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Global Panela Market: Rising Demand from Confectionery Segment to Augment Growth
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The growing awareness among consumers regarding consumption of organic food is one of the prominent factors driving the panela market across the globe. The expansion of application base is expected to boost the demand for panela throughout the forecast period. In addition, food manufacturers worldwide are now more inclined towards using panela than brown sugar, owing to its natural taste and rich flavor. Several health benefits offered by panela and the rising number health conscious consumers are expected to fuel the growth of the global panela market in the next few years.
On the basis of form, the global panela market has been classified into liquid, solid, and granulated. By application, the market has been categorized into savory, confectionery, beverages, and bakery. Among these, the confectionery segment accounts for a massive share in the global panela market and is estimated to register a significant growth rate throughout the forecast period. The high growth of this segment can be attributed to the rich taste of panela, owing to which it is used extensively to make different types of sweets and chocolates.
On the basis of geography, the global panela market has been classified into Western Europe, Eastern Europe, Latin America, North America, Japan, the Middle East and Africa, and Asia Pacific. High growth in the demand for and consumption of panela is contributing significantly towards the growth of the panela market in Asia Pacific. The share and size of each region, along with the projected growth rate have been provided in the scope of the research report to help the leading players in formulating effective strategies and gain a competitive advantage.
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Panela Carmelita, CCBOL Group, Taj Agro Products, Royal Agro Foods Industries, Pura Panela, Coastal Fine Foods, Dulces El Trapiche, and OBELO are some of the prominent players operating in the panela market across the globe. To provide a strong understanding of the global panela market, the research study provides detailed profiles of the leading players. Key strategies and policies adopted by them in order to sustain the competition have been discussed in the study.
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