With
flourishing food industry, and particularly dairy and meat products,
a strong demand for adequate animal feed is emerging. For ages,
molasses had been used as animal feed but the percentage was fairly
low until researchers showed in 1960s that it can be a suitable
substitute to cereal grains. Additionally, molasses, which is a
viscous product that is extract by refining sugarcane or sugar beets,
also finds application in the biofuel industry, commercial, and
household. According to a recent business intelligence report
compiled at the headquarters of Transparency Market Research (TMR),
the opportunities in the global molasses market will translate into a
revenue of US$18,281.7 million by the end of 2025, with the demand
multiplying at a notable CAGR of 5.3% over the course of the forecast
period of 2017 to 2025.
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Major
Players Investing on Enhancing Product Portfolio
The
analyst of the TMR report has notified that the companies who are
connected to the value chain of the global molasses market are
focused on enhancing their product portfolio, which is a reflection
of diverse application segments that this market caters to. In
addition to that, players are also frequently indulging in strategic
collaborations as these decisions helps them add to their product
offerings as well as strengthen their supply chain. The report has
identified Malt Products Corporation, Michigan Sugar Company, Domino
Specialty Ingredients, Cora Texas Manufacturing Company, LLC, B&G
Foods, Inc., Crosby Molasses Co Ltd., Westway Feed Products LLC,
Spreckels Sugar Company, Inc., Sweet Harvest Foods Inc., and Good
Food Inc. as some of the companies who are currently ahead of the
curve in the global molasses market.
Based
on source, the market for molasses has been segmented into sugar beet
and sugarcane, whereas on the basis of type, the market is bifurcated
into blackstrap and regular. On the basis of natural, molasses can be
conventional or organic. The end users studied under this report for
their potential of demand are: household, commercial, and industrial,
which has been further sub-segmented into biofuel, animal feed, and
food and beverages. Geographically, APAC has been rated as the most
lucrative region. In this region, molasses are used as a thickening
agent, particularly in the bakery industry.
Pharmaceutical
and Cosmetics Industries Carving Niches
The
food and beverage industry is the primary driver of the molasses
market. In this industry, the demand for ready to eat meals
and convenience food is escalating on the back increased disposable
income of urban populations who are observing a restless lifestyle.
Additionally, the industries pertaining to pharmaceuticals and
cosmetics are expected to further fuel the demand over the course of
the next seven years. On the other hand, unfavorable climatic
environment for the production of sugarcane is expected to negatively
impact the market going forward. Additionally, the availability of
low cost alternatives is further hindering the market from attaining
greater profitability.
Key
Takeaways:
- Global molasses market is estimated to be worth US$18,281.7 million by 2025
- Asia Pacific continues to generate the most prominent chunk of demand for molasses
- Organic molasses are slowly but surely gaining demand
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