With flourishing food industry, and particularly dairy and meatproducts, a strong demand for adequate animal feed is emerging. For ages,molasses had been used as animal feed but the percentage was fairly low untilresearchers showed in 1960s that it can be a suitable substitute to cerealgrains. Additionally, molasses, which is a viscous product that is extract byrefining sugarcane or sugar beets, also finds application in the biofuelindustry, commercial, and household. According to a recent business intelligencereport compiled at the headquarters of Transparency Market Research (TMR), theopportunities in the global molasses market willtranslate into a revenue of US$18,281.7 million by the end of 2025, with thedemand multiplying at a notable CAGR of 5.3% over the course of the forecastperiod of 2017 to 2025.
Major Players Investing on Enhancing ProductPortfolio
The analyst of the TMR report has notified that the companies who areconnected to the value chain of the global molasses market are focused onenhancing their product portfolio, which is a reflection of diverse applicationsegments that this market caters to. In addition to that, players are alsofrequently indulging in strategic collaborations as these decisions helps themadd to their product offerings as well as strengthen their supply chain. Thereport has identified Malt Products Corporation, Michigan Sugar Company, DominoSpecialty Ingredients, Cora Texas Manufacturing Company, LLC, B&G Foods,Inc., Crosby Molasses Co Ltd., Westway Feed Products LLC, Spreckels SugarCompany, Inc., Sweet Harvest Foods Inc., and Good Food Inc. as some of thecompanies who are currently ahead of the curve in the global molasses market.
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Based on source, the market for molasses has been segmented into sugarbeet and sugarcane, whereas on the basis of type, the market is bifurcated intoblackstrap and regular. On the basis of natural, molasses can be conventionalor organic. The end users studied under this report for their potential ofdemand are: household, commercial, and industrial, which has been furthersub-segmented into biofuel, animal feed, and food and beverages.Geographically, APAC has been rated as the most lucrative region. In thisregion, molasses are used as a thickening agent, particularly in the bakeryindustry.
Pharmaceutical and Cosmetics Industries CarvingNiches
The food and beverage industry is the primary driver of the molassesmarket. In this industry, the demand for ready to eat meals and conveniencefood is escalating on the back increased disposable income of urban populationswho are observing a restless lifestyle. Additionally, the industries pertainingto pharmaceuticals and cosmetics are expected to further fuel the demand overthe course of the next seven years. On the other hand, unfavorable climaticenvironment for the production of sugarcane is expected to negatively impactthe market going forward. Additionally, the availability of low costalternatives is further hindering the market from attaining greaterprofitability.
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Key Takeaways:
· Globalmolasses market is estimated to be worth US$18,281.7 million by 2025
· AsiaPacific continues to generate the most prominent chunk of demand for molasses
· Organicmolasses are slowly but surely gaining demand
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