By 2033, molasses market share is expected to increase from USD 11,952.75 million to USD 23,512.86 million. This is anticipated to increase molasses’ market share and result in a CAGR of 7.0% between 2023 and 2033.
Molasses, a thick syrup by-product of sugarcane or sugar beet juice extraction, is gaining popularity in various food and beverage applications. The increasing demand for natural sweeteners and the rising health consciousness among consumers are the primary drivers for the growth of the molasses market.
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Molasses has several health benefits that make it an attractive alternative to other sweeteners. It is rich in vitamins, minerals, and antioxidants, including iron, calcium, magnesium, and vitamins B6 and B12. It is also a good source of energy and has a low glycemic index, making it a suitable sweetener for diabetics.
The food and beverage industry is the largest end-user of molasses, with applications in the production of baked goods, sauces, condiments, and confectionery. The increasing demand for natural sweeteners and the desire to avoid high fructose corn syrup and artificial sweeteners are driving the demand for molasses in the food and beverage industry.
The use of molasses in animal feed and pet food is also increasing. Molasses is a valuable source of energy and nutrients for livestock and pets, and is also used to improve the palatability of feed. The growing demand for animal feed and pet food is expected to drive the growth of the molasses market in the animal feed and pet food industries.
In addition, molasses is also used as a raw material in the production of biofuels. The increasing demand for biofuels and the need for renewable energy sources are driving the demand for molasses in the biofuel industry. The use of molasses in the production of ethanol and other biofuels is expected to increase in the coming years, driving the growth of the molasses market.
Geographically, the molasses market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. Asia Pacific is the largest market for molasses, with a significant presence of sugarcane and sugar beet producers in countries such as India, China, and Australia. The increasing demand for natural sweeteners and the growing food and beverage industry in the region are driving the growth of the molasses market in Asia Pacific.
In North America, the United States is the largest market for molasses, driven by the increasing demand for natural sweeteners and the growth of the food and beverage industry. Europe is also a significant market for molasses, with a large presence of sugar beet producers in countries such as France and Germany. The increasing demand for natural sweeteners and the growth of the food and beverage industry in the region are driving the growth of the molasses market in Europe.
In South America, countries such as Brazil and Argentina are major producers of molasses, driven by the large sugarcane industry in the region. The increasing demand for natural sweeteners and the growth of the food and beverage industry in the region are driving the growth of the molasses market in South America.
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Competitive Landscape
- Crosby Molasses Co Ltd. (Canada)
- The Archer Daniels Midland Company (US)
- Michigan Sugar Company (US)
- B&G Foods Inc.(US)
- Cora Texas Manufacturing Company, LLC (US)
- Good Food Inc. (US)
- E D & F Man Holdings Limited (UK)
- B&G Foods, Inc. (US)
- Malt Products Corporation (US)
- Westway Feed Products LLC (US)
- Sweet Harvest Foods Inc. (US)
- Domino Specialty Ingredients (US)
Recent Development
Key players are focusing on novel and innovative approaches for the development of new products. The strategy of expansion, new product launches, and approvals, by key manufacturers, is further strengthening their market presence and staying ahead of the competition.
For instance, the US-based International Molasses Corporation launched CaneRite Panela in June 2021, a natural, unrefined, and non-centrifuged sugar made from sugar cane that is natural, unrefined, and non-centrifuged. It contains five times more vitamins and minerals than raw sugar, including potassium, calcium, magnesium, manganese, iron, and zinc.
Besides these, mergers and acquisitions have emerged as key growth strategies adopted by market players. Leading companies are strengthening their product portfolio and global footprint through acquisitions.
For instance, the Universal Robina Corp (URC), a Philippine-based consumer goods conglomerate, acquired the Roxas Holdings Inc (RHI) sugar milling and bioethanol distillery plants and landed in October 2020.
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