Blackstrap Molasses Market Scope
Blackstrap molasses is a by-product that is formed when the sugar cane plant is processed to produce refined sugar. It also acts as a natural coloring agent in foods. It can be added to smoothies and milkshakes. It is gaining popularity due to its health benefits as it contains iron, copper, potassium, and magnesium. One of the most important benefits is its high mineral content. Also, no allergic chemicals have been used during the manufacturing process of blackstrap molasses. Blackstrap molasses has applications in various industries such as food, dietary supplement, etc. Sugar Cane molasses has a characteristic smell and aroma and is primarily being used for sweetening and flavoring foods in the United States and Canada. North American region is dominating the market owing to the high production of sugar cane in the United States and Canada.
The rapid rise in investment of top players in product differentiation and innovation in taste and flavor variants of blackstrap molasses is driving the competition in the Canadian market. The companies are engaging in organic and inorganic strategies such as acquisitions such as product launches, R&D, agreements, and collaborations to gain market share. Research Analyst at AMA estimates that Canada Vendors will contribute to the maximum growth of Global Blackstrap Molasses market throughout the predicted period.
Crosby's Molasses and More (Canada), Pestell Minerals & Ingredients Inc. (Canada), Allied Old English, Inc. (United States), B&G Foods, Inc. (United States), Meridian Foods Limited (United Kingdom), Zook Molasses Company (United States), ED&F Man Liquid Products UK Ltd. (United Kingdom), Malt Products Corporation (United States), Domino Specialty Ingredients (United States) and Buffalo Molasses (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are MLG Enterprises (Canada) and Imperial Sugar Company (United States).
Segmentation Overview
The study have segmented the market of Global Blackstrap Molasses market by Type (Organic Molasses and Conventional Molasses), by Application (Household, Food & Beverages, Chemical Industry, Pharmaceutical, Animal Feed and Others) and Region with country level break-up.
On the basis of geography, the market of Blackstrap Molasses has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Growing Demand for Organic Products
Market Growth Drivers:
The rise in demand for Blackstrap Molasses from the bakery sector owing to a lower, increase in production of alcoholic beverages, and changes in food habits and lifestyle preferences of people drive the growth of the Canadian blackstrap molasses market., Increasing Demand for the Feed Additives, Massive Production of Cane Sugar owing to Favourable Environment Conditions, and Government Support and Increase in Health-awareness among People and Growing Geriatric Population
Challenges:
Lack of Awareness about the Molasses
Restraints:
Allergic Reactions among People
Opportunities:
The surge in usage as a sweetening agent and coloring agent in the food and beverage industry presents new opportunities in the coming years. and Growing Food Industry Worldwide and Increasing Applications of Organic Molasses in Different Industries
Market Leaders and their Expansionary Development Strategies
In 2019, Pestell Minerals & Ingredients Inc. acquired Origination O2D, a Canadian supplier of animal feed ingredients. The acquisition was intended to expand Pestell's product portfolio and increase its distribution network in Canada.
Some blackstrap molasses manufacturers are focusing on sustainable sourcing practices, such as sourcing from organic farms and using non-GMO sugar cane. This can help meet the increasing demand for natural and sustainable ingredients and appeal to environmentally conscious consumers.
In the United States, blackstrap molasses is considered a food product and is regulated by the Food and Drug Administration (FDA) under the Federal Food, Drug, and Cosmetic Act. The FDA sets standards for food safety, labeling, and manufacturing practices for blackstrap molasses.
Key Target Audience
Blackstrap Molasses Manufacturers, Raw Material Suppliers, Food & Beverage Companies, Research Institutes, Traders/Distributors/Exporters/Importers, Industry Bodies & Associations and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.