The molasses market has shown robust growth, increasing from $14.23 billion in 2023 to $15.45 billion in 2024, with a CAGR of 8.6%. This growth can be attributed to the thriving animal feed industry and the use of molasses in various applications. The market is forecasted to reach $19.42 billion by 2028, with a CAGR of 5.9%. Noteworthy trends include the rise of organic molasses and increased bioethanol production.
Major Driver In The Molasses Market
The increasing import and export activities due to the growing applications of molasses globally are expected to propel the growth of the molasses market. Molasses finds applications in various sectors such as food and beverage, healthcare, pharmaceuticals, personal care products, and animal feeds, driving significant demand worldwide. Consequently, companies are actively engaging in import and export activities related to molasses to meet this growing demand. For instance, in September 2023, data from the Observatory of Economic Complexity revealed a 38.4% growth in molasses exports from the United States, amounting to $2.25 million compared to $1.63 million in September 2022, while imports surged by 31% to $21.3 million from $16.3 million during the same period. Thus, the escalating import and export activities due to the expanding applications of molasses worldwide are poised to propel the growth of the molasses market. Furthermore, by 2024, the molasses market experienced remarkable growth, reaching a valuation of $8.5 billion. Forecasts for 2028 project sustained expansion, with the market expected to surpass $12 billion.
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Molasses Market Competitive Landscape
Archer Daniels Midland Company, Louis Dreyfus Company, Cosan S.A., ED&F Man Holdings Ltd, B&G Foods Inc., Michigan Sugar Company, Imperial Sugar Company, Cora Texas Manufacturing Company, Spreckels Sugar Company Inc., Sweet Harvest Foods Inc., Crosby Molasses Co Ltd., Indiana Sugars Inc., Allied Old English Inc., Amoretti LLC, Malt Products Corporation, Good Food Inc., Domino Specialty Ingredients, International Molasses Corporation Ltd., Sucden, Helmut Möller GmbH & Co KG, Hansa Melasse GmbH, Peter Cremer Holding AG, United Molasses Company Ltd., West Indies Rum Distillery Limited, Renuka Holdings plc, Mitr Phol Sugar Corporation, Raízen S.A., Tereos International SA, Mane Group, Westway Feed Products LLC
Key Molasses Market Trend
New product launches and developments are a key trend gaining popularity in the molasses market. Companies are launching new products to stay ahead of the competition and increase market share. New product launches help companies build their brand, increase product portfolio, increase awareness and capture additional revenue. For instance, in June 2021, International Molasses Corporation, a US-based producer and provider of sugar cane molasses products, invert syrups, honey, agave syrup, and custom formulated sweeteners, launched CaneRite Panela, a natural, unrefined, and non-centrifuged powder sweetener or dry molasses made from the freshly squeezed juice of the sugar cane plant. Its nutritional profile is that of the whole cane plant including potassium, calcium, magnesium, manganese, iron, and zinc., It has five times more vitamins and minerals than raw sugar.
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Molasses Market Segmentation
The molasses market covered in this report is segmented –
1) By Type: Regular Molasses, Blackstrap Molasses
2) By Sources: Sugarcane, Sugar Beet
3) By Category: Organic, Conventional
4) By Application: Feed, Food And Beverage, Other Applications
By Geography:The regions covered in the molasses market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the molasses market in 2023.
The Molasses Global Market Report 2024 furnishes information about the global molasses market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
