The global brown sugar market is fragmented, thanks to the presence of a massive pool of large, small, and unorganized vendors due low entry barriers, states a new report by Transparency Market Research (TMR). Suem Do Brasil Embadagen Ltda, Thipphawan Sugar, Shree Renuka Sugars Ltd., Copersucar S.A., Billington’s, India Tree Inc., Cargill Inc., and Eliora Internacional Ltda are some of the key vendors of brown sugar across the world. With continual entry of new players, the competition within this market will remain rising over the next few years, states the research report.
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According to the research report, the global brown sugar market stood at US$18.30 bn in 2017. Rising at a CAGR of 71.70% over the period from 2017 to 2022, the market is anticipated to reach US$26.5 bn by the end of the period of the forecast. The bakery industry has surfaced as the key application area of brown sugar across the world. Researchers expect this trend to remain so over the next few years, notes the market study.
In terms of the geography, the global market for brown sugar has been segmented into North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe in this research study. Asia Pacific has been leading the global market and is anticipated to remain on the top over the next few years, states the research report.
“The rising demand for bakery products in urban areas is likely to be a major driver for the global brown sugar market,” states an analyst at TMR. The bakery products industry is the most prominent consumer of the powdered, granulated, and syrup brown sugar and is expected to remain a key contributor to the global market in the near future, owing to the increase in the demand for Western bakery products in developing economies.
The rise in the indigenous bakery products industry in developing markets, such as Asia Pacific and Latin America, is expected to emerge as a prominent factors, boosting the growth of this market in the years to come, thanks to the augmenting popularity of bakery items in urban areas in these regions. The household manufacturing of bakery products is also projected to increase significantly in emerging economies due to the rising interest of consumers, leading to a healthy rise in the demand for brown sugar in the near future, reports the market study.