According to Market Research Future (MRFR), the global molasses market is expected to witness remarkable growth over the forecast period at a significant CAGR.
The global Molasses Market Production is witnessing high demand from the animal feed, and food and beverage industry due to the health benefits provided by it. Additionally, molasses has various applications in food and beverages such as a sweetener and is used majorly due to its high nutritional content. Molasses is enriched with calcium, iron, magnesium, vitamin B6, and selenium, which are essential for humans, which is expected to contribute to its growing demand over the evaluation period. furthermore, calcium, and magnesium content in molasses helps in preventing diseases such as osteoporosis and asthma.
The food & beverage market players are focusing on their research and development activities to launch new and innovative products using molasses, as there is an increasing demand for the molasses in the food and beverage industry. Moreover, the players are also focusing on increasing the accessibility of the products to the consumers across the globe, owing to its superior antioxidant properties. These factors are assessed to contribute to the overall growth of the global molasses market over the review period.
The global market for molasses has been segmented on the basis of type, category, source, and application.
By type, the market for molasses has been segmented into blackstrap, dark, light, and others. The blackstrap segment is expected to register the largest market share and retain its high market standing throughout the evaluation period. This is attributed to the various applications of blackstrap molasses in alcoholic beverages, animal feed, food, and others, due to the health benefits provided by the blackstrap molasses syrup. The segment is projected to grow with the highest growth rate owing to the growth of end-user industries in which molasses are used.
by category, the global molasses market has been segmented into organic and conventional. The conventional segment is anticipated to acquire a major market share over the assessment period, owing to the large availability of conventional molasses. On the other hand, the organic segment is estimated to witness a higher CAGR during the forecast period owing to the rising proclivity of consumers towards organic products.
by source, the global molasses market is segmented into sugar beets, sugarcane, and others. The sugarcane segment is expected to gain the largest market share, owing to the large scale cultivation of sugarcane, and the low cost of the extraction process of molasses.
by application, the global molasses market has been segmented into animal feed, biofuel, functional food & beverages, and others. The food & beverage segment is expected to gain the largest market share due to the substantial application of molasses as a sweetener in food and beverage goods. The high antioxidant levels of molasses make it a superfood, and molasses also an essential role as a dietary supplement. Additionally, the animal feed segment is estimated to grow with the highest CAGR through the forecast period owing to the significant rise in animal farming over the years.
Based on region, the global market for molasses has been segmented into North America, Europe, Asia Pacific (APAC), Rest of the World (RoW).
North America is a significant region in the global molasses market and is expected to witness substantial growth over the forecast period, owing to the established food and beverages industry in the region which is contributing to the majority of the demand for molasses in the region.
The Asia Pacific is the largest regional market in the global molasses market and is expected to retain its leading market standing over the assessment period. This is attributed to the large scale sugarcane production and established a sugar manufacturing industry in countries such as India and China.
Europe and the rest of the world are expected to contribute significantly to the molasses market, owing to its rising adoption as a dietary supplement, and the global demand from the food and beverages industry for healthier substitutes.
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the key players identified in the global molasses market are B&G Foods, Inc.(US), Cora Texas Manufacturing Company, LLC (US), Crosby Molasses Co Ltd. (Canada), Domino Specialty Ingredients (US), E D & F Man Holdings Limited (UK), Good Food Inc. (US), Malt Products Corporation (US), Michigan Sugar Company (US), Sweet Harvest Foods Inc. (US), The Archer Daniels Midland Company (US), Westway Feed Products LLC (US)
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