Panela Market – Growth Opportunities, Key Driven Factors, Market Highlights Forecast to 2024
Panela market Overview:
Panela is derived from the sugarcane juice which is further converted to solid form after process of boiling and evaporation of sugarcane juice. It is unrefined whole cane brown sugar and primarily it has application food and beverage industry. In terms of characteristics of panela, its color varies from golden brown to dark brown and it contains sucrose, invert sugars, proteins, and bagasse fiber. Panela is available in global market with different regional names such as Jaggery, Piloncillo, Uluru Dust, Chancaca etc. Panela has greater demand in global level market as it has wide applications in confectionery, bakery, soft drinks and many other sectors of food industry. Majority of demand of panela is from the side of Asia-Pacific and African region and in terms of production, Latin America is the world’s largest producer of panela.
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Panela Market: Growth Drivers
Key drivers which are influencing the demand of panela in global level market is from the side of food manufacturers due to its characteristics of natural taste of sugar which also has far better flavor than brown sugar. Food manufacturers are using panela as key ingredient in their products to serve the growing demand of consumers who are seeking for products which have natural quality, taste and can also be consumed as end product or can be added in food dishes to enhance the taste and richness of recipes. Majority of the demand of panela is from the side of food manufacturers which deals in confectionery, sweets and chocolates. Demand of panela is also increasing in global level market from the side of increasing health conscious consumers as it is also available in organic form.
Panela Market: Market Segment
Panela market is segmented on two different basis which includes on the basis of form and on the basis of application. As per the market segment of form, it is segmented on the basis of solid, liquid and granulated form. Further as per the market segment on the basis of application, its segment includes confectionery, bakery, savory and beverages. On analyzing the demand of panela in global level market, it is assessed that majority of market share on pie chart accounts to confectionary as panela is rich in natural taste and flavor of sugar due to which it has wide application in preparing chocolates, sweets etc. Increasing demand of panela in global market is also due to its rich nutritional value as it has nutritional value in terms of carbohydrates, minerals, protein, antidoxidants and vitamins and due to which food manufacturers prefers panela as one of the key ingredient in their products. Apart from this, panela also have various health benefits which are also one of the key factor behind its increasing demand in emerging economies of the world. It has various health benefits such as, it prevents constipation, anaemia and respiratory problems, helps in blood purification, controls blood pressure level, cleanse the body and also enhance the immunity system of the body.
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Panela Market: Regional Outlook
As per the regional segment, market of panel is segmented on the basis of seven different regions at global level market and these are: North America, Latin America, Eastern Europe, Western Europe, and Asia-Pacific region, Japan and Middle East and Africa. In terms of consumption, Asia Pacific region is expected to contribute majority of contribution in terms of volume and in terms of panela production, Latin America, Asia-Pacific and Africa are the major regions.
Panela Market: Players
Market players of Panela are Royal Agro Foods Industries, Taj Agro Products, CCBOL Group, Panela Carmelita, Pura Panela, OBELO, Coastal Fine Foods, and Dulces El Trapiche are some of the companies which offers panela.