The specialty sugars are witnessing a growth from restaurants and packaged food industry. Drinks such as mocktail and cocktail are witnessing a demand from upcoming younger generation and with rise in economic level of individuals. Packaged food industries, confectioneries etc. are on rise across globe with rise in customer’s demand for wide variety of eatable products. Restaurants business has not seen any decline in growth in recent times. With rise in economic level of individuals, individuals now possess higher purchasing power than compared to yester years and they doesn’t hesitate to buy or try anything new which can give them a new taste or a feeling. Health benefits in specialty sugars also has encouraged to its consumption among certain age groups. Considering these aforementioned factors it can be concluded these few factors has the sole capability to drive the market of specialty sugars.
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High price of sugars, climatic turbulence and interference in sugar cane cultivation, trade barrier among nations, ban on export and import of sugar are few possible factors which can be restraint for the growth of specialty sugars market.
Sugar is one of the most prevalent commodities in today’s world. However, this white crystal looking simple sweetener journeyed through ages and across almost every possible trade routes prevalent in historical world before it became common in kitchens in every home. More than 5,000 years ago, sugar was derived out of sugarcanes. Unfathomable curiosity and inquisitiveness of human to make varieties sugar for enhancing flavor and taste of variety of eatable products and purposes introduced specialty sugars to world. In U.S. to be eligible for the specialty sugar, the sugar must be classified in the U.S. Harmonized Tariff Schedule (HTS) under subheadings 1701.91.10.00, 1701.99.10.10, 1702.90.10.00, or 2106.90.44.00. Most common specialty sugars are classified in HTS 1701.99.10.10. Increase in confectionery industries, rapid inclusion of specialty sugars in various cuisine will boost the market of specialty sugars and it will register a healthy CAGR over the forecast period.
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Based on the geographic regions, global specialty sugars market is segmented into seven key market segments namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, and Middle East & Africa. Among the aforementioned regions, North America will dominate the specialty sugars market over the forecast period owing to the fact that North America is a base with largest number of packaged food industries, restaurant chains, high purchasing power of individuals and an affinity toward sweet products by American individuals. Country such as U.S. has been foremost in developing and producing specialty sugars products for consumption. Next to North America second most promising specialty sugars market is APEJ. In APEJ country such as India, China the two most populous nation in this world creates a large pool of consumer for specialty sugars. Recent boom in e-commerce growth in this region is also a factor, which will indirectly help specialty sugars market, as e-commerce portals will boost the sales of specialty sugars with various discounts and doorstep delivery model. In Western Europe, the market of specialty sugars has also been in momentum and the market is expected to grow over the forecast period. In Eastern Europe the market has been suffering due to recent political turmoil and it is expected that the market will grow again once everything settles down. MEA and Latin America market has a similar trend even though Latin America produces sugar whereas MEA depends heavily on import. These regions market will grow over the forecast period with establishment of specialty sugar industries.
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The major players identified in the global specialty sugars market includes:
- MB Sugars & Pharmaceuticals Ltd.
- BOETTGER|ZUCKER
- Dhampure Speciality Sugars Ltd.
- Savory Spice
- King Arthur Flour Company, Inc.
- CSC Sugar, LLC
- DW Montgomery & Company
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