The global sugar beet pectin market size was worth around USD 195 Million in 2022 and is predicted to grow to around USD 325 Million by 2030 with a compound annual growth rate (CAGR) of roughly 6.35% between 2023 and 2030.
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➤ Increasing the use of sugar beet pectin in the food industry to facilitate the expansion of the global market
The global sugar beet pectin market is expected to expand as a result of the increasing use of sugar beet pectin in the food industry. The food manufacturing sales in Canada experienced a 14.8% year-over-year increase, resulting in an accumulated revenue of over USD 121 billion in 2021, according to the FCC Food & Beverages report. The Canadian agricultural sector is anticipated to expand at a rate of 7.4% by 2022. The enhancement of the properties of food items as a result of the addition of sugar beet pectin is the reason for the increasing trend of its adoption in the food sector. The properties encompass nutritional, physicochemical, and rheological characteristics.
➤ Global market expansion is restricted by the fluctuating price of pectin.
The values of pectin raw material are subject to continuous fluctuations. This can be attributed to the high cost of basic materials and the limited supply. The cost of these products is inherently higher than their readily available counterparts due to the fact that high-quality sugar beet is only available in specific regions. The global sugar beet pectin market growth is substantially restricted by the significant increase in overall cost, which is a result of the importation of sugar beet products and other expenses associated with pectin production.
➤ The expanding food sector in emerging economies is expected to generate global market development opportunities.
The immense opportunities present in the emerging sectors, particularly in the food sector, may benefit the global sugar beet pectin market share. In September 2021, a report published by CNBC predicted that Asia’s food expenditures would double and surpass USD 8 trillion by 2030. The current influx of food demand in both developed and developing countries is already high due to the exponentially increasing population, the increasing awareness of healthy food, and the presence of multiple domestic and international participants in the Fast Moving Consumables Group.
➤ ess availability of sugar beet to impede Global Market expansion
Sugar beet is not readily accessible in all regions. In specific regions of the globe, the availability is high, but for specific reasons, it is insufficient to satisfy the demand. This could pose a challenge to the global market’s expansion, as a significant number of end-users may ultimately import the product. Given the political instability of the present day, all nations are striving to achieve self-sufficiency. Importing substantial products that are readily available as substitutes may not be advantageous for an economy.
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The Global Sugar Beet Pectin Market is segmented based on product, application and region
Global Sugar Beet Pectin Market: Product Segment Analysis
● Stabilizer
● Emulsifier
● Fat replacer
Global Sugar Beet Pectin Market: Application Segment Analysis
● Dairy Products
● Food & Beverages
● Jams & Jellies
● Others
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The global Sugar Beet Pectin market profiles key players such as:
● AEP Colloids
● Krishna Pectins Pvt Ltd
● CP Kelco U.S. Inc.
● TIC Gums Inc.
● Herbstreith & Fox
● Lucid Colloids Ltd.
● Dupont
● Cargill
● Merck KGaA
● Silvateam S.p.a
???? Recent Developments:
• The operations of the new HM (High Methoxyl) pectin facility in Brazil were initiated in September 2021, following an investment of over USD 150 million by Cargill. The facility will contribute to the company’s global expansion by manufacturing products for its high-methoxyl (HM) pectin portfolio, which includes dairy drinks, jams, confectionery, and juicy beverages.
• In April 2022, Uzbekistan established new benchmarks for the export of beetroot. The quantity of beets exported was 5,100 tons, which is approximately 4.3 times the quantity exported in April 2021. The country has only begun exporting the new produce beetroot for a month.
➤ Europe is expected to experience substantial growth during the forecast period.
Europe is anticipated to dominate the global sugar beet pectin market during the forecast year as a result of the expanding food and beverage sector. According to 2020 reports, the food and beverage sector in Europe generated approximately €1.2 trillion in revenue, with an additional €266 billion generated by value-added services. It is responsible for the employment of over 4.5 million individuals in Europe. It is anticipated that the EU market’s encouraging indicators will contribute to the expansion of the global market capitalization in the coming years.
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