Market Overview
Global Palm Sugar Market is expected to exhibit a slow but steady 3.4% CAGR over the forecast period from 2019 to 2024, according to the latest research report from Market Research Future (MRFR). The global palm sugar market is expected to grow to a market valuation of USD 2.1 billion by the end of 2024.
Palm sugar is a sweetener extracted from various palm species, including date palm, palmyra palm, sugar palm, coconut palm, and nipa palm. Palm sugar is produced by collecting the sap of the palm trees and then boiling it, which results in a palm sap cake. This is further broken down and refined to produce palm sugar. The major driver for the global palm sugar market is the growing awareness about the low glycemic index of palm sugar. The glycemic index of a food, in simple words, is the amount of work the body needs to do to digest the given food. This number is much lower for palm sugar than with honey, table sugar, sucrose, and glucose. This means that palm sugar is digested much more easily and smoothly in the body than other conventional sweeteners. This has been a major driver for the global palm sugar industry over the last few years. The growing demand from consumers for low-GI foods is likely to be a major driver for the global market over the forecast period.
The increasing food and beverage industry are also likely to be a major driver for the global palm sugar market over the forecast period. The increasing demand for bakery and confectionery products is likely to be a major feature of the food and beverage industry going forth, and the increasing demand for palm sugar is expected to tie in nicely with the growing demand for bakery products. Palm sugar is widely used in bakery products, as it is easy to digest and thus healthier than other forms of sugar. It is also more nutritious than other sweeteners, as it contains a number of vitamins and minerals in liberal quantities. This has driven the usage of palm sugar in bakery foods and confectionery product applications. The growing demand for sweetened beverages is also likely to be a major driver for the global palm sugar market. Beverages have become widely popular in the last few years, as they are quick sources of energy and sugar. This has driven the demand for palm sugar for use in beverages.
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Competitive Analysis
Leading players in the global Palm Sugar Market include Palm Nectar Organics, Phalada Agro Research Foundation, Sevenhills Wholefoods, E&E Farms Inc., Betterbody Foods and Nutrition LLC, Asana Inc., Organika Health Products Inc., Wholesome Sweeteners Inc., Navitas Organics LLC, Windmill Organics Limited, Taj Agro Limited, Royal Pepper Company, FGV Holdings Berhad, Big Tree Farms Inc., and American Key Food Products Inc.
Industry News
In November 2019, a global sugar industry delegation met Indian authorities to discuss the recent changes in India’s import-export schedule for sugar and sugar palm products. Malaysia, a key producer of sugar palm, is also trying to get India to withdraw the latter’s reduction in the import volume of palm sugar from the former.
Segmentation
Global Palm Sugar Market is segmented based on category, form, application, and region.
By category, the global market is segmented into organic and conventional.
By form, the global market is segmented into powder, crystal, and liquid.
By application, the global market is segmented into food and beverages and personal care. The food and beverage segment are further sub-segmented into bakery and confectionery products, beverages, dairy and frozen dessert products, and sweet and savory snacks. The food and beverage segment dominate the global palm sugar market in terms of volume.
Regional Analysis
Asia Pacific is the major regional market for palm sugar and is likely to retain the position over the forecast period. Southeast Asian countries such as Indonesia and Malaysia are major producers in the global palm sugar market.
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