Global Sugar Beet Seeds Market Size Analysis
The global Sugar Beet Seeds market size is expected to create high revenue opportunity for industry players, growing at a CAGR of above 5.7% during the forecast period (2018-2028).
Sugar is the most widely used sweetener in the world, with its closest substitute being high-fructose corn syrup. Tropical beet sugar is a biennial sugar producing tuber crop developed in temperate countries, although it is cultivated as winter crop. It constitutes nearly 30% of the total world production of sugar producing plants in more than 45 countries. Also, sugar beet is an industrial crop utilized in food processing as well as in production of ethanol and biogas.
Global Sugar Beet Seeds Market Drivers and Challenges
Sugar Beet Seeds market revenue is expected to be driven by various factors. Some key macroeconomic factors expected to boost the sales of the product are increased per capita income, changing lifestyle, consumer awareness and rise in GDP among developing economies. Rising population and personal disposable income is estimated to bolster the growth of global Beet Sugar market.
Also, changing lifestyle along with urbanization and increasing health related disorders are expected to drive the global market during the forecast period as the consumption will rise and sugarcane alone will be insufficient to meet global needs. The advent of new class of customers as well as the entry of various new global players is expected to intensify the growth of Beet Sugar market all across the globe during the forecast period. However, the challenges faced during cultivation and the sensitivity of plant during rains which directly impact the productivity yield and concerns over the safety of genetically modified seeds can act as significant market restrains.
Global Sugar Beet Seeds Market Analysis, By Product Type
On the basis of product type, the global sugar beet seeds market size is segmented into GMO and non-GMO. As of 2017, Non-GMO accounted for majority of the global share.
Global Sugar Beet Seeds Market Analysis, By Application
On the basis of application, the global sugar beet seeds market value is segmented into food and agriculture, pharmaceuticals, healthcare and other allied applications. Food and Agriculture is expected to account for over 82% of global share by 2028.
Global Sugar Beet Seeds Market Size and Forecast: Regional Analysis
Taking a geographical look, the global sugar beet seeds market is analyzed across North America, Latin America, Western Europe, Central and Eastern Europe, Asia-Pacific, the Middle East and Africa. North America contributed the highest share in the global Beet Sugar market with state like Colorado encouraging the usage of GM beet sugar seeds to meet the demand due to which the size of America’s market share has doubled over the past few years in production of beet sugar. Beets account for almost 60 percent of over 9 million tons of sugar production in the United States in 2017.
In Europe, it is already a high value crop. But in CEE, while acreage and volumes are maximum, there is significant scope to increase quality of seed. Over the forecast period, Asia Pacific sugar beet seeds market is expected to expand at a higher pace. India is expected to be the world’s fastest growing market, driven by increasing standard of living. Apart from this, gains in developing regions such as Middle-east and Africa will also be strengthened by changing standard of living. Currently, the top ten sugar beet producing countries include Russia, France, U.S., Germany, Ukraine, Turkey, Poland, China, U.K. and Egypt.
Global Sugar Beet Seeds Market Size and Forecast: Competition Landscape
Some of the key global Beet Sugar market vendors include syngenta, Renuka beet sugar, Spreckals Sugar Company, Michigan Sugar Company, Amalgamated Sugar Company.
Recently, DLF Seeds has signed an agreement to acquire Syngenta’s global sugar beet seeds business for an undisclosed amount pointing towards the rising significance of this cash crop in the coming years. Various such measures is expected to be seen in near future.