Global Sugar Beet Market: Growing Market Volume to Reach 301M Tons by 2030, Valued at $56.4B

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The article discusses the anticipated growth of the sugar beet market worldwide, attributing it to a rise in demand for this product. The market is projected to expand in both volume and value terms, with a forecasted CAGR of +1.8% and +4.4% respectively from 2024 to 2030. By the end of 2030, the market is expected to reach a volume of 301M tons and a value of $56.4B (in nominal wholesale prices).

Market Forecast

Driven by increasing demand for sugar beet worldwide, the market is expected to continue an upward consumption trend over the next six-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.8% for the period from 2024 to 2030, which is projected to bring the market volume to 301M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.4% for the period from 2024 to 2030, which is projected to bring the market value to $56.4B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Sugar Beet

Global sugar beet consumption declined slightly to 271M tons in 2024, waning by -3.7% on the previous year. In general, consumption, however, showed a relatively flat trend pattern. Global consumption peaked at 305M tons in 2017; however, from 2018 to 2024, consumption failed to regain momentum.

The global sugar beet market value totaled $43.7B in 2024, leveling off at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Global consumption peaked at $48.9B in 2017; however, from 2018 to 2024, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2024 were Russia (49M tons), France (31M tons) and the United States (31M tons), with a combined 41% share of global consumption. Germany, Turkey, Poland, Egypt, Ukraine, China and the Netherlands lagged somewhat behind, together comprising a further 40%.

From 2013 to 2024, the biggest increases were recorded for Poland (with a CAGR of +3.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($6.7B), Russia ($4.1B) and Egypt ($3B) constituted the countries with the highest levels of market value in 2024, with a combined 31% share of the global market.

Egypt, with a CAGR of +3.6%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of sugar beet per capita consumption in 2024 were France (456 kg per person), Poland (411 kg per person) and the Netherlands (405 kg per person).

From 2013 to 2024, the biggest increases were recorded for Poland (with a CAGR of +3.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Sugar Beet

In 2024, the amount of sugar beet produced worldwide dropped modestly to 271M tons, declining by -3.8% against 2023 figures. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 16% against the previous year. Global production peaked at 305M tons in 2017; however, from 2018 to 2024, production remained at a lower figure. The general positive trend in terms output was largely conditioned by a relatively flat trend pattern of the harvested area and a relatively flat trend pattern in yield figures.

In value terms, sugar beet production totaled $42.8B in 2024 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 18% against the previous year. Global production peaked at $47.5B in 2017; however, from 2018 to 2024, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2024 were Russia (49M tons), France (31M tons) and the United States (31M tons), with a combined 41% share of global production. Germany, Turkey, Poland, Egypt, Ukraine, China and the Netherlands lagged somewhat behind, together accounting for a further 40%.

From 2013 to 2024, the biggest increases were recorded for Poland (with a CAGR of +3.0%), while production for the other global leaders experienced more modest paces of growth.

Yield

In 2024, the global average sugar beet yield shrank to 61 tons per ha, remaining stable against the year before. In general, the yield, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the yield increased by 6.4% against the previous year. Over the period under review, the average sugar beet yield hit record highs at 62 tons per ha in 2023, and then dropped slightly in the following year.

Harvested Area

The global sugar beet harvested area shrank modestly to 4.4M ha in 2024, dropping by -2.4% against the previous year. Over the period under review, the harvested area, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 8.7%. Over the period under review, the harvested area dedicated to sugar beet production reached the maximum at 4.9M ha in 2017; however, from 2018 to 2024, the harvested area failed to regain momentum.

Imports

World Imports of Sugar Beet

In 2024, purchases abroad of sugar beet decreased by -2.9% to 1.1M tons for the first time since 2017, thus ending a six-year rising trend. In general, imports, however, showed strong growth. The pace of growth appeared the most rapid in 2014 with an increase of 44% against the previous year. Over the period under review, global imports attained the peak figure at 1.1M tons in 2023, and then declined slightly in the following year.

In value terms, sugar beet imports soared to $269M in 2024. Overall, imports, however, saw resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

Switzerland (372K tons) and the Czech Republic (362K tons) represented roughly 67% of total imports in 2024. It was distantly followed by Lithuania (126K tons) and Belgium (50K tons), together achieving a 16% share of total imports. The following importers - Germany (43K tons), Hungary (41K tons) and the UK (31K tons) - together made up 10% of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Lithuania (with a CAGR of +104.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest sugar beet importing markets worldwide were the Czech Republic ($123M), Switzerland ($67M) and Germany ($22M), with a combined 79% share of global imports. Belgium, the UK, Lithuania and Hungary lagged somewhat behind, together accounting for a further 11%.

Lithuania, with a CAGR of +75.0%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2024, the average sugar beet import price amounted to $245 per ton, picking up by 171% against the previous year. In general, the import price enjoyed a prominent expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Germany ($513 per ton), while Lithuania ($55 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Belgium (+16.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Sugar Beet

In 2024, approx. 739K tons of sugar beet were exported worldwide; which is down by -14.5% on the previous year. Overall, total exports indicated a mild expansion from 2013 to 2024: its volume increased at an average annual rate of +1.8% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports decreased by -25.3% against 2021 indices. The growth pace was the most rapid in 2014 when exports increased by 34% against the previous year. Over the period under review, the global exports hit record highs at 989K tons in 2021; however, from 2022 to 2024, the exports stood at a somewhat lower figure.

In value terms, sugar beet exports skyrocketed to $93M in 2024. Over the period under review, exports, however, posted strong growth. The most prominent rate of growth was recorded in 2022 with an increase of 32% against the previous year. Over the period under review, the global exports reached the maximum in 2024 and are likely to see gradual growth in the near future.

Exports By Country

In 2024, Germany (307K tons), distantly followed by Slovakia (202K tons), Belgium (102K tons) and Poland (60K tons) were the largest exporters of sugar beet, together mixing up 91% of total exports.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Slovakia (with a CAGR of +104.9%), while the other global leaders experienced more modest paces of growth.

In value terms, Germany ($42M) remains the largest sugar beet supplier worldwide, comprising 45% of global exports. The second position in the ranking was taken by Slovakia ($14M), with a 15% share of global exports. It was followed by Belgium, with a 12% share.

In Germany, sugar beet exports expanded at an average annual rate of +25.7% over the period from 2013-2024. The remaining exporting countries recorded the following average annual rates of exports growth: Slovakia (+65.5% per year) and Belgium (+30.5% per year).

Export Prices By Country

The average sugar beet export price stood at $127 per ton in 2024, growing by 38% against the previous year. Overall, the export price recorded a perceptible increase. The pace of growth was the most pronounced in 2022 when the average export price increased by 57% against the previous year. Over the period under review, the average export prices hit record highs in 2024 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was Germany ($136 per ton), while Poland ($40 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Belgium (+9.6%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform