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.
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.
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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.