Rise in demand for Western bakery products in emerging economies is likely to be a major driver for the sale of specialty sugars. Rise of the indigenous bakery products industry in developing markets such as Asia Pacific and Latin America is also expected to be a major factor in driving market growth. Household baking is expected to increase significantly in emerging economies, resulting in healthy increase in demand for caster and icing sugar over the coming years. As a consequence, the global specialty sugars market has witnessed substantial growth over the past few years, and this trend is expected to continue through the course of the forecast period (2021 to 2031). The market is estimated to rise at a steady CAGR of around 7% through the forecast period.
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Key Takeaways from Market Study
- By type, caster sugar is witnessing a prominent market value share at more than 36%. Key contributing factor is higher utilization of specialty sugar in bakery and confectionary products.
- Among the end-use segments, the food industry is projected to experience substantial growth in demand for specialty sugars over the forecast period.
- Among the distribution channels, the business to business segment is estimated to hold a larger share of the market value at around 75%, attributed to higher demand for specialty sugar from the food & beverage industry.
- Government support in various countries such as the United Kingdom, France, Sweden, etc., is estimated to have a positive influence on market growth across these regions.
- North America and Europe hold around half the share of the global market, mainly due to a well-established retail sector and bakery industry.
- Growing impact of COVID-19 on various industries is expected to have a moderate impact on the progress of the specialty sugars market. The coronavirus pandemic is reviving demand for specialty sugars, thanks to online sales, home baking companies, and booming e-Commerce market.
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Competitive Landscape
The global specialty sugars market is highly fragmented, with a large number of players. Imperial Sugar Company, American Crystal Sugar Company, Domino Foods Inc. (C&H Sugar), Südzucker AG, and Organic Tattva are some of the most important manufacturers of specialty sugars. Key players in this space are expected to keep expanding their production capacities and improving their processes by incorporating cutting-edge technology. Manufacturers are also focused on increasing their market presence across the globe through continuous expansion of their distribution networks.
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