Molasses Market Overview
By 2032, the molasses market was worth $ 20.533 billion, with a CAGR of 7.40 % from 2023 to 2032.
As a byproduct of turning sugarcane and sugar beets into sugar, molasses is a viscous substance. Molasses made from sugarcane and sugar beets is thicker in consistency. Due to the high rate of sugarcane farming in Thailand, India, Brazil, Taiwan, the United States, and the Philippines, molasses is produced on a huge scale in these nations. Molasses is used to alleviate constipation, lower blood pressure, heal burns, and prevent the buildup of body fat. Because of these factors, the molasses market is predicted to grow rapidly over the forecast period.
The molasses market in Canada is experiencing steady growth, driven by the increasing demand for molasses in the food and beverage industry. Molasses is used in Canada as a sweetener and flavoring agent in various products, including baked goods, sauces, and marinades. The market is also benefiting from the growing trend towards natural and organic ingredients, as molasses is seen as a healthier alternative to refined sugars. Major players in the market are focusing on expanding their product offerings and distribution networks to cater to the growing demand for molasses in Canada.
Key Players:
Some of the key players in the global molasses market are Michigan Sugar Company (US), BG Foods, Inc.(US), Crosby Molasses Co Ltd. (Canada), The Archer Daniels Midland Company (US), Cora Texas Manufacturing Company, LLC (US), Malt Products Corporation (US), Westway Feed Products LLC (US), Good Food Inc. (US), E D F Man Holdings Limited (UK), BG Foods, Inc. (US), Sweet Harvest Foods Inc. (US), Domino Specialty Ingredients (US).
Market Segmentation:
The global molasses market has been divided into categories based on type, including light, dark, blackstrap, and others. The blackstrap category is predicted to grow to hold the lead during the forecast period and obtain the greatest revenue share in the global molasses market. Because blackstrap molasses syrup has positive health effects, it is utilized in a variety of products, including food, alcoholic beverages, animal feed, and others. This is a significant factor driving the expansion of the blackstrap category in the global molasses market. Due to the expansion of end-use industries that employ molasses, the same industry is anticipated to grow at the fastest rate.
The organic and conventional molasses markets have been divided globally by category. Because conventional molasses is so widely available, the conventional sector is anticipated to account for a significant portion of the global molasses market. Due to consumers' increasing preference for organic products, the organic segment is expected to have a higher CAGR during the projection period.
According to sources, the global molasses market is divided into sugarcane, sugar beets, and other categories. Due to the fact that sugarcane is grown on a large scale and the cost of the molasses extraction process is low, the sugarcane segment is predicted to increase its market share the most.
The market for molasses has been segmented by application into biofuel, animal feed, functional foods beverages, and others. Due to the widespread use of molasses as a sweetener in food and beverage products, the food and beverage segment is anticipated to grow at the fastest rate in the global molasses market. Because of its high antioxidant activity, molasses is considered a superfood and is an essential food supplement. However, due to the significant expansion of animal farming, it is anticipated that the animal feed segment will experience the highest growth rate during the forecast period.
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