PUBLISHER: Allied Market Research | PRODUCT CODE: 1396873
PUBLISHER: Allied Market Research | PRODUCT CODE: 1396873
The global specialty sugars market was valued at $40,631.1 million in 2022, and is projected to reach $69,031.7 million by 2032, registering a CAGR of 5.4% from 2023 to 2032.
Specialty sugars have distinctive characteristics, flavors, textures, and origins, which differ them apart from the standard white granulated sugar. Moreover, these sugars are often used in various culinary and baking applications as they provide unique taste and experience. In addition, the use of special sugars enhances the overall visual appeal of the dishes as well as caters for specific dietary preferences. It includes various types such as brown sugar, powdered sugar, turbinado sugar, and muscovado sugar, among others. Each variant carries distinct properties and is suitable for specific culinary purposes.
The specialty sugars market is analyzed on the basis of type, application, distribution channel, and region. By type, it is divided into brown sugar, icing sugar, demerara sugar, muscovado sugar, and others. As per application, it is categorized into food & beverages industry, food service industry, and retail. Depending on distribution channel, it is bifurcated into B2B and B2C. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, United Arab Emirates, South Africa, Saudi Arabia, and rest of LAMEA).
The impact of the COVID-19 outbreak was moderate on the growth of the specialty sugars market. Trade restrictions and lockdown ceased the activities carried out in production and manufacturing units. Conversely, recovery of the specialty sugars market is expected in the near future.
The demand for specialty sugars has escalated significantly North America and Europe. This is attributed to fluctuating trends of food & beverages industry. The application of specialty sugars in food & beverages industry has expanded to meet the emerging consumer preferences and needs. Moreover, owing to the consumers preference for natural, lower-calorie, less refined, and less processed sugar, the demand for specialty sugars, including brown sugar, icing sugar, candy sugar, and turbinado sugar has increased significantly in recent years. In addition, increase in popularity of different flavors and cuisines from around the globe has resulted in adoption of specialty sugars. For instance, the distinctive flavor profiles which is achieved through specialty sugars such as muscovado, used in Latin American and Caribbean cuisines, and jaggery used in Indian cuisine.
Moreover, the market for specialty sugars has been fueled by increase in interest of consumers in artisanal and natural goods. Specialty sugars play a significant role in artisanal goods, as they enhance the flavors & colors, improve texture, and increase the overall appeal of the product. In addition, the clean-label initiative further supports the preference for transparent, minimal processed products by elevating specialty sugars to the position of preferred clean-label sweeteners. The distinctive flavors, including muscovado sugar and demerara sugar, and association with gourmet offerings, have increased the attractiveness of artisanal and premium items, thereby contributing to the market expansion.
The exporters and producers of specialty sugars have wider market reach, as they are available locally across the globe. Moreover, globalization has made possible for the cultural exchange of various cuisines and food ingredients, which are used to give food its unique flavor & taste. The enhanced supply chain of producers to obtain raw material from various parts of the globe through international trade have fueled the market growth.
However, the industry for specialty sugars has also faced major obstacles as sugar substitutes have grown challenges for the market. Moreover, the advantages of sugar alternatives have drawn the attention of health-conscious consumers who seek a natural option for regular usage. Consumers that place a high priority on weight management and calorie restriction are more drawn to healthy natural sweeteners. Furthermore, the price of the available sugar substitutes is lower than that of specialty sugars, which has made it difficult for producers of specialty sugars to maintain their profitability and market dominance. This is characterized by specialized techniques and methods are used in the production of special sugars, which results in a premium price point. In addition, the premium price of specialty sugar products hinders the market potential for further growth by discouraging price-conscious consumers from making purchases.
The major players analyzed for the specialty sugars industry include American Crystal Sugar, Sudzucker AG, Louis Dreyfus Company, ASR Group, Wilmar International Ltd, Michigan Sugar Company, Amalgamated Sugar, Nordzucker, Pfeifer & Langen IHKG, and MB Sugars and Pharmaceuticals Pvt. Ltd.
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