Sugar Procurement Market Intelligence Report Forecasts Over USD 5 Billion Spend Growth in the Market
Medical studies have confirmed the onset of health issues such as heart disease, obesity, and diabetes owing to the consumption of sugar in the long run. This has sounded the alarm amongst the proliferation of health-conscious demography who are shifting their preference towards foods with low or no sugar content. This will have a serious impact on the demand in the sugar market as our analysts predict that the spend momentum of the sugar market will not exceed 2% in the next five years. On the other hand, the steady popularity gained by convenience foods such as ready-to-eat and processed foods will have a positive impact on the spend growth of the sugar market.
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Insights into the sugar price trends
· The growing demand for biofuels is motivating suppliers from the key production regions to compromise on their sugar production capacity to increase their ethanol production. This will create a supply crunch that will invariably drive the sugar procurement prices across the globe.
· The cost of raw materials such as sugarcane is highly dependent on factors such as weather conditions in crop-growing regions. This will lead to a moderate level of uncertainty in the prices of raw materials for category suppliers that results in volatility in the sugar procurement prices.
Insights into strategies that will help buyers optimize their sugar procurement spend
· It is prudent of buyers to engage with suppliers who have adopted backward integration practices in their supply chain. Such sugar suppliers tend to have a lower dependency on third-party vendors and sub-contractors for raw materials and will have higher capabilities in providing on-time delivery and cost-effectiveness.
COVID-19 Impact Assessment and Market Insights
SpendEdge's reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and the latest market data to help your company overcome sourcing challenges. Our Sugar Procurement Market Intelligence Report (https://procurement.spendedge.com/