NEW YORK, March 9, 2021 /PRNewswire/ -- Use of dry molasses is increasing in the food & beverage industry, owing to rising inclination of consumers toward natural products and high demand for sugar alternatives. Dry molasses, in the powdered form, has a dark brown color, and comes with an intense flavor and aroma that it lends to food products.
Dry molasses is increasingly being used as a sweetening agent in various food products, including baked goods, desserts, snacks, chocolate candies, bars, sauces, and others. It is easy to use, has effective functionality, and is a simple source of sugar. Thus, food & beverage manufacturers are increasingly preferring the use of dry molasses as a natural sweetening agent in products. As such, the global dry molasses market is set to experience a value growth of around 5% CAGR over the next ten years.
Key Takeaways from Market Study
- The market in India and China is expected to surge at CAGRs of 5.6% and 6.6%, respectively, over the decade.
- In Asia Pacific, manufacturers are increasingly using dry molasses for application in animal feed, owing to the presence of large molasses producing countries such as India, China and Thailand, which account for more than 30% of the world's molasses production.
- Dry molasses sourced from sugar beet is expected to exhibit significant value CAGR of close to 6%, owing to its high nutritional value and increasing use in animal feed.
- The dry molasses market in the U.S. is projected to expand at a CAGR of close to 4% through 2030.
- Germany, France, and Russia account for a significant share of Europe's market, powered by high per capita consumption.
- Establishment of efficient supply chain management and distribution channels is facilitating the easy availability of dry. The online distribution channel is expected to witness growth of more than 6% CAGR through 2030.
- Spread of COVID-19 has hampered production and disrupted the supply chain activities of dry molasses. However, with increasing demand for health-beneficial, nutrient, and natural products, losses are expected to be recovered in the near term.
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"Dry molasses contain many essential nutrients along with helping guard against osteoporosis. Consumption of dry molasses also aids in boosting immunity, owing to its zinc content. Thus, manufacturers could gain increased profits by innovating nutraceutical segment-specific dry molasses," says a Persistence Market Research analyst.
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Competitive Landscape
- Dry molasses manufacturers are also focusing on engaging in constructive collaborations with animal feed industry players for producing high quality animal feed products. Manufacturers are constantly making efforts in increasing the sales of dry molasses for animal feed through partnerships.
- In 2020, Pestell Nutrition Inc. announced a distribution and logistics partnership with Kemin Industries across Canada. This expansion allowed Kemin Animal Nutrition and Health North America to offer products to a wider range of customers, giving Pestell Nutrition Inc. the opportunity to broaden its value-added feed additive portfolio across Canada.
- In 2019, Alltech and Archbold Biological Station's Buck Island Ranch formed a strategic research alliance to specifically develop and increase the quality and quantity of beef produced in subtropical regions. The company intends to enhance its feed product portfolio through this alliance.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global dry molasses market, presenting historical data (2015-2019) and estimation statistics for the forecast period of 2020-2030. The study offers compelling insights on the basis of source (sugarcane, sugar beet, and others), form (powder and flakes), end use (food & beverage industry, nutraceuticals, crop protection, animal feed, and others), and distribution channel (business to business and business to consumer), across seven major regions of the world.
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