LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Sugar Market - Procurement Intelligence Report.
The rapid popularity of convenience foods such as ready-to-eat and processed foods will act as one of the prominent factors that will accelerate the spend momentum of the sugar market during the forecast period. Sugar is one of the essential ingredients that finds its extensive application as a preservative, coloring, and flavoring agent, a bulking agent, a fermentation substrate, and a texture modifier during the composition of convenience foods. The sugar market is expected to reach a value of over USD 5 billion between 2018-2023. However, predictions of spend growth will not necessarily guarantee a seamless procurement experience in this market. This report explores, identifies, and advises some of the best suited spend management strategies to address volatilities in the sugar market price trends.
In terms of spend growth, North America followed by Europe will lead the global sugar market. Factors such as the extensive usage of sugar as an excipient in the pharmaceutical industry and a high consumption rate of confectionary will drive the demand growth in the sugar market in these regions.
Dynamic sugar market price trends will inhibit buyers from determining their TCO which will result in an uncontrolled procurement spend in this market. Get the free sample of this sugar market procurement intelligence report to stay informed on the best and cost-effective sourcing sites across the geographies.
Sugar Market Price Trends
- Driven by the growing demand for biofuels, suppliers across the key sugar production regions will compromise on their sugar production capacity to increase their ethanol production. This will create a supply shortage that will invariably drive the sugar market price 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 leads to a moderate level of uncertainty in the prices of raw materials for category suppliers that results in volatility in the sugar market price.
Scope to save costs amidst volatile market price is not a matter of luck! Real-time insights into strategic sourcing practices play prominent roles in identifying avenues to save costs in the long run. Unlock your free access to the platform and explore the strategies to save costs across a range of markets.
Insights into Sugar Spend Management Objectives
“A comprehensive list of procurement best practices and sugar suppliers selection criteria presented in this report will enable buyers introspect and devise their sugar spend management objectives specific to their regions,” says SpendEdge procurement expert Tridib Bora.
Visibility on the origin and authenticity of raw materials will have a direct and positive impact on the sugar spend management for buyers in the long run. To achieve the same, buyers are advised to partner with suppliers who implement comprehensive identification and tracking systems throughout the production supply chain. These systems monitor the various phases right from the source to the product, including harvesting, classing, and warehousing. Leveraging such smart supply chain traceability techniques, buyers will be able to identify areas where they can engage the negotiation levers with their suppliers to achieve cost-savings during procurement.
Explore the uniqueness of our procurement intelligence reports in addressing your market concerns. Get more information from our experts on procurement strategies that can help you make informed decisions for a range of markets.
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