Vegan molasses market 2020 can expect to advance at a relentless pace during the evaluation period (2018 to 2023), reveals MRFR or Market Research Future. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Top Drivers and Barriers
Molasses is produced majorly during the sugar production process, which are either derived from sugarcane or sugar beet. However, sugarcane production has remained quite high for a long time across the globe. With the significant expansion of the sugar industry across countries and the increasing production of beet molasses has favored the vegan molasses market in recent years. Owing to the changing climate change along with the surge in water scarcity in various parts of the globe, sugar beet is expected to gain a higher share in the market compared to sugarcane during the review period.
With the stellar growth of the fuel ethanol industry in Asian countries, the demand of molasses has simultaneously increased as well. Molasses production in Thailand, Brazil, India, the United States, Philippines and Taiwan is significantly high since the rate of sugarcane cultivation rate is substantial in these countries. The market demand is bolstered by the rising use of molasses for treating constipation, healing burns, reducing fat accumulation in the body and preventing blood pressure. Considering these benefits, it is expected that the vegan molasses market can witness impressive growth in the ensuing period.
An increasing number of food manufacturers are opting for molasses instead of spending heavily on sugar to manufacture food items. Companies are increasingly striving to bolster their production capacity and enhance their product offerings to remain competitive in the market. For instance, in June 2020, Malt Products Corporation set up an Innovations Lab to cater to vendors in the confectionery markets and more. The prime focus of the production is expected to be on CaneRite sugar cane molasses, among others.
Some of the key vendors in the worldwide market are B&G Foods Inc.(US), Domino Specialty Ingredients (US), E D & F Man Holdings Limited (UK), Sweet Harvest Foods Inc. (US), Michigan Sugar Company (US), Crosby Molasses Co Ltd. (Canada), Good Food Inc. (US), Cora Texas Manufacturing Company LLC (US), B&G Foods, Inc. (US), The Archer Daniels Midland Company (US), Malt Products Corporation (US), Westway Feed Products LLC (US), and more.
Type, category, source and application are the primary segments based on which the market has been studied in the MRFR report.
The main types of molasses in the global market are blackstrap, dark, light, and others. The blackstrap segment can gain the maximum share in the market as these types of molasses are used extensively in applications such as alcoholic beverages, animal feed, food, and more. A host of health benefits offered by these types are essential determinants for the segmental growth in the market. The segment is also touted to achieve the highest growth rate due to the rising demand across various end-use industries for blackstrap molasses.
The vegan molasses market, in terms of category, caters to organic as well as conventional. Conventional is set to emerge as the leading segment, thanks to the abundance of these molasses in the market. However, the fastest advancing segment can be organic, on account of the growing consumer inclination towards organic products.
The key sources discussed in the report are sugar beets, sugarcane, and others. The sugarcane segment could be in the lead during the analysis period, since the cultivation of sugarcane is higher at a much lower cost compared to other segments.
The applications listed in the MRFR study are biofuel, animal feed, functional food & beverages, and others. The food & beverage category is anticipated to be at the top in the near future, owing to the rising use of molasses as sweeteners in the industry. However, the animal feed category is slated to procure the faster advancement rate, because of the significant growth in animal farming worldwide.
The vegan molasses market has been regionally dissected into North America, Asia Pacific/APAC, Europe, and RoW/Rest of the World.
There is a high possibility that the APAC market takes the lead in the coming years, given that the region is known for its large-scale production of molasses, especially across India, Philippines, Indonesia and Thailand. A rising number of bakeries in the region are opting for molasses instead of sugar since the former provides a darker shade to the bakery products compared to normal sugar. The growing consumers’ interest in organic and natural products and the rising awareness with regard to the ingredients in consumables can also benefit the APAC market in the ensuing years.
North America is bound to observe fast growth pace in subsequent years, in view of the increasing consumption of molasses in Canada, Mexico and the United States. The mounting awareness level among people with regard to the health provisions of molasses and the consequent rise in the demand for the same can be instrumental in the market growth. Over the years, organic molasses have gathered high interest in the region, especially in the pharmaceutical sector for the treatment of rheumatism, constipation and also in boosting the red blood cell formation.
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