Molasses Market Segment Analysis By Type
Blackstrap Molasses segment held the largest share in the Molasses Market in 2020 and is estimated to grow at a CAGR 3.9% during the forecast period 2021-2026. This is owing to its extensive usage primarily in the process called ethanol fermentation which is used to produce alcohol. Blackstrap molasses is also utilised extensively in the animal feed because of its rich sources of vitamins and minerals namely calcium, selenium, and magnesium. On the other hand, dark molasses finds its usage throughout the food and beverage industry, mainly as sweeteners in baking products and colorants in different food preparations. Thus, making it the fastest-growing segment. Dark Molasses is estimated to register the higher CAGR over the period 2021-2026.
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Molasses Market Segment Analysis By Application
Industrial segment held the largest share in the Molasses Market in 2020 and is estimated to grow at a CAGR 3.7% during the forecast period 2021-2026. This is owing to the growing areas of applications of molasses in various industries like food and beverages and bio-fuel. In fact, molasses are considered one of the pivotal ingredients throughout animal feed industry because it is often used in the compound feed of different animals. Commercial segment is also estimated to grow during the forecast period 2021-2026 owing to the increased usage of molasses as coloring and garnishing agents for various preparations by numerous restaurant chains throughout the food service industry. Commercial segment is estimated to register the higher CAGR over the period 2021-2026.
Molasses Market Segment Analysis By Geography
Asia Pacific dominated the Molasses Market with a major share of 39.2% in 2020. This can be attributed to the climatic conditions which are in favor of the cultivation process of sugarcane. Moreover, agricultural lands are in surplus throughout Asia Pacific because of which it is the major center of production worldwide. Currently, government policies are coming in place which are trying to encourage sugarcane production is increasing the growth of the market in this region.
However, Europe is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the growing demand of changing lifestyle coupled with the increasing awareness of consumers regarding health and wellness. Inclination towards ready-to-eat sweet snacks with a good nutritional value is also increasing the growth of the market in this region.
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Molasses Market Drivers
Increasing consumer preference towards healthy eating
With more consumers being profoundly aware about health and wellness, every major economy is witnessing progressive changes in the lifestyle of its citizens. With the rapid growth of urbanization, on-the-go snacks are becoming prevalent among millennials. The molasses acts as sweetener in a multitude of products especially ready-to-eat bars and snacks, thereby offering a nutritional advantage. In order to curb diseases like diabetes and obesity, the key players are utilizing molasses in their products in order to keep the blood sugar levels of consumers in check. Additionally, molasses syrup constitutes various minerals which isnt present in conventional sugar. This gives molasses a fair advantage, thereby bolstering the growth of the market.
Wide area of applications across multiple industries
Molasses finds its usage across a wide spectrum of industries. In addition to its usage as sweeteners in various baking products and other food preparations across the food and beverage industry, molasses also finds its usage in the production of cosmetic products. Molasses is considered an essential compound in both energy as well as feed supplements for all kinds of feedstock. For instance, in Europe, beet molasses is a main feedstock in order to produce bioethanol. Molasses is often used as a key ingredient for various fermentation process by various industries for the production of amino acids, citric acid, vitamins, yeast, and lactic acid. Sugarcane molasses are also used to produce biofuel by recycling spent bacterial biomass. Thus, increasing the growth of the Molasses Market during the forecast period 2021-2026.
Molasses Market Challenges
Outbreak of covid-19 pandemic
With the advent of COVID-19 pandemic, production of molasses witnessed a major setback which can be attributed to the dearth of labourers, shrinkage in transposition facilities as well as closing of many sugarcane factories. Furthermore, major sugar cane producing countries like India and Brazil faced tremendous lack of government aid, coupled with lockdown conditions throughout the pandemic have majorly affected the availability of human resources in cane sugar factories, which is likely to restrain the growth of the market.
Molasses Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Molasses Market. In 2020, the Molasses Market share is fragmented by the top ten players present in the market. The Molasses Market, top 10 companies are Westway Feed Products LLC, Crosby Molasses Co Ltd., Cora Texas Manufacturing Company, LLC, Michigan Sugar Company, and Sweet Harvest Foods Inc., among others.
Key Takeaways
Asia Pacific dominated the Molasses Market in 2020 owing to the favorable climatic conditions and huge lands for sugarcane cultivation. The Molasses market scope for different regions will be provided in the final report.
Growing awareness pertaining to healthy eating across all the economies, coupled with the nutritional benefits of molasses is likely to aid the market growth of the Molasses Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Molasses Market report.
With the advent of covid-19 pandemic and its associated lock down conditions, major sugar cane producing countries faced lack of government support and human resource unavailability which is poised to create the hurdles for the Molasses Market.
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