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Molasses Market
The global molasses market value is poised to escalate from USD 10.8 BN in 2022 to USD 20.533 BN by 2032, growing at a 7.40% CAGR during the review period (2023-2032).The global molasses market is likely to demonstrate steady revenue growth. The growing demand from foods & beverages, chemicals, personal care & cosmetics, and pharmaceuticals would drive the molasses market growth.
Molasses is primarily used in the pharmaceutical, personal care, and chemical industries. However, the vast popularity of molasses is due to its usage as a sugar alternative. Food & drink, personal care, medicine, pharmaceuticals, animal feed, and other businesses use molasses significantly. Besides, molasses is also used to make corrective products, boosting the molasses market revenues.
Surging demand for molasses as an alternative source of energy and in the pharmaceuticals and chemicals industry fosters market revenues. Also, rapid technological advancements in the industrial sector and government initiatives are key tailwinds driving the growth of the market. The government’s supportive policies and the industrialization occurring in emerging nations will help the molasses market flourish in the upcoming years.
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Molasses Market – Competitive Analysis
Fiercely competitive, the Molasses market appears fragmented due to the presence of many large and small players. These players incorporate strategic initiatives such as partnership, acquisition, expansion, and product & technology launch to gain an edge over their competitors.
Major Players
Leading molasses market players include B&G Foods, Inc. (US), Michigan Sugar Company (US), Malt Products Corporation (US), Westway Feed Products LLC (US), B&G Foods, Inc. (US), Good Food Inc. (US), The Archer Daniels Midland Company (US), Crosby Molasses Co Ltd. (Canada), Cora Texas Manufacturing Company, LLC (US), Sweet Harvest Foods Inc. (US), E D & F Man Holdings Limited (UK), and Domino Specialty Ingredients (US), among others.
Global Molasses Market – Segmentation
The report is segmented into sources, types, categories, applications, and regions. The source segment is sub-segmented into sugarcane, sugar beets, and others. The type segment is sub-segmented into light, dark, blackstrap, and others. The category segment is sub-segmented into organic and conventional. The application segment is sub-segmented into animal feed, food & beverages, biofuel, and others. By region, the molasses market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Global Molasses Market – Regional Analysis
North America dominates the global molasses market. The growing popularity of molasses as a sugar alternative in foods and beverages drives market growth. The growing demand for molasses as a thickening agent, particularly in bakery products and confectioneries, substantiates the region’s market shares. Besides, the increasing consumption of molasses in manufacturing beverages like rum and lager boosts the market size.
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Industry/Innovation/Related News
On Jan. 29, 2023 — Radico Khaitan Limited announced that it has converted its molasses plant at Rampur into dual feed and began bottling operations at its Sitapur facility. The successful commissioning of this dual feed plant at Rampur, Uttar Pradesh, will make it self-sufficient in captivating power requirements using primarily bio-fuels. The company decided to convert its 140 KLPD molasses plant into dual feed in February 2022 to cater to the growing requirement for high-quality grain-based ENA for its premium products.
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