Market Scenario
According to MRFR, the global Palm Sugar Market 2020 is projected to register a CAGR of 3.4% over the review period (from 2019 to 2024) to reach a market valuation of USD 2.1 billion by the end of 2024.
Market Highlights
Since palm sugar is an unrefined sugar, it is rich in minerals and vitamins. Palm sugar is commonly used for producing cakes, muffins, and puddings. Palm sugar is also used widely, as well as in homes, to make biscuits, waffles and as a sweetener for iced tea. These influences and a wide range of applications directly affect the growth of the global demand for palm sugar. The important feature of this sector is the production of new goods. Companies are currently focusing on introducing palm sugar in various ways , especially liquid, and are expected to invest more in research and developmentin order to expand their customer base and enhance their regional presence.
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Segmental analysis
The global palm sugar market has been segmented based category, application, form, and region.
The consumer market is split between ecological and traditional, depending on definition. Throughout the forecast period the traditional segment is projected to dominate the global demand for palm sugar. The organic segment is projected to rise at a faster pace during the assessment period as the demand for palm sugar obtained from palm trees, produced in an organic environment without the use of hazardous chemicals, is that among health-conscious consumers as a healthier alternative to the sugar obtained from conventionally grown palm trees.
The world market was segmented into rock, ice, and liquid depending on shape. During the assessment period the powder segment is projected to dominate the global demand for palm sugar. Thanks to an growing appetite for highly nutritious drinks among customers, the liquid category is poised to experience the maximum CAGR during the forecast period.
The global palm sugar business application category was split into food & drinks, as well as personal care. The food & beverage market is projected to produce higher sales because of the increasing demand for bakery goods, snacks and customer convenience. Owing to increased recognition among consumers of the benefits of palm sugar in health and beauty products, the personal care segment is expected to show the highest CAGR during the assessment period.
The food & beverage category is further categorized as bakery and confectionery, desserts, frozen and vegetarian cake, and sweet and savory snacks. Throughout the forecast timeframe the bakery & confectionery sub-segment is projected to dominate the global demand for palm sugar. However, the sub-segment of drinks is projected to rise more rapidly throughout the evaluation period.
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Regional Overview
The Asia-Pacific market is expected to lead the palm sugar market because of increased environmental consciousness and increased awareness among consumers about the health benefits of palm sugar. It is one of the oldest types of sweetener used in countries such as India, Indonesia, Malaysia and the Philippines in Asia-Pacific. In addition , increasing customer interest in food goods for natural sweeteners and high soda intake in the region drive demand growth in Asia-Pacific. Owing to a high consumption of snacks and baked goods as comfort food, the North American palm sugar market is expected to record the highest CAGR during the forecast era. Increasing recognition of the benefits of palm sugar by industry players through multiple advertising campaigns further boosts regional demand growth.
Competitive Dashboard
Some of the key players in the global palm sugar market are Big Tree Farms, Inc. (Indonesia), American Key Food Products Inc. (US), Sevenhills Wholefoods (UK), Wholesome Sweeteners, Inc. (US), Navitas Organics LLC (US), Windmill Organics Limited (UK), Organika Health Products Inc.(Canada), Taj Agro Limited (India), Asana Inc. (US), Phalada Agro Research Foundation (India), Royal Pepper Company (US), Betterbody Foods and Nutrition LLC (US), E&E Farms, Inc.(US), FGV Holdings Berhad (Malaysia), and Palm Nectar Organics (US).
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Market HighlightsRice syrup is widely processed with the help of enzymes.
Brown rice syrup offers a mild, butterscotch flavor and is widely used in the manufacturing of cookies, muffins and puddings.
Such factors and wide range of applications are directly influencing the growth of rice syrup market globally.
The fiber content in brown rice syrup offers several health benefits to the consumers such as to help controlling cholesterol, quick digestion, and promotes fullness.
Moreover, easy availability of conventionally grown cereal crops and its reasonable pricing are aiding to the global demand for conventional rice syrup.
The organic segment is expected to grow at the fastest rate during the assessment period since demand for rice crops grown in organic environment without the use of harmful chemicals is growing among the health-conscious consumers as a safe alternative.The global market for rice syrup has also been classified, by application, into bakery & confectionary, beverages, dessert & dairy products, meat, poultry & seafood products, infant formula, and others.
none, vanillin and propionaldehyde. Agave syrup is widely used as toppings for various bakery products such as waffles, cakes, pancakes, bread rolls, and French toast. Agave syrup is also used for flavoring a wide range of food products such as hot cereal, ice cream, sausages, fruit juices, corn fritters, baked beans, baking powder, fresh donuts and baked apples. Agave syrup is also used as an alternative to honey in wine mead. Agave syrup is often used as a substitute for honey and sugar based food products. Agave syrup is also used as an alternative to honey by most vegan consumers. Agave syrup melts quickly and hence it is used as a sweetener for most of the beverages such as iced tea and others.
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Global Agave syrup: Market Segmentation
The global Agave syrup market is segmented on the basis of raw material, application, distribution channel, and region. The Agave syrup market is segmented on the basis of raw material which includes the red Agave, the black Agave, and the sugar Agave. Agave syrup made from sugar Agave is used widely for flavoring a variety of food products. The global Agave syrup market is segmented on the basis of application in which Agave syrup is used as a flavoring agent in bakery products such as baking powder, waffles, pancakes, French toast and oatmeal. Granulated Agave sugar is used as a topping on coffee cake, oatmeal, grapefruit or crumb cake. The global Agave syrup market is segmented on the basis of distribution channel such as online stores, retail stores, and super/hyper market. Hence, the global Agave syrup market is expected to significantly increase the revenue contribution over the forecast period.
Global Agave syrup Market: Regional Outlook
Geographically, the global Agave syrup industry can be divided by major regions which include North America, Latin America, Europe, Asia Pacific and Middle East and Africa. Globally, among all regions, Asia Pacific has developed as the dominant region in global Agave syrup market followed by Europe and North America. Increasing demand for Agave syrup as a flavoring agent in various food products, has strengthened the growth of global Agave syrup market and hence is projected to significantly expand the revenue contribution of the market over the forecast period.
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Global Agave syrup Market: Growth Drivers
The global Agave syrup market driving factors are increasing demand for baking foods such as pancakes, waffles, bread rolls and coffee cake. Increasing opportunities in bakery industry is also another factor in driving the Agave syrup market along with rising in the production of Agave syrup as it contains an abundant amount of minerals such as manganese, potassium, and calcium. Agave syrup is also used as a natural sweetener in various food products which is another major factor driving the global Agave syrup market.
Many Agave syrup producers are providing healthier product offerings based on the increasing demand for Agave syrup as a flavoring agent in a variety of food products. Hence, the global Agave syrup market is expected to observe robust growth over the forecast period.
Global Agave syrup Market: Key Players
Some of the key players identified across the value chain of the global Agave syrup market include
Nekutli Agave Nectar, Dandy Lions Limited, Pura Foods Ltd., Maretai Organics, The Groovy Food Company, Malt Products Corporation, Wholesome Sweeteners, Clarks and others. The companies are expected to expand their business by enhancing their product portfolio in global Agave syrup market. The companies are projected to frame certain strategies in future in order to gain the competitive advantage in global Agave syrup market till 2028.
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