Molasses Market Driven by Flourishing Industries of Animal Feed and Biofuel
Albany, NY -- (SBWIRE) -- 10/23/2018 -- The growth of global molasses market is due to its high consumption in animal feed industry and biofuel industry. The major production source of molasses is sugarcane and regions such as APAC and Latin America provides the most favorable environment for the sugarcane production and so it directly influences the molasses market. The molasses is produced as a by-product in sugar production and so regions producing large quantity of sugar serves as major molasses producing regions.
The revenue generated from molasses market is estimated to be valued at roughly US$ 12,106.3 Mn by the end of 2017 and is expected to increase at a CAGR of 5.3% over the forecast period. Global molasses market are expected to be valued at approximately US$ 18,281.7 Mn by the end of 2025.
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Major Players Investing on Enhancing Product Portfolio
The analyst of the TMR report has notified that the companies who are connected to the value chain of the global molasses market are focused on enhancing their product portfolio, which is a reflection of diverse application segments that this market caters to. In addition to that, players are also frequently indulging in strategic collaborations as these decisions helps them add to their product offerings as well as strengthen their supply chain. The report has identified Malt Products Corporation, Michigan Sugar Company, Domino Specialty Ingredients, Cora Texas Manufacturing Company, LLC, B&G Foods, Inc., Crosby Molasses Co Ltd., Westway Feed Products LLC, Spreckels Sugar Company, Inc., Sweet Harvest Foods Inc., and Good Food Inc. as some of the companies who are currently ahead of the curve in the global molasses market.
Based on source, the market for molasses has been segmented into sugar beet and sugarcane, whereas on the basis of type, the market is bifurcated into blackstrap and regular. On the basis of natural, molasses can be conventional or organic. The end users studied under this report for their potential of demand are: household, commercial, and industrial, which has been further sub-segmented into biofuel, animal feed, and food and beverages. Geographically, APAC has been rated as the most lucrative region. In this region, molasses are used as a thickening agent, particularly in the bakery industry.
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Pharmaceutical and Cosmetics Industries Carving Niches
The food and beverage industry is the primary driver of the molasses market. In this industry, the demand for ready to eat meals and convenience food is escalating on the back increased disposable income of urban populations who are observing a restless lifestyle. Additionally, the industries pertaining to pharmaceuticals and cosmetics are expected to further fuel the demand over the course of the next seven years.