PORTLAND, Ore., Oct. 26, 2020 /PRNewswire/ -- Allied Market Research published a report, titled,"Blackstrap Molasses Market by Form (Liquid and Powder), Application (Industrial fermentation, Food & Beverages, Pharmaceutical, Animal Feed, Other), and Distribution Channel (Offline and Online): Global Opportunity Analysis and Industry Forecast 2021–2027." According to the report, the global blackstrap molasses industry generated $12.88 billion in 2019, and is expected to garner $18.18 billion by 2027, growing at a CAGR of 5.7% from 2021 to 2027.
Drivers, restraints, and opportunities
Rise in demand for molasses from the bakery sector as itscost is lower as compared to sugar, increase in production of alcoholic beverages, and changes in food habits and lifestyle preferences of people drive the growth of the global blackstrap molasses market. However, allergic reactions among people and reduced production of cane sugar hinder the market growth. On the other hand, surge in usage as sweetening agent and coloring agent in the food and beverage industry presents new opportunities in the coming years.
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- The manufacturing activities have been affected due to lockdown imposed by governments of many countries. Moreover, cane sugar factories have been closed down and laborers have returned to their hometowns.
- There has been a lack of necessary support from governments to farmers in major cane sugar-producing countries such as India and Brazil.
- The demand from food & beverage industries has been reduced as factories have been shut down with lockdown. During the post-lockdown period, the demand would increase as factories begin operations with optimum capacity of workers. However, there would be scarcity of laborers at initial stages as they would take time to come back to factories from hometowns.
The liquid segment to maintain its leadership status throughout the forecast period
Based on form, the liquid segment accounted for the highest market share in 2019, holding more than two-thirds of the global blackstrap molasses market, and is expected to maintain its leadership statusthroughout the forecast period. This is attributed to the lower cost of transportation as compared to the powdered form. The transportation cost of liquid form is four times lower than that of the powdered form. However, the powder segment is estimated to witness the largest CAGR of 6.6% from 2021 to 2027. This is due topreference from the pharmaceutical and food services sectors for ease in handling.
The industrial fermentation segment to maintain its dominant share during the forecast period
Based on application,the industrial fermentation segment contributed to the highest share of the market, accounting for nearly half of the global blackstrap molasses market in 2019, and is projected to maintain its dominant share during the forecast period. This is due to preference in production of alcohol through ethanol fermentation.However, the animal feed segment would manifest the fastest CAGR of 9.2% from 2021 to 2027, owing to its organic nature and ease in mixing with feed materials to improve its contents.
North America to grow at the highest growth rate
Based on region, North America is expected to portray the highest CAGR of 8.6% during the forecast period. This is duerise in the bakery and confectionery sector in the US region and surge in adoption of the plant-based ingredients in food and beverages. However, Asia-Pacific held the highest market share based on revenue with nearly two-fifths of the global blackstrap molasses market in 2019, and is expected to continue its highest contribution by 2027. This is attributed toincrease in purchasing power, changes in lifestyle & eating habits of people, high demand from the bakery sector, and rise in number of fast-food chains.
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Market players grabbing the largest pie
- Allied Old English, Inc.
- Crosby's Molasses and More
- B&G Foods, Inc.
- Meridian Foods Limited
- Zook Molasses Company
- ED&F Man Liquid Products UK Ltd.
- Malt Products Corporation
- Pestell Minerals & Ingredients Inc.
- Domino Specialty Ingredients
- Buffalo Molasses
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