By 2025 end, the global palm sugar market is expected to reach a value of more than US$ 2,000 Mn expanding at a CAGR of 3.4% over the forecast period (2017–2025). In terms of volume, the global palm sugar market is expected to be pegged at 747,525 MT by 2017 end, and is expected to reach 958,512 MT by 2025 end, growing at a CAGR of 3.2% in terms of volume. The development of new products is the 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.
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Powdered palm sugar to capture the largest market share, while liquid palm sugar likely to expand at a higher CAGR
In terms of value, the liquid segment by form is expected to witness fastest growth and is likely to expand at a CAGR of 4.2% throughout the projected period of eight years. The powder segment is estimated to account for a relatively high value share of 83.5% by 2017 end, and is anticipated to register a CAGR of 3.5% in terms of value over the forecast period. In terms of value, the powder segment is projected to be the most attractive form in the global palm sugar market during the forecast period. The crystal form segment is estimated to account for a value share of just under 14% by 2017 end, and is anticipated to register a CAGR of 3.0% in terms of value over the forecast period.
Increasing demand for natural ingredients and innovative products to create a positive impact on the palm sugar market during the forecast period
Focus of the global food industry has shifted to natural sweeteners from artificial 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.
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Global palm sugar market structure
The global palm sugar market is primarily characterized by a large number of local and regional players. An approximate share of 70%-75% is accounted for by local players. North America and Western Europe are the two main target regions due to an increasing number of health conscious consumers and rising demand for organic and healthy food products in the market. As Indonesia is the largest producer of palm sugar, local manufacturers and regional players become the price regulators of the market. The market share held by multinational players is very low, accounting for just about 5%-10%, owing to the high prices of palm sugar.