With
predictions of robust growth, the global molasses market is likely to
observe even stiffer competition among key players in the coming
years. As per a recent study by Transparency Market Research (TMR),
companies will majorly focus on expanding their product portfolio to
strengthen their competitiveness. Besides this strategic
collaborations will remain a sought after strategy, especially among
companies looking to develop footprint in emerging nations. Companies
such as Crosby Molasses Co Ltd., Michigan Sugar Company, Cora Texas
Manufacturing Company, LLC, Malt Products Corporation, B&G Foods,
Inc., Westway Feed Products LLC, Spreckels Sugar Company, Inc.,
Domino Specialty Ingredients, Sweet Harvest Foods Inc., and Good Food
Inc. are a few of leading names in the global molasses market.
Strategies adopted by these and other companies can extremely sway
the prevailing trends in the overall market.
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According
to TMR, the global market is expected to reach US$18,281.7 mn by the
end of 2025, compared to US$11,596.5 mn, its value in 2016. Thus
during the period, TMR forecasts the market to exhibit a CAGR of
5.05%. Sugarcane and sugarbeet are the key sources from where
molasses are derived. Of these, the sugarcane segment held clear
dominance in the market and is anticipated to hold nearly 88% of the
overall market through the forecast period. Regionally, the market
will witness considerable prospects in Asia Pacific and Latin America
through the forecast period.
Rising
Sugarcane Production to Aid Expansion of Molasses Market
Among
the key factors enabling the market gain pace, the rising demand for
convenience food and ready-to-eat snacks is at fore. With the
expansion of the bakery industry, opportunities for the market have
escalated worldwide. Extracts from molasses are used as stabilizing
agents in various food applications. Considering this, growth
witnessed in the bakery industry will aid the overall expansion of
the global molasses market. Besides this, growth witnessed in the
market is also influenced by the production rate of its sources,
which are sugarbeet and sugarcane. Sugarcane production has surged
considerably in the last couple of years and the benefits of the same
are reaped significantly by the global molasses
market. In addition, their rising use in food, cosmetic,
pharmaceutical, and other industrial applications will pave way for
the market’s positive trajectory in the forthcoming years.
In
the last couple of years, food manufacturers have tended more to
shift toward molasses as against spending high on sugar for
manufacturing their food products. Also different types of molasses
find different applications such as beet molasses are used for beef
and dairy cattle, as they act as a great source of protein and other
minerals. Also bakeries are starting to prefer molasses more than
sugar because the former offers a better darker shade to bakery
products than normal sugar.
Increasing
Availability of Cheaper Alternatives to Adversely Impact Overall
Market
On
the downside, the decrement in the demand for molasses in feed
applications and unsuitable climatic conditions to affect sales
prospects of cane molasses are some of the factors that could
restrain the market. Animal feed happens to be one of the chief
application sectors for the molasses market. However, the rising
availability of cheaper alternatives has negatively impacted the
market’s future in the animal feed sector. Besides this, the
unfavorable climate conditions in Asia Pacific adversely affects the
sugarcane production, subsequently negative influencing the market’s
growth prospects in the region.
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