Global Brown Sugar Market: Snapshot
Brown sugar is a variant of sugar in which some molasses is still present. In conventional white sugar, molasses is removed completely. However, leaving some molasses in the sugar makes the sugar cheaper as well as more nutritious, as molasses is better for the body than plain sugar. The global brown sugar market has been driven by the steady growth of the food and beverage industry in recent years and is likely to exhibit rapid growth over the coming years. Brown sugar is also known as soft sugar due to the natural hygroscopic property imparted by the presence of molasses. The brown sugar industry has flourished due to the increasing demand from various parts of the food and beverage industry and is thus likely to exhibit steady growth in the coming years.
According to Transparency Market Research, the global brown sugar market was valued at US$18.3 bn in 2017 and is likely to exhibit a robust 7.7% CAGR over the 2017-2024 forecast period. Thus, the brown sugar market is expected to rise to a valuation of US$26.5 bn by 2024.
Rising Urban Food and Beverage Industry Vital for Brown Sugar Market
One of the major drivers for the global brown sugar market is the growth of the food and beverage industry in urban areas in recent years. The demand for beverages in particular has received a shot in the arm due to the rising demand from urban areas, where sweetened beverages are becoming increasingly popular, and is likely to remain a key driver for the brown sugar market in the coming years.
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The rising demand for energy drinks and fruit-based or fruit-flavored beverages is likely to remain a key driver for the brown sugar market, as the molasses content of brown sugar and its brown color often make it unpopular for regular use in households as table sugar.
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Rising Bakery Industry to Boost Demand from Brown Sugar Market
The growing bakery industry is likely to remain a vital consumer for the global brown sugar market in the coming years. Bakery products have become increasingly relevant to the economic dynamics of the food and beverage industry following the rise in the disposable incomes of urban consumers, which has led to a rise in the demand for luxury products such as bakery items. The hygroscopic nature and molasses content of brown sugar also makes it desirable over conventional sugar in the bakery industry, as the unrefined molasses mixes better with bakery ingredients, which is likely to drive demand from the brown sugar market in the coming years.
Growing Consumption in APEJ Drives Global Brown Sugar Market
Asia Pacific except Japan is a vital regional segment of the global brown sugar market. In several countries in this region, brown sugar and molasses have traditionally been part of the local dietary patterns. This has led to easy incorporation of the brown sugar market into the local food and beverage industry. Growing sugar production in countries such as India, China, Thailand, and several other countries in Southeast Asia is likely to remain a key driver for the brown sugar market in the coming years. Asia Pacific except Japan accounted for close to a third of the global brown sugar market in 2017 and is likely to remain a dominant contributor in the coming years.
Global Brown Sugar Market: Competitive Dynamics
The global brown sugar market is dominated by companies such as AkzoNobel NV, Masco Corporation, Hempel A/S, Jotun A/S, The Valspar Corporation, Axalta Coating Systems Ltd., Nippon Paint Holding Co. Ltd., BASF SE, and PPG Industries Inc. The global brown sugar market is likely to be marked by intense competition in the coming years, as local as well as international players are likely to benefit from the sustained demand from the food and beverage sector.
