The global sugar beet juice extract market size is expected to reach USD 6.34 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 5.7% during the forecast period. Rising demand for natural sweetener in food processing industries is anticipated to drive the growth.
Manufacturers have started using natural sweeteners like molasses to cater to the rising demand for organic energy drinks and beverages. Increased awareness regarding health and hygiene and demand for organic sugar is anticipated to fuel the demand for products such as sugar beet juice extract. Therefore, companies such as, NutriScience Innovation LLC are coming up with various applications of sugar beet extract in medicines, chemicals, and energy drinks.
Food and beverage segment is projected to witness the fastest CAGR during the forecast period on account of growing demand for convenience foods among the young population. Moreover, increasing economic independency and health consciousness among women has led to a rise in consumption of healthy convenience food, thereby driving the application of sugar beet extracts. The extract acts as a natural sweetener and flavoring and coloring agent. The Flavor Extract Manufacturers Association (FEMA) and Generally Recognized As Safe (GRAS) have approved the usage of the product as a flavor enhancer. Food manufacturers concentrate on using natural and healthy products for sweetener and flavoring, keeping in mind the health benefits of sugar beet. Extract is also used in producing cereals, bakery products, ice creams, and confectionery.
Supermarkets/hypermarkets is expected to reach USD 2.77 billion by 2025, with a CAGR of 5.3% from 2019 to 2025. Availability of a huge range of products offered by different brands enables consumers to compare products before purchasing. The layout of this distribution channel and discounts offered by leading players also help drive the sales volume.
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Asia Pacific is expected to register the fastest CAGR of 6.3% from 2019 to 2025. The sugar beet juice extract market in the Asia Pacific has good opportunity for new segments, such as convenience food and alcoholic beverages, as the developing countries including, India, China, and Bangladesh are adopting western culture and lifestyle. Rising demand for ready to eat, packaged, and convenience food products is anticipated to bode well for the regional market growth.
Sugar Beet Juice Extract Market Report Highlights
• Food and beverages segment is anticipated to expand at a CAGR of 6.2% over the forecast period, due to rising demand for convenience food product coupled with rising healthy consciouness
• Supermarkets/hypermarkets distribution channel held the leading market share of over 44.7% in 2018, on account of the easy product availability
• Europe led the global sugar beet juice extract market in 2018 with a 32.7% of the overall volume share. High awareness regarding personal and environmental hygiene in the developed countries such as U.K. and Germany is anticipated to further fuel the growth
• The market is highly competitive in nature with the presence of key players including, NutriScience Innovation LLC, Nordzucker AG, BMA Braunschweigische Maschinenbauanstalt AG, Amalgamated Sugar Company, Siemens AG, Crop Energies AG, Agrana Zucker GmbH, Southern Minnesota Beet Sugar Cooperative, Nippon Beet Sugar Manufacturing Co. Ltd., and British Sugar Plc.
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Sugar Beet Juice Extract Market Segmentation
Grand View Research has segmented the global sugar beet juice extract market on the basis of application, distribution channel, and region:
Sugar Beet Juice Extract Application Outlook (Revenue, USD Million, 2015 - 2025)
• Food & Beverages
• Animal Feed
Sugar Beet Juice Extract Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
• Convenience Stores
Sugar Beet Juice Extract Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
o South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.