Molasses is a viscous bi-product obtained from refining sugarcane and sugar beets into sugar. Sugarcane and sugar beets molasses has a thicker texture. Molasses is produced on a large scale in Thailand, India, Brazil, Taiwan, the United States and Philippines, as the sugarcane cultivation rate is high in these countries. Molasses is used for healing burns, treating constipation, alleviating blood pressure, and reducing fat accumulation in the human body. Thus, considering these factors, vegan molasses market is expected witness high growth in forecast period.
Based on type, the global vegan molasses market has been segmented into light, dark, blackstrap, and others. The blackstrap segment is anticipated to gain the largest revenue share in the global vegan molasses market and shall maintain lead throughout the forecast period. Blackstrap molasses is being used in various applications such as food, alcoholic beverages, animal feed, and others due to the health benefits offered by the blackstrap molasses syrup. This is a crucial determinant that is catalyzing the growth of blackstrap segment in the global vegan molasses market. The same segment is expected to grow with the highest growth rate owing to the growth of end-use industries in which molasses is used.
Some of the key players in the global vegan molasses market are Michigan Sugar Company (US), B&G Foods, Inc.(US), Crosby Molasses Co Ltd. (Canada), The Archer Daniels Midland Company (US), Cora Texas Manufacturing Company, LLC (US), Malt Products Corporation (US), Westway Feed Products LLC (US), Good Food Inc. (US), E D & F Man Holdings Limited (UK), B&G Foods, Inc. (US), Sweet Harvest Foods Inc. (US), Domino Specialty Ingredients (US).
The global vegan molasses market has been segregated, by category, into organic and conventional leatherette bench. The conventional segment is expected to garner major share in the global vegan molasses market owing to the huge availability of conventional molasses. However, the organic segment is anticipated to project a higher CAGR during the forecast period due to the rising inclination of consumers towards organic products.
The global vegan molasses market is been classified, by source, into sugarcane, sugar beets and others. The sugarcane segment is expected to gain largest share, owing to the factor that sugarcane is cultivated on a large scale and the cost of the process to extract molasses is low.
The global vegan molasses market has been segregated, by application, into functional food & beverages, animal feed, biofuel and others. The food & beverage segment is projected to gain largest share in the global vegan molasses market due to the major application of molasses as sweetener in food and beverage products. The high antioxidant activity of molasses categorizes it as superfoods and play a vital role as a food supplement. However, the animal feed segment is anticipated to grow with the highest growth rate during the forecast period owing to the significant increase in animal farming.
The global vegan molasses market has been segmented on the basis of region, into North America, Europe, Asia-Pacific, Rest of the World.
Asia-Pacific is expected to dominate the global vegan molasses market owing to the large production of molasses in the region. Countries such as India, Thailand, Philippines and Indonesia are among the largest producers of molasses in the region.
Europe and RoW vegan molasses market is expected to grow at a rapid pace due to the surging production and consumption of molasses in the regions designer console table. Moreover, North America is also expected to project a significant market share owing to the increasing awareness regarding the health benefits of molasses and increasing preference of among the consumers in the region.
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