Specialty Sugars Market to Reach $69.0 Billion, Globally, by 2032 at 5.4% CAGR: Allied Market Research

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Apr 30, 2024, 10:25 ET

The global specialty sugars market is experiencing growth due to several factors, including the significant increase in globalization and trade, change in food & beverages industry trend, and the rise in demand for natural and artisanal products.

WILMINGTON, Del., April 30, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Specialty Sugars Market by Type (Brown Sugar, Icing Sugar, Demerara Sugar, Muscovado Sugar and Others), Application (Food & Beverage Industry, Food Service Industry and Retail), and Distribution Channel (B2B and B2C): Global Opportunity Analysis and Industry Forecast, 2022–2032." According to the report, the global specialty sugars industry was valued at $40.6 billion in 2022, and is projected to reach $69.0 billion by 2032, exhibiting a CAGR of 5.4% from 2023 to 2032. 

Specialty sugars are types of sugars that have unique properties and are used in cooking and baking. It has been growing in recent years as more people become interested in using different types of sugars as they derive health and wellness properties. The specialty sugars include brown sugar, powdered sugar, and even exotic sugars like coconut or palm sugar.

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Prime Determinants of Growth:

The global specialty sugars market is experiencing growth due to several factors, including the significant increase in globalization and trade, changes in food & beverages industry trends, and the rise in demand for natural and artisanal products. However, the high cost of specialty sugar products, and limited awareness, and the rise in competition from sugar substitutes limit the market growth to some extent. On the other hand, there was a rise in innovative product offerings that are creating lucrative opportunities for market growth in the future.

Report Coverage & Details: 

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$40.6 billion
Market Size in 2032	$69.0 billion
CAGR	5.4 %
No. of Pages in Report	290
Segments Covered	Type, Application, Distribution Channel, and Region
Drivers	The significant increase in globalization and trade
	Change in food & beverages industry trend
	The rise in demand for natural and artisanal products
Opportunities	The rise in innovative product offering
Restraints	High cost of specialty sugar products and limited awareness
Restraints	The rise in competition from sugar substitutes

The brown sugar segment to maintain its leadership status throughout the forecast period-

Based on type, the brown sugar segment held the highest market share in 2022, accounting for more than one-third of the global specialty sugars market revenue, and is estimated to maintain its leadership status throughout the forecast period. Consumers everywhere are already looking for healthier substitutes for common food ingredients. Moreover, due to the rising natural and organic product demand and growing consumer interest in health and wellness, brown sugar has seen tremendous growth in recent years. Brown sugar is widely used in many different applications, including baking, confectionery, sauces, and beverages, which has contributed to an increase in demand for the commodity. However, the demerara Sugar segment would cite the fastest CAGR of 6.9% from 2023 to 2032.

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The food service industry segment to maintain its leadership status throughout the forecast period-

Based on application, the food service industry segment held the highest market share in 2022, contributing to more than two-fifth of the global specialty sugars market revenue and is estimated to maintain its leadership status throughout the forecast period. The main focus of the food service sector is the addition of specialized items to their menu. The food service sector uses a variety of sugars in its products to meet shifting consumer tastes. Beside from that, specialty sugars including brown sugar, icing sugar, demerara sugar, and muscovado sugar have grown in popularity due to their distinctive flavors and alleged health advantages. As consumers are more concerned about their health and are looking for healthier sweetening options, specialty sugar is in more demand in the food service sector. However, the food and beverage industry showcase the fastest CAGR of 6.1% from 2023 to 2032.

The B2B segment to maintain its leadership status throughout the forecast period-

Based on distribution channel, the B2B segment held the major market share in 2022, accounting for nearly two-thirds of the global specialty sugars market revenue, and is expected to maintain its leadership status throughout the forecast period. There are many leading players in the B2B specialty sugars ecosystem, including producers/suppliers, wholesalers/distributors, retailers, food service providers, food producers, importers, and exporters. It consists of markets where buyers and sellers of specialized sugars negotiate and conduct business. The suppliers get their specialized sugars directly from other companies through a procedure in which one company transacts with another. The B2C segment, however, would portray the fastest CAGR of 6.8% from 2023 to 2032.

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North America to maintain its dominance throughout the forecast period-

Based on region, North America held the highest market share in 2022, garnering more than two-fifth of the global specialty sugars market revenue and is expected to maintain its dominance throughout the forecast period. A significant shift in consumer behavior toward using healthy foods for baking and cooking has been noted in the area. Additionally, the market is witnessing a notable increase in demand for specialty sugar products because of a rise in the number of consumers using these goods in their baking and beverages. The Asia-Pacific region, on the other hand, would cite the fastest CAGR of 6.3% from 2023 to 2032.

Leading Market Players: - 

American Crystal Sugar
Südzucker AG
Louis Dreyfus Company
ASR Group
Wilmar International Ltd
Michigan Sugar Company
Amalgamated Sugar
Nordzucker
Pfeifer & Langen IHKG
MB Sugars and Pharmaceuticals Pvt. Ltd.

The report provides a detailed analysis of these key players in the global specialty sugars market. These players have adopted different strategies such as collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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