Some of the key players in the global palm sugar market are FGV Holdings Berhad (Malaysia), American Key Food Products Inc. (US), Big Tree Farms, Inc. (Indonesia), Navitas Organics LLC (US), Wholesome Sweeteners, Inc. (US), Windmill Organics Limited (UK), Organika Health Products Inc.(Canada), Royal Pepper Company (US), Taj Agro Limited (India), Asana Inc. (US), Betterbody Foods and Nutrition LLC (US), Sevenhills Wholefoods (UK), E&E Farms, Inc.(US), Phalada Agro Research Foundation (India), and Palm Nectar Organics (US)
Palm sugar is obtained from different types of palm trees such as coconut palm, date palm, and nipa palm. The sugar extracted from different palms may have slightly differing compositions. Palm sugar is used in both sweet and savory dishes. It is known as natural sugar since it involves minimum processing and no chemicals are used in the manufacturing process. Since palm sugar is an unrefined sugar, it is rich in vitamins and minerals. Palm sugar is widely used in the manufacturing of cookies, muffins, and puddings. Palm sugar is also used in making pancakes, waffles, and as a sweetener for iced tea commercially as well as in households. Such factors and a wide range of applications are directly influencing the growth of the palm sugar market globally. The global palm sugar market is projected to register a growth rate of 3.4% from 2019 to 2024 to reach a market value of USD 2.1 Billion by the end of 2024.
Palm Sugar Market has been divided, by category, into organic and conventional. The conventional segment is expected to dominate the global palm sugar market during the forecast period. Palm trees are widely grown in the conventional form since the rearer incurs low costs in this type of farming. Moreover, easy availability of conventionally grown palm trees and its reasonable pricing are aiding the global demand for conventional palm sugar. The organic segment is expected to grow at a faster rate during the assessment period since the demand for palm sugar obtained from palm trees, grown in an organic environment without the use of harmful chemicals, is growing among the health-conscious consumers as a safer alternative to the sugar obtained from the conventionally grown palm tree.
Based on form, the global palm sugar market has been segmented into powder, crystal, and liquid. The powder segment is expected to dominate the global palm sugar market during the forecast period. Powdered palm sugar is widely used in bakery and confectionery and in the frozen desserts in households as well as by food processors. It can be stored for a longer time and is less susceptible to the formation of fungus. The liquid segment is expected to register the highest CAGR during the forecast period due to increasing demand for highly nutritive beverages among consumers.
The global market for palm sugar has also been classified, by application, into food & beverages and personal care. The food & beverages segment is expected to generate higher revenue due to the growing demand for baked products, snacks, and convenience food among the consumers. Moreover, increasing consumption of energy bars among health-conscious consumers and increasing demand for naturally sweetened baked products are further fueling the growth of the segment. The food & beverages segment is further subdivided into bakery & confectionery, beverages, dairy and frozen desserts, and sweet and savory snacks. The bakery & confectionery sub-segment is expected to dominate the global palm sugar market during the forecast period. However, the beverages sub-segment is expected to grow at a faster rate during the assessment period.
The personal care segment is expected to register the highest CAGR during the assessment period owing to increasing awareness of the benefits of palm sugar in health and beauty products among customers.
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The global palm sugar market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
The market in Asia-Pacific is expected to dominate the palm sugar market during the forecast period. The growing popularity of organic, natural, and healthy ingredients in the food processing industry is expected to be a driver for the growth of the palm sugar market in the region during the forecast period. Several food manufacturers are entering the palm sugar market in the Asia-Pacific, owing to the high profit margins. The factors mentioned above are predicted to fuel the growth of the global market for palm sugar.
The palm sugar market in North America is expected to grow at the fastest rate during the forecast period due to increasing health consciousness among consumers and technological advancements in the food processing industry of the region