The Panela market has experienced a significant growth, and is expected to grow considerably in next few years. Panela is derived from the sugarcane juice which is further converted to solid form after process of boiling and evaporation of sugarcane juice. It is unrefined whole cane brown sugar and primarily it has application in food and beverage industry. In terms of characteristics of panela, its color varies from golden brown to dark brown, and it contains sucrose, invert sugars, proteins, and bagasse fiber. Panela is available in global market with different regional names such as jaggery, piloncillo, uluru dust, and chancaca. Panela has greater demand in global level market as it has wide applications in confectionery, bakery, soft drinks and many other sectors of food industry. Majority of demand of panela is from the side of Asia-Pacific and African region and in terms of production, Latin America is the world’s largest producer of panela.
COVID-19 Impact Analysis
- The consumers have shifted toward being health conscious and are looking for good & healthier foods with nutrients, and panela accounts for one of them. So, the increase in the demand during COVID-19 can be witnessed.
- In short, the market demand is expected to show superior growth due to the increase in infections and reduced economic activity.
- However, the fact cannot be ignored that the spread of COVID-19 led to the lockdowns & supply chain disruptions and created problems in supply of the products.
Top Impacting Factors
Key drivers which influence the demand for panela in global level market is from the side of food manufacturers due to its characteristics of natural taste of sugar which also has far better flavor than brown sugar.
Food manufacturers are using panela as key ingredient in their products to serve the growing demand of consumers who are seeking for products which have natural quality, taste and can also be consumed as end product or can be added in food dishes to enhance the taste and richness of recipes.
Majority of the demand of panela is from the side of food manufacturers which deals in confectionery, sweets and chocolates. Demand of panela is also increasing in global level market from the side of increasing health-conscious consumers as it is also available in organic form.
Market Trends
Wider Use owing to its Health Benefits
- Panela is most widely used as a sugar substitute in the Latin America and Caribbean due to its health benefits such as increase in digestive enzyme for digestion, cleansing of internal organs, high content of minerals etc. As the traditional method of producing Panela is still followed across the Latin American and Caribbean continent which is keeping the generation capacity of Panela limited. The rural areas of these continents are mostly engaged in producing Panela from sugar cane juice through traditional method which made their lively hood better. Agriculture Support Systems Division of the Food and Agriculture Organization of United Nations started a medium-term project entitled Enhancing Smallholder Livelihoods to diversify the Panela Agro-industry for increasing farm income of the farmers.
- Panela is widely recognized as an alternative additive of sugar due to the health benefits and nutritional content. Panela is the main income generating product for the Colombia as directly or indirectly it is providing the employment and income. The main aim of Latin America and Caribbean Government is to integrate the region into global player of panela production.
Production of Ethanol from Refined Sugar is Shooting Up
- One of the current trends in the panela production is it is still produced traditionally and production of ethanol from refined sugar is shooting up in the Colombian industry. It has vast health benefits and is widely used in food and beverages industry, eliminating the usage of sugar. It consist various nutritionally content like sucrose, invert sugars, bagasse fiber, fructose, vitamins, fats and minerals which is making it popular among other nations and other parts of the world. It is available in solid, powdered and cube form which makes it easier for packaging and shipping. There is a scope of panela in near future as consumers are nowadays leaning toward having healthy life, which make its market bigger at international level.
Key Benefits of the Report
- This study presents the analytical depiction of the panela industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the panela market share.
- The current market is quantitatively analyzed to highlight the panela market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed panela market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Panela Market Research Report
- Which are the leading players active in the panela market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
- What is “panela" market prediction in the future?
- Which will be the niches at which players profiling with recent advancements should set a presence?
- What are the driving factors and opportunities in the market?
- What are the current trends and predicted trends?
- What are the challenges faced in the "Panela" Market?
Panela Market Report Highlights
| Aspects | Details |
 By Form |
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 By Application |
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 By Distribution Channel |
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 By Region |
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 Key Market Players | Coastal Fine Foods, Panela Carmelita, Taj Agro Products, Dulces, CCBOL Group, OBELO, Pura Panela |
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