The competition is getting tougher within the global molasses market. It is expected that this market will witness a healthy growth in the years to come which is in turn expected to fuel the competition further, states Transparency Market Research (TMR) in its latest research report on this market. It is expected that most companies will prioritize their focus on strengthening the competitiveness through expanding their product portfolio.
In addition to this, strategic collaborations will continue to remain the most commonly adopted strategy among prominent players especially those players who are opting for expanding their bases in emerging nations. Some of the leading companies mentioned in the report are: Michigan Sugar Company, Malt Products Corporation, Crosby Molasses Co Ltd., Cora Texas Manufacturing Company, LLC, B&G Foods, Inc., Spreckels Sugar Company, Inc., Westway Feed Products LLC, Domino Specialty Ingredients, Good Food Inc., and Sweet Harvest Foods Inc.
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According to TMR, the global molasses market is expected to rise from US$12,106.3 mn in 2017 to US$18,281.7 mn by the end of 2025. The market is thus expected to expand at a CAGR of 5.3% between 2017 and 2025. On the basis of source, the sugarcane segment emerged as a clear winner accounting for a dominant share. The sugarcane segment is predicted to account for 88% of the total market by 2025. On the basis of geography, Latin America and Asia Pacific are expected to emerge as promising markets for molasses. By 2025, 42.7% of the total market share will be held by Asia Pacific. The growing demand for molasses as a thickening agent in the bakery and confectionery segment will be the primary factor behind the growth of the Asia Pacific molasses market. In addition to this industrialization in developing nations and favourable policies by government will also help the market to grow in the region.
High Demand For Molasses from Bakery Sector on Account of Low Cost as Compared to Normal Sugar Driving Market
One of the key factors behind the high demand for molasses is the increasing consumption of convenience food and ready-to-eat meals. The bakery industry is expanding at a rapid pace worldwide and this is also benefiting the molasses market. This is because various food applications make use of molasses as stabilizing agents. Another important factor aiding the growth of the global molasses market is the production rate of the sources of molasses such as sugarbeet and sugarcane. The increased use in cosmetics, industrial applications, and pharmaceutical sector will ensure that the molasses market will witness high growth in the future years.
With increasing prices of sugar, manufacturers of food products have shifted from making use of sugar to molasses. In addition to this, molasses are being used in the bakery sector on account of their ability to give a darker shade two products as compared to normal sugar.
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Unsuitable Climatic Conditions to Affect Production of Sugarcane and Subsequently Molasses Market
One of the key factors restricting the growth of the global molasses market is unsuitable climatic conditions which directly affect the sales of cane molasses. Molasses are witnessing decreased demand in feed applications and this is also a challenge for the market. One of the key application sectors of molasses is animal feed. However, with increasing availability of cheaper alternatives, the demand for molasses is threatened in the animal feed sector. Unfavourable climatic conditions in Asia Pacific is also expected to affect the production of sugarcane which in turn will negatively impact the molasses market.