Global Sorghum Market 2017-2021
Sorghum is a versatile crop which can be used as a grain, forage, or sweet crop. It is one of the top five cereal in the world. Sorghum is believed to have originated in Africa. It has a lower feed quality than maize. The US is the largest producer of sorghum globally. Sorghum contains various nutrients such as carbohydrates, protein, fat, calcium, iron, vitamin B, and niacin. It contains about 10% protein and 3.4% fat. It is used in the production of different products such as edible oil, starch, dextrose, and alcoholic beverages.
Technavio’s analysts forecast the global sorghum market to grow at a CAGR of 4.90% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global sorghum market for 2017-2021. To calculate the market size, the report considers the sale of sorghum products to individual consumers.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Sorghum Market 2017-2021
Technavio recognizes the following companies as the key players in the global sorghum market: Archer Daniels Midland, Bunge, Cargill, and Chromatin.
Other Prominent Vendors in the market are: Associated British Foods, General Mills, Ingredion, Sai Agro Exim, and SEMO Milling.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is mergers and acquisitions, and strategic partnerships. Players operating in the market are increasingly engaging in mergers and acquisitions (M&As) to increase their market share and to gain access to new products and technologies. Strategic M&As will also help vendors to increase their revenue stream and to consolidate their positions in the market in the long run. In June 2016, Chromatin acquired the US-based sorghum seed supplier Kirkland Seed. Kirkland Seed provides forage sorghum seed to growers and distributors in North America.”
According to the report, one of the major drivers for this market is increasing demand for baijiu. The increasing demand for baijiu is one of the primary growth drivers of the global sorghum market. It is estimated to be the world's highest-selling spirit category. Even though the drink is more popular in China than in other countries, baijiu is gaining popularity in the US and in some European countries such as Germany, in recent times.
Further, the report states that one of the challenges for the growth of the global sorghum market is the fluctuating price of sorghum globally. The production of sorghum in Ethiopia was affected by the El Niño-induced drought in 2016. This led to an increase in the prices of the product.
Archer Daniels Midland, Bunge, Cargill, Chromatin, Associated British Foods, General Mills, Ingredion, Sai Agro Exim, and SEMO Milling.