The market across Asia-Pacific is expected to dominate the market with highest revenue share throughout the forecast period.
As per the report published by Allied Market Research, the global blackstrap molasses is expected to reach $18.18 billion, growing at a CAGR of 5.7% by 2027. The report highlights the major segments, market characteristics, top investment pockets, growth by segmentation, and competitive landscape.
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Roshan Deshmukh, Assistant Manager, Consumer Goods at Allied Market Research, stated, “Blackstrap molasses has been majorly used for ethanol fermentation to produce raw alcohol and it is accounted for 38% of the blackstrap molasses market, but as it is considerable source of vitamins and minerals, and cost-effective, its increasingly being used for animal feed, which is expected to boost the demand for blackstrap molasses.”
According to the report, the region across the Asia-Pacific held the highest market share with nearly two-fifths of the total share in 2019. On the other hand, the market across North America is expected to portray the fastest CAGR of 8.6% from 2021 to 2027. Other regions analyzed in the report include Europe and LAMEA.
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- The outbreak of the pandemic led to impact the manufacturing activities. Also, the sugar cane factories have been closed down. Lack of laborers has further affected the market.
- However, the government bodies are relaxing certain regulation in order to support the industries for financial benefits. This would aid the industry to recoup soon.
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 global blackstrap molasses market is analyzed across form, application, and distribution channel.
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Based on form, the market is classified into liquid and powder. The liquid segment dominated with the highest market revenue, holding more than two-thirds of the total market. At the same time, the powder segment is expected to manifest the fastest CAGR of 6.6% throughout the forecast period.
Based on application, the global blackstrap molasses market is divided into industrial fermentation, food & beverages, pharmaceutical, animal feed, other. The industrial fermentation segment contributed for the highest market share with nearly half of the total market revenue. However, the animal feed segments is expected to grow at the fastest CAGR of 9.2% from 2021 to 2027.
The global blackstrap molasses market report includes a comprehensive analysis of the major market players such as Malt Products Corporation, Pestell Minerals & Ingredients Inc., Domino Specialty Ingredients, 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.,and Buffalo Molasses..
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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