Palm Sugar Market Segmentation by Form- (Powder, Liquid, Crystal). Powder form of the palm sugar market is estimated to account for relatively high value share of 91.5% by 2023 end.
Industry: Food and Beverages
Published Date: January-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 198
Report ID: PMRREP11023
The market for palm sugar can be expected to expand at a value based CAGR of 3.2% and show an increase in revenue from US$ 2,086.2 Mn to around US$ 2,850.6 Mn by 2033.
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Palm Sugar Market Size (2023E) |
US$ 2,086.2 Mn |
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Projected Sales of Palm Sugar (2033F) |
US$ 2,850.6 Mn |
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Value CAGR (2023-2033) |
3.2% |
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Value Share of Top 4 Countries (2022E) |
30% |
The global palm sugar market has witnessed significant growth in the historical period registering a CAGR of 3.1% in the historical period and was valued at US$ 2,086.2 Mn in 2023. The market is expected to grow steadily with increasing awareness and benefits about applications of palm sugar.
The development of new products is significant characteristic of this market. Companies are currently focusing on launching palm sugar in different forms, especially the liquid form, and are expected to invest more in research and development in order to expand their customer base and enhance their regional presence.
As the health and nutrition factor would continue to dominate consumer food preferences, rising palm sugar consumption is expected to drive the market over the coming years. The global market for palm sugar is estimated to reach an approximate valuation of US$ 2,850.6 Mn in the forecast period.
“Demand for Natural Ingredients is Growing”
In North America, the food industry has begun to prioritize natural sweeteners over artificial sweeteners. This is in response to an increasing number of American consumers who believe that brown and unrefined sugar are healthier and more natural than white, refined sugar. This shift is primarily due to critical food research indicating that synthetically manufactured food products can be harmful to one's health. Furthermore, consumers are becoming more aware of the various nutritional values of palm sugar, as well as the associated health benefits, such as increased antioxidant levels and lower risks of metabolic diseases, such as obesity and diabetes, associated with consumption.
“Increasing Demand for Natural Ingredients and Innovative Products to Create a Positive Impact”
Focus of the global food industry has shifted from artificial to natural sweeteners. This shift can be attributed to extensive research, which suggests that synthetically manufactured food products can have adverse effects on human health. Research also indicates that palm sugar can be a better option for consumers. This is expected to boost the revenue growth of the palm sugar market.
Manufacturers across the globe are focusing on innovations in food products and palm sugar is one such product under innovation to ensure enhanced nutritive value and healthier variety. Food and beverage companies are now focusing on research and development activities to augment the nutritional and multifunctional profile of palm sugar that offers good health benefits. All these factors are creating a positive impact on the global market for palm sugar.
Consumers especially in the Asia Pacific region are more inclined towards palm sugar products. It is the oldest form of sweetener used in Asia Pacific countries such as Indonesia, India, and Philippines. People in these countries are aware of the health benefits associated with palm sugar.
Owing to all these reasons, manufacturers and suppliers of food and beverage products are also optimizing product offerings according to consumer demand. Several food manufacturers are entering the palm sugar market in Asia Pacific, owing to the high profit margins. The aforementioned factors are predicted to fuel revenue growth of the global market for palm sugar.
“Weak Supply Chain Infrastructure”
Inadequate manufacturing, warehousing, and transport facilities in various regions across the globe are affecting the quality and timely supply of food products to consumers. Due to poor capability of the supply chain, palm sugar products cannot be stored, which is restraining the growth of the palm sugar market in the region. Store owners cannot keep stock for futuristic demand, and have to keep low inventory due to the lack of storage facilities and transport channels in the regions. This is also expected to lead to food inflation. Food prices are rising significantly, which results in the decline of palm sugar demand.
Moreover, the lack of modern trade such as supermarkets, convenience stores, etc., in developing regions is a major factor affecting the sales of packed food products, in this case, packed palm sugar. Local ownership and smaller scale of operations are leading to unorganized sales channels, due to which, consumers are affected, as poor quality products get delivered. This becomes is a major retraining factor for the food industry, thus affecting the growth of the palm sugar market.
What does the global forecast for palm sugar market?
In terms of value, Asia Pacific is projected to be the most attractive market in the global palm sugar market during the forecast period.
Asia Pacific market is estimated to account for relatively high value share of 95.8% by 2033 end, and is anticipated to register CAGR of 3.4% in terms of value over the forecast period
North America market is estimated to account for value share of 2.4% by 2033 end, and is anticipated to register CAGR of 5.4% in terms of value over the forecast period.
What is the Outlook for the Form Segment of the Latin American Palm Sugar Market?
In terms of value, Powder is projected to be the most attractive market in the global palm sugar market during the forecast period
Powder form of the market is estimated to account for relatively high value share of 91.5% by 2023 end, and is anticipated to register CAGR of 4.0% in terms of value over the forecast period
Liquid market is estimated to account for value share of 5.8% by 2023 end, and is anticipated to register CAGR of 3.2% in terms of value over the forecast period.
What is the End Use Segment Breakdown of the Palm Sugar Market?
In terms of value, Household is projected to be the most attractive market in the global palm sugar market during the forecast period
Household market is estimated to account for relatively high value share of 81.4% by 2023 end, and is anticipated to register CAGR of 3.2% in terms of value over the forecast period
Food & Beverages market is estimated to account for value share of 13.0% by 2023 end, and is anticipated to register CAGR of 4.7% in terms of value over the forecast period.
What is the project growth for the Nature Segment of Palm Sugar?
In terms of value, Organic projected to be the most attractive market in the global palm sugar market during the forecast period. Organic market is estimated to account for relatively high value share of 98.2% by 2023 end, and is anticipated to register CAGR of 5.2% in terms of value over the forecast period
Conventional market is estimated to account for value share of 1.7% by 2023 end, and is anticipated to register CAGR of 4.6% in terms of value over the forecast period.
Global palm sugar market is primarily characterized by an essence of large number of local and regional players. An approximate share of 70-75% is accounted by local players. North America and Western Europe are the two main target regions due to increasing number of health conscious consumers and increasing demand for organic and healthy food products in the market. As Indonesia is the largest producer of the palm sugar, local manufacturers and regional players also becomes the price regulator of the market. The market share accounted by the multinational player is very low, only around 5-10% share is accounted by players, owing to high prices of palm sugar.
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Attribute |
Details |
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Forecast period |
2023-2033 |
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Historical data available for |
2018-2022 |
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Market analysis |
USD million for value |
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Key regions covered |
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Key countries covered |
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Key market segments covered |
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Key companies profiled |
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Report coverage |
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Customization & pricing |
Available upon request |
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The global market for palm sugar has a value of US$ 2,086.2 Mn in 2023.
The global market for palm sugar has a value CAGR of 3.1% from 2018-2022.
The global market for palm sugar has a value of US$ 2,850.6 Mn in 2033.
The global market for palm sugar has a value CAGR of 3.2% from 2023-2033.
The top players hold more than 40-45% of the market share. They include Real Raw Food, Future Organics, Wholesome Sweeteners Inc., Navitas Organics.
