Cibi e Bevande
Blackstrap Molasses Market to Reach $18.18 Bn, Globally, by 2027 at 5.7% CAGR: Allied Market Research
Rise in demand for molasses from the bakery sector as itscost 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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Based on form, the liquid segment accounted for the highest market share in 2019, holding more than two-thirds of the global blackstrap molasses market, and is expected to maintain its leadership statusthroughout the forecast period. This is attributed to the lower cost of transportation as compared to the powdered form. The transportation cost of liquid form is four times lower than that of the powdered form. However, the powder segment is estimated to witness the largest CAGR of 6.6% from 2021 to 2027. This is due topreference from the pharmaceutical and food services sectors for ease in handling.
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.
Based on region, North America is expected to portray the highest CAGR of 8.6% during the forecast period. This is duerise in the bakery and confectionery sector in the US region and surge in adoption of the plant-based ingredients in food and beverages. However, Asia-Pacific held the highest market share based on revenue with nearly two-fifths of the global blackstrap molasses market in 2019, and is expected to continue its highest contribution by 2027. This is attributed toincrease in purchasing power, changes in lifestyle & eating habits of people, high demand from the bakery sector, and rise in number of fast-food chains.
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