able to provide a stable supply of refined beet. Sugar beets are used to produce refined sugar, such as brown sugar and molasses.
Global Refined Beet Market Segment Insights
In terms of types, the market is divided into granulated sugar, liquid sugar, powdered sugar, and pulp refined beet. The liquid sugar segment is expected to represent a large share during the forecast period owing to its huge popularity and high demand. Liquid sugar is the type of sugar used in beverage products such as sweetened sodas. The sugar in beverages are generally very concentrated and easy to consume in large quantity without feeling occupied as they can be rapidly dissolved. Therefore, they are ideal for making mocktails, shakes, cocktails, and others while it can be used as a readymade syrup for making sweet dishes such as jalebi, gulab jamun, and others. It keeps the desserts softer from inside.
Based on applications, the global refined beet market is segmented into food processors, industrial uses, livestock feed, and retailers. The food processors segment is anticipated to account for a major share during the forecast period owing to its increasing acceptance. Refined beet sugar is largely used in food processors to make beverages such as fruit juices.
In terms of regions, the market is generally classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Europe is dominating the global refined beet market due to the largest production of beets in this region, which is followed by Asia Pacific.
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Market Drivers, Restraints, Trends, and Opportunities
- Increasing demand of refined beet in the food & beverage industry is predicted to fuel the market growth throughout the analysis period.
- Production of beet can be obtained without assistance of innovative farming practices even during dramatically changing weathers. This is projected to increase the production of the products; thus, helping the market growth.
- Growing attraction of people towards nutritional diets is expected to expand the refined beet market.
- Rising awareness about the chronic conditions caused by the high consumption of refined beet sugar such as diabetes, liver problems, and heart disease are likely to hinder the market growth.
- Ongoing research & development by the prominent players of the market are presenting numerous opportunities for the expansion of the market.
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