Rise in demand for molasses from the bakery sector as its cost 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 global blackstrap molasses market size is expected to reach $18,185.8 million by 2027 at a CAGR of 5.7% from 2021 to 2027. ย
Blackstrap molasses form cane is composed of roughly 55% sucrose and other sugars, 20% water, 15% organic non-sugars, and 10% ash. ย Blackstrap molasses finds enormous applications in the various industries such as Animal feed, cosmetic, food and beverages, fertilizer and skin care. For instance, there is opportunity for much expansion of the use of inedible molasses as livestock feed in periods of ample supply. Use of molasses as feed has expanded sharply in recent years while its use for making industrial alcohol has declined.ย
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The players operating in the blackstrap molasses industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include 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, and Buffalo Molasses.
Exploration of the blackstrap molasses in the cosmetic industries has given rise for the growth of the blackstrap molasses market during the forecast period. Viscous nature and vital sources for the minerals, blackstrap molasses is used for the cosmetic and skin care products. Growing trend of use of plant-based organic fertilizers has boosted the demand for blackstrap molasses. It is a considerable source of calcium, which makes it useful for soil fertility. Decaying soil fertility, low productivity of farm are major attributes to use plants based organic fertilizers, which likely to boost the blackstrap molasses market demand through fertilizer application segment. ย ย ย ย ย
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Region wise, LAMEA held second highest blackstrap molasses market share in 2019, after Asia-Pacific, and is projected to maintain this trend throughout the blackstrap molasses market forecast period. Brazil is the highest cane sugar producing country in the region. As blackstrap is the byproduct of sugar production, Brazil has been producing massive amount of blackstrap molasses and accounted for 30% of the global blackstrap molasses market. Brazil played a pioneering role in implementing a competitive bioethanol industry. Growing production of sugar in Brazil is estimated to bolster the blackstrap molasses market growth during the forecast period. For instance, according to the United States Department of Agriculture, Foreign Agriculture Services, the production of sugar in Brazil accounted for 29,500 million metric tons in 2018 and reached to 29,925 million metric tons in 2019.ย
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.
On the basis of application, the others segment is estimated to reach $3,038.1 million by 2027, at a CAGR of 7.6%. In other application segment, cosmetic, fertilizer and skin care applications are considered.
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