Global Molasses Market: Overview
Molasses is a by-product of refining sugarcane or sugar beets, and is a heavy viscous dark brown liquid consisting mainly of sucrose, water, reducing sugars (glucose and fructose) ashes and other organic compounds. Basically, molasses contains a portion of sugar that could not crystalized into white sugar. Their quality of molasses varies directly on quantity of sugar, method of extraction and age the plant. Molasses finds wide application in various industries such as baking, food manufacturing, animal and poultry feed and pharmaceuticals. Moreover, it is also used as prime product for the manufacturing of yeast for fermentation process. The global molasses market consists primarily of prominent players in the sugar industry, with most of them concentrated specifically in Brazil, India and Thailand. The Global Molasses Market is expected to expand with an impressive CAGR over the forecast period.
Global Molasses Market: Drivers and Restraints
The prime factor fuelling revenues in the global molasses market is the increasing demand from industrial and food and beverage applications. Increasing production of food grade alcohol, particularly due to rising preference for the same from Middle Easter and European countries is a prominent factor driving demand for molasses. Furthermore, increasing demand for cleaner fuel is significantly driving the rising demand for molasses used for production of bio-ethanol. In recent years, paints, varnish and cosmetic industry is also showing high inclination towards molasses produced ethanol. The rapidly growing pharmaceutical industry is also inherently driving increasing demand for molasses. Increasing demand for molasses based ethanol for blending purpose in refines, amid bullish oil and gas downstream sector is another factor fuelling demand for molasses globally. Apart from these, Governments of various developing countries also offer subsidized loans for sugar companies to set up ethanol production unit, thus pushing more players to increase their focus on molasses production.
Global Molasses Market: Segmentation
On the basis of type, Global Molasses Market is segmented into:-
- Cane Molasses
- Sugar Beet Molasses
On the basis of end use, Global Molasses Market is segmented into:-
- Food and Beverages
- Chemical and Industrial
- Bio remediation
Global Molasses Market: Region wise Outlook
The global Molasses Market is divided into seven regions, namely North America, Latin America, Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan and Middle East and Africa (MEA). Asia Pacific Exc. Japan not just account for a prominent share of molasses production but also accounts for a significant demand for molasses, particularly for the industrial applications. Increasing demand from China and South East Asian countries is primarily attracting demand for molasses in the region. Western Europe and North America also accounts for a decent share of global consumption of molasses, followed by Middle East and African region, where the product is mostly used for Food applications. Latin America is also expected to be a prominent consumer of molasses, and a major of share of demand in the region is anticipated to be satisfied by Brazil bases manufacturers. Japan accounts for a slightly lower share of direct molasses consumption, however the region is anticipated to show a slight increase in growth rate for the demand for molasses over the forecast period.
Global Molasses Market: Key Players
Some of the key players identified in the global Molasses Market includes:
- Crosby Molasses Co. Ltd.
- Spreckels Sugar Company
- Afrinol Limited
- Cora Texas Manufacturing Co.
- KK Birla Group of Sugar Companies
- Chemelil Sugar Company
- Imperial Sugar Company
- Zook Molasses Co
- Balampur Chini Mills Ltd.
- Bajaj Hindusthan Limited
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