Molasses market boom fuelled by demand for convenience: report
December 22, 2017 By Bakers Journal
Albany, NY – The international molasses market will grow in the coming years due in part to rising demand for convenience food and ready-to-eat snacks, a new market research report suggests.
The report by Transparency Market Research, entitled “Molasses Market – Global Industry Analysis and Opportunity Assessment 2017 – 2025,” says companies will expand their product portfolio to strengthen their competitiveness. Strategic collaborations will remain a sought after strategy, especially among companies looking to develop footprint in emerging nations, the company said in a news release.
Factors fuelling the growth of the market include the rising demand for convenience food and ready-to-eat snacks, the expansion of the bakery industry and the use of extracts from molasses as stabilizing agents in food applications.
The production rate of its sources – sugarbeet and sugarcane – also is influencing growth, the report said. Sugarcane production has surged considerably in the last couple of years.
Another factor contributing to the market’s growth is the rising use of molasses in food, cosmetic, pharmaceutical, and other industrial applications.
Companies such as Crosby Molasses Co Ltd., Michigan Sugar Company, Cora Texas Manufacturing Company, LLC, Malt Products Corporation, B&G Foods, Inc., Westway Feed Products LLC, Spreckels Sugar Company, Inc., Domino Specialty Ingredients, Sweet Harvest Foods Inc., and Good Food Inc. are a few of leading names in the global molasses market.
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