Brown Sugar Market Driven by Rising Demand in Bakery Products
Global brown sugar market was valued at USD18.3bn in 2017 and is likely to rise to USD26.5bn over the 2017-2022 forecast period at a solid CAGR of 7.7%, according to Transparency Market Research.
Brown sugar is a staple in the production of various commercially important food and beverage products, such as bakery products and sweetened beverages. The global brown sugar market is thus likely to exhibit steady growth in the coming years due to the steady growth trajectory expected from the food industry, according the report “Brown Sugar Market (Type – Dark, Light; Application – Bakery, Confectionery, Beverages, Dairy, Pharmaceuticals; Form – Granules, Powder, Syrup) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022”.
Rising demand for bakery products in urban areas is likely to be a major driver for the global brown sugar market, the report estimates. The bakery products industry is a key consumer of powdered, granulated, as well as syrup brown sugar and is likely to remain a major contributor to the global brown sugar market due to the increasing awareness of Western bakery products in emerging markets. The rising indigenous bakery products industry in emerging regions such as Latin America and Asia Pacific is likely to remain a significant contributor to the global brown sugar market in the coming years, due to the rising popularity of bakery items in urban areas in these regions. Household production of bakery products is also likely to increase in emerging regions due to the increasing interest in home baking, leading to a steady rise in the demand from the brown sugar market, according to the analysts from Transparency Market Research.
Geographically, Asia Pacific (except Japan) is likely to remain the leading contributor to the global brown sugar market over the coming years. The region accounted for more than 33% of the global brown sugar market in 2017 and is likely to remain relevant to the global brown sugar market figures over the coming years in spite of a fall in market share.
North America is likely to become increasingly relevant to the global brown sugar market in the coming years, due to the growing demand from the packaged food and beverage industry. The longstanding popularity of bakery products in North America has been a major driver for the brown sugar market in the region. The North America market for brown sugar is expected to grow from USD2.5bn to USD3.8bn over the 2017-2022 forecast period at a robust 8.7% CAGR.
Europe is also likely to remain a dominant contributor to the global brown sugar market thanks to the widespread presence of traditional bakery practices, which often make use of molasses more than modern operations. The Europe brown sugar market is expected to be valued at more than USD4.7bn by 2022, with the region likely to exhibit a 7.7% CAGR over the 2017-2022 forecast period.
Leading players in the global brown sugar market include 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.