Panela is an alternative additive sugar that adds sweetness and taste in the solvent and it is widely used in the food and beverage industry. Panela has a higher demand in the global food and beverages market globally as it has various applications in confectionary, soft drinks, and bakery. According to the findings of a business Intelligence study from IndustryARC. IndustryARC experts state that the global panela market valuation touched $64 billion in 2018, and the demand is estimated to grow at a CAGR of 5.91% during the forecast period 2019-2025.
The IndustryARC report titled “Panela Market: By Type (Solid, Powdered, Cube), By Material (Sugar Cane Juice), By Application (Food, Beverages), By Geography- Forecast (2019-2025)” articulates that an increase in the demand from the international market and improvements in the panela production is driving the growth of panela. Owing to its high consumption rate and associated benefits internationally and within the country, the panela market is growing rapidly. Additionally, growing awareness about the organic food is the most prominent growth factors that is driving the panela market globally. Owing to panela’s natural taste, the food manufacturers are more inclined towards the usage of panela rather than brown sugar.
Global Panela Market: Leading Segments
As per the regional segment, IndustryARC’s analyst have pinpointed APAC holding the largest market segment with 61.40% market share in 2018. The high growth in the consumption of demand for panela is contributing significantly towards the growth of the market in the APAC region. However, China and India are the two major contributing countries in the development of the region, owing to maximum production and consumption of panela. Government has also taken major steps in APAC, in order to increase the exports and generate more revenue of small scale manufacturers.
On the other hand, IndusrtyARC's analysts have identified the key application is food-by application as it holds maximum growth opportunities for the panela market. Owing to panela's rich nutrition value in food and beverage and its awareness among the consumers are the recent development. However, the anticipated opportunities for growth in this application are estimated to grow at a (CAGR) of 6.17% during the forecast period through to 2025.
Global Panela Market: Market Trends and Growth Drivers
· The most important trend in the panela market is that it is still produced traditionally in Colombia is shooting up the regions food and beverage Industry growth. It consist of sucrose, bagasse fiber, invert sugar, fructose, vitamins, minerals, and fats and is widely used in the food and beverage industry eliminating the usage of sugar.
· Panela is widely recognized as an alternative of sugar, owing to its health benefit and nutritional content. In Colombia, panela is the main direct or indirect income generating product. Caribbean Government and Latin America’s main objective is to convert this region into a global player of panela production.
· The most common and widely used sugar substitute is panela, especially in Caribbean and Latin America. Panela has varied health benefits such as cleaning of internal organs, increase in digestive enzyme for digestion, and high contents of minerals. These regions still follow the traditional method for producing panela, specifically the rural areas that produces panela from sugar cane juice which helps in maintaining the general capacity of production.
Global Panel Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global panela market are Coastal Fine Foods, Doshi Ventures, Nemani Industries Pvt. Ltd. and Dulces El Trapiche, Taj Agro Products, CCBOL Group, Panela Carmelita, Pura Panela, OBELO, and Royal Agro Foods Industries.
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What can you expect from the report?
The panela market is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories & Applications 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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