Sugar Beet Market to Reach US$50.42.1 mn by 2026 Driven by Demand for Low Calorie Food Diet
Sugar beet is a root vegetable generally used to produce sugar. Being rich in nutrients and low in fat and calories, sugar beet is used in low calorie and reduced fat diet. Companies involved in the production of sugar using sugar beet are also using sugar beet by-product known as dried beet pulp which is left when sugar is extracted from the sliced sugar beet. This by-product is being provided in many forms such as molasses dried, pelleted, and plain dried. Manufacturers are supplying this by-product as a livestock feed. Meanwhile, beet molasses is being used for producing chemicals, yeast, and pharmaceuticals.
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European Food Safety Authority (EFSA) recently cleared genetically modified sugar beet to be used in food, processing, feed imports, and for food containing ingredients produced from it. Although, it has not been authorized for cultivation within the EU. GM sugar beet is also being considered for biofuel production. Meanwhile, regulatory agencies across the world have also concluded that the white sugar whether extracted from conventional sugar beet or from biotech sugar beets is the same, with no difference in nutritional value or composition.
A new study by Transparency Market Research (TMR) projects the global sugar beet market to witness strong growth. It also projects the market to register 6.5% CAGR during 2017-2026. The market is estimated to reach US$ 50,420.1 million revenue by 2026 end.
Among various products made using sugar beet, other end products consisting pressmud, beet pulp, bagasse, and molasses are likely to gain more than half of the revenue share by 2017 end. Meanwhile, raw sugar made using sugar beet is projected to exceed US$ 10,900 million revenue. Sugar beet molasses is being used as a de-icing agent on roads, as it does not corrode. Moreover, sugar beet pulp and molasses are used as a feed for livestock. These by-products from processing sugar beet are also being used in commercial backing, alcohol production and pharmaceuticals. Also, waste lime to increase soil pH levels is being made from sugar beet by-products.
Beat processing industry is likely to emerge as the largest user of the sugar beet. By 2026 end, beat processing industry is projected to surpass US$ 21,500 million revenue. Other than the rise in the production of sugar from sugar beet, there has been a rise in the use of by-product obtained by processing sugar beet. Hence, the beet processing industry is accounting for the increasing using sugar beet.
Agrana Zucker Gmbh, Michigan Sugar Company, Amalgamated Sugar Company, LLC, Southern Minnesota Beet Sugar Cooperative, Rana Sugar Ltd, Tereos, Nordic Sugar A/S, Nippon Beet Sugar Manufacturing Co. Ltd., British Sugar Plc, and American Crystal Sugar Company are some of the market players in the global market for sugar beet.