LONDON–(COMMERCIAL THREAD) – SpendEdge, a global public procurement information company, has announced the release of its World Sugar Market – Procurement Intelligence Report.
The rapid popularity of ready meals such as ready-to-eat and processed foods will be one of the major factors that will accelerate the spending dynamics of the sugar market during the forecast period. Sugar is one of the essential ingredients which finds its wide application as a preservative, coloring and flavoring agent, bulking agent, fermentation substrate and texture modifier in the composition of prepared foods. The sugar market is expected to reach a value of over USD 5 billion between 2018-2023. However, forecasted spending growth will not necessarily guarantee a seamless sourcing experience in this market. This report explores, identifies and advises some of the most suitable expense management strategies for dealing with volatile sugar market price trends.
In terms of spending growth, North America followed by Europe will dominate the global sugar market. Factors such as the intensive use of sugar as an excipient in the pharmaceutical industry and a high consumption rate of confectionery will drive the demand growth in the sugar market in these regions.
Dynamic price trends in the sugar market will prevent buyers from determining their TCO, leading to uncontrolled procurement spending in this market. Get the free sample of this Sugar Market Sourcing Intelligence Report to stay informed about the best and most profitable sourcing sites across geographies.
Sugar market price trends
Driven by growing demand for biofuels, suppliers to major sugar producing regions will compromise on their sugar production capacity to increase their ethanol production. This will create a shortage of supply which will invariably drive the market price of sugar across the world.
The cost of raw materials such as sugar cane is highly dependent on factors such as weather conditions in the growing regions. This leads to a moderate level of uncertainty on the prices of raw materials for the suppliers of the category which results in a volatility of the market price of sugar.
The possibility of reducing costs in a context of volatile market prices is not a matter of luck! Real-time insight into strategic sourcing practices plays a key role in identifying ways to reduce costs over the long term. Unlock your free access to the platform and explore strategies to reduce costs in a range of markets.
Overview of sugar expenditure management objectives
“A comprehensive list of sourcing best practices and sugar supplier selection criteria presented in this report will allow buyers to introspect and define their sugar spend management goals specific to their regions., ” says Tridib Bora, sourcing expert at SpendEdge.
Visibility into the origin and authenticity of raw materials will have a direct and positive impact on the management of sugar expenses for long-term buyers. To achieve this, 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 from source to product, including harvesting, grading and storage. By taking advantage of these smart supply chain traceability techniques, buyers will be able to identify areas where they can engage the levers of negotiation with their suppliers to achieve savings in sourcing.
Explore the uniqueness of our sourcing intelligence reports to address the concerns of your market. Get more insight from our experts on sourcing strategies that can help you make informed decisions for a range of markets.
Free examples of similar intelligence reports that you may be interested in:
Edge Expense shares your passion for sourcing and sourcing excellence. We are the preferred sourcing market intelligence partner for over 120 Fortune 500 companies and other leading companies across multiple industries. Our strength lies in providing robust, real-time reporting and solutions for purchasing market information. For more information, https://www.spendedge.com/request-free-proposal