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.
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Industrial Use Segment Boasts Clear Dominance in Global Market based on End Use
The global molasses market can be segmented on the basis of source, type, nature, end-use, and distribution. By source, the molasses market is segmented into sugarcane and sugarbeet. The sugarcane segment acts as the major source for obtaining molasses, with an accounted market share of 88.1% in 2016, in terms of volume. On the basis of type, the molasses market can be segmented into regular molasses, blackstrap molasses, and others. The blackstrap molasses segment serves as the dominant segment with an anticipated market share of 55.3%, over the forecast period. By nature, the molasses market is segmented into conventional & organic. Though the conventional segment possesses an anticipated market share of 81.2% by 2025 end but the organic segment is likely to have a relatively higher CAGR of 6.2% over the forecast period due to consumer awareness of consuming the organic food.
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Holding Majority Share, Asia Pacific Emerged Dominant in Overall Market
On the basis of region, the market in APAC and Latin America is expected to dominate over the forecast period followed by Europe. In current era also, APAC dominates the global molasses market with an anticipated share of 42.7% over the forecast period in the global market share. The rising demand for molasses as a thickening agent, especially in bakeries and confectionaries has emerged as the chief driver of the global molasses market. Favorable policies by government and industrialization witnessed across emerging nations, will enable the molasses market prosper in Asia Pacific in the coming years.