Molasses is defined as a thick brown by-product produced during refining sugarcane or sugar beets into sugar. In order to make sugar, the sugar cane or sugar beets must first be crushed, and then their juice must be drawn out. After that, the juice is reduced until sugar crystals form, at which point sugar is removed. Molasses makes up the liquid that’s left.
Sizing and Forecast
The molasses market size has grown strongly in recent years. It will grow from $14.23 billion in 2023 to $15.45 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to animal feed industry growth, alternative energy source, industrial fermentation, diversification in agriculture, molasses as a sweetener, microbial growth medium.
The molasses market size is expected to see strong growth in the next few years. It will grow to $19.42 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to bioplastics production, market demand for specialty sugars, global population growth, sustainable agriculture practices, expanded application in food and beverages. Major trends in the forecast period include animal feed formulations, organic and non-GMO molasses, bioethanol production, molasses in distillery and alcohol industries, advancements in fermentation technology.
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Segmentation & Regional Insights
The molasses market covered in this report is segmented –
1) By Type: Regular Molasses, Blackstrap Molasses
2) By Sources: Sugarcane, Sugar Beet
3) By Category: Organic, Conventional
4) By Application: Feed, Food And Beverage, Other Applications
North America was the largest region in the molasses market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the molasses market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing import and export activities due to the growing applications of molasses globally are expected to propel the growth of the molasses market. Molasses is used in various industries such as food and beverage, healthcare, pharmaceutical, personal care products, animal feeds, and others. Due to several applications of molasses, there is a huge demand coming from around the world which is pushing the companies to get significantly involved in the import and export activities of molasses. In turn, this is driving more demand for molasses globally. For instance, in September 2023, according to the Observatory of Economic Complexity, a US-based online data visualization and dissemination tool focusing on economic activity location and dynamics, exports of molasses from the United States grew by $625k (38.4%) between September 2022 and September 2023, to $2.25M from $1.63M, while imports jumped by $5.04M (31%), from $16.3M to $21.3M. Therefore, the increasing import and export activities due to the growing applications of molasses globally are expected to propel the growth of the molasses market.
Key Industry Players
Major companies operating in the molasses market report are Archer Daniels Midland Company, Louis Dreyfus Company, Cosan S.A., ED&F Man Holdings Ltd, B&G Foods Inc., Michigan Sugar Company, Imperial Sugar Company, Cora Texas Manufacturing Company, Spreckels Sugar Company Inc., Sweet Harvest Foods Inc., Crosby Molasses Co Ltd., Indiana Sugars Inc., Allied Old English Inc., Amoretti LLC, Malt Products Corporation, Good Food Inc., Domino Specialty Ingredients, International Molasses Corporation Ltd., Sucden, Helmut Möller GmbH & Co KG, Hansa Melasse GmbH, Peter Cremer Holding AG, United Molasses Company Ltd., West Indies Rum Distillery Limited, Renuka Holdings plc, Mitr Phol Sugar Corporation, Raízen S.A., Tereos International SA, Mane Group, Westway Feed Products LLC
The molasses market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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