Global Sugar Beet Juice Extract Market Size, Market Research and Industry Forecast Report, 2025 (Includes Business Impact of COVID-19)

  • TBI684986
  • November 29, 2020
  • Global
  • 132 pages
  • Lucintel
                                              

Industry Insights, Market Size, CAGR, High-Level Analysis: Global Sugar Beet Juice Extract Market

The global sugar beet juice extract market size was estimated at USD 4.31 billion in 2018 and is expected to expand at a CAGR of 5.7% during the forecast period. Rising demand for sugar substitute owing to the fluctuating climatic conditions affecting the production of sugar is anticipated to drive the growth. The advent of technology has helped develop engineered sugar beets using less amount of pesticides and fertilizers. Sugar produced using these beets serves as a better alternative for extracted sweeteners. Along with sugar, the extract is also used for producing biofuel. The diverse application of the product are anticipated to further drive the market in near future. The demand for sugar beet juice extracts is also driven by rising popularity of convenience food. The extract is used as a natural sweetener and coloring and flavoring ingredient in various convenience food products. The recent clearance by the European Food Safety Authority (EFSA) for the usage of genetically modified sugar beet in food and beverage industry is expected to boost the market growth. Moreover, rising production of sugar beet and its application in ethanol production is expected to drive the overall market growth. Rising consumer consciousness about maintaining healthy lifestyle and food habits is anticipated to drive the demand for natural sweeteners. Sugar beet molasses serves as a healthy substitute to the conventional sweeteners. Sugar beet juice extract also contains betaine, which is a naturally occurring and potential source of nutrient, used in energy drinks for athletes and fitness enthusiasts. Growing usage of sugar beet juice extracts in beverage industry is expected to drive the global market in the forthcoming years. In addition, sugar beet juice extract is also used in cosmetic and pharmaceutical industry owing to its high moisturizing properties. It also finds application in hair care products, shampoos, conditioners, creams and lotions, aftershaves and deodorants. This growing usage of natural ingredients is anticipated to contribute to the rising product demand.

Application Insights of Global Sugar Beet Juice Extract Market

Food and beverage led the global sugar beet juice extract market with a share of more than 30% in 2018. The segment is expected to expand at a CAGR of 6.2% from 2019 to 2025.The extract is used as a natural sweetener and flavoring and coloring agent. The Flavor Extract Manufacturers Association (FEMA) and Generally Recognized As Safe (GRAS) have approved usage of the product as flavor enhancer. Food manufacturers concentrate on using natural and healthy products for sweetener and flavoring, keeping in mind the health benefits of sugar beet. The extract is also used for producing cereals, bakery products, ice creams, and confectionery. Sugar beet juice extract is a rich source of nutrients and energy, which is anticipated to drive the demand in the food processing industry. Growing consumption of alcoholic and non-alcoholic beverages in developing countries including India, China, and Bangladesh, is also expected to contribute to the market growth. The product finds application in various other industries including pharmaceuticals and cosmetics. The beet juice deicer is used in road repairs and maintenance as its anti-icing and non-sticky characteristics help clear the ice and snow from roads during winters.

Distribution Channel Insights

Supermarkets/hypermarkets held the largest market share in 2018 and is expected to register a CAGR of 5.3% from 2019 to 2025. Availability of a huge range of products offered by different brands at one place 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. The developments in terms of structured retail sectors have also been fueling the growth by providing abundant visibility and space for the existing and new brands. Online distribution channel segment is expected to expand at a CAGR of 6.3% over the forecast period. The growth is attributed to the introduction of online grocery channels. Companies like amazon.com, indiamart.com, and cultivator.com among others are gaining an increasing traction for the sale of sugar beet juice extract. The attractive discounts and coupon offers provided by e-retailers are anticipated to further drive the online sales in the forthcoming years.

Regional Insights of Global Sugar Beet Juice Extract Market

Europe held the leading market share of about 32% in 2018, on account of huge production of sugar beet in Canada, with premium and high yield seeds. In addition, new companies are acquiring segments of the market with their premium products to target customers with greater buying power. Moreover, the high consumption of alcoholic beverages is driving the regional demand for natural flavoring and sweeteners, thereby fueling the market growth. Asia Pacific is expected to expand at the fastest CAGR of 6.3% from 2019 to 2025. Asia Pacific is expected to present significant growth opportunities 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 Share Insights

The global market is fragmented in nature with the presence of the major players such as 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. The companies are adopting strategies such as new product developments to cater to the rising consumer demand patterns.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Global Sugar Beet Juice Extract Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global sugar beet juice extract market report on the basis of application, distribution channel, and region:

Application Outlook (Revenue, USD Million, 2019 - 2030)

  • Food & Beverages
  • Animal Feed
  • Bio Fuel
  • Others

Distribution Channel Outlook (Revenue, USD Million, 2019 - 2030)

  • Supermarkets/Hypermarkets
  • Convenience Store
  • Online

Table of Contents
Chapter 1. Methodology and Scope                    1.1. Market Segmentation & Scope                    1.2. Market Definition                    1.3. Information Procurement                         1.3.1. Purchased Database                         1.3.2. GVR’s Internal Database                         1.3.3. Secondary Sources & Third-Party Perspectives                         1.3.4. Primary Research                    1.4. Information Analysis                          1.4.1. Data Analysis Models                    1.5. Market Formulation & Data Visualization                 
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