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Sugar Beet Juice Extract Market 2024: Trends and Growth Opportunities
Sugar Beet Juice Extract Market 2024
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According to The Business Research Company's, The sugar beet juice extract market size has grown strongly in recent years. It will grow from $5.06 billion in 2023 to $5.42 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to traditional use in food and beverage industry, availability and cultivation of sugar beets, cost-effectiveness in production, growth in demand for natural sweeteners, regulatory approval and acceptance as a food ingredient.
The sugar beet juice extract market size is expected to see strong growth in the next few years. It will grow to $7.03 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to rising consumer preference for clean label ingredients, increasing awareness of health benefits (e.g., antioxidants, vitamins), growing adoption of plant-based and natural ingredients, emerging markets and demand in developing countries, sustainable sourcing and production practices
. Major trends in the forecast period include technological advancements in extraction processes, functional and nutraceutical applications, fortification and enrichment, collaborations and partnerships, traceability and transparency.
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Market Drivers and Trends:
The growing demand for sugarcane substitutes is expected to promote the growth of the sugar beet juice extract market. Since cultivation of sugarcane requires heavy water irrigation, alternatives such as sugar beet are being focused on that do not require as much water for cultivation. According to the United States Department of Agriculture, since the mid-2000s, sugar beets accounted for 55 to 60% of sugar production in the USA, while sugarcane accounted for 40 to 45%. So, the growing demand for sugarcane substitutes will drive the sugar beet juice extract market.
New product launches are a key trend in the sugar beet juice extract market. For instance, in 2021, Just Juice It, an Ireland-based food company, launched a new line of cold-pressed organic juice shots, which includes a beet juice shot. The beet juice extract is targeted towards sports nutrition applications due to the benefits of beet juice in increasing endurance.
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Major Key Players of the Market:
BMA AG, Agrana Zucker GmbH, Nippon Beet Sugar Manufacturing Co. Ltd., NutriScience Innovations LLC, Amalgamated Sugar Company LLC, Nordzucker AG, CropEnergies AG, Southern Minnesota Beet Sugar Cooperative, Südzucker Polska S.A., British Sugar plc, Snake River Sugar Company, Agrana Beteiligungs-AG, Michigan Sugar Company, Rana Sugar Ltd., Tereos Internacional S.A., Cosucra Groupe Warcoing SA, Nordic Sugar A/S, Spreckels Sugar Company, Western Sugar Cooperative, American Crystal Sugar Company, Minn-Dak Farmers Cooperative, Sidney Sugars Incorporated, United Sugars Corporation, Imperial Sugar Company, Rogers Sugar Inc., Tongaat Hulett Sugar South Africa Ltd., Zucarmex S.A. de C.V., DuPont Inc., Tate and Lyle plc, Siemens AG
Sugar Beet Juice Extract Market 2024 Key Insights:
• The sugar beet juice extract market size is expected to see strong growth in the next few years. It will grow to $7.03 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Growing Demand For Sugarcane Substitutes Drives Sugar Beet Juice Extract Market
• Product Innovations Boosting Sugar Beet Juice Extract Market
• North America was the largest region in the sugar beet juice extract market share in 2023
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