Blackstrap Molasses Market

Blackstrap Molasses Market

The global blackstrap molasses market size was estimated to be worth around US$ 13 Billion in 2020 and is forecast to grow at a CAGR of around 5.68% between 2022 and 2032, surpassing US$ 18.2 Billion by 2027. Rising adoption of blackstrap molasses in a multitude of end use applications due to its various health benefits is a major force behind the expansion of the global blackstrap molasses market.

Blackstrap molasses is a nutritious by-product of sugarcane production. It is the most concentrated form of sugar syrup (molasses) obtained by boiling it thrice. It has gained immense traction as an ideal alternative to refined sugar and is being increasingly used to sweeten and flavor foods.

What really makes blackstrap molasses an ideal food sweetener is its various health benefits. Blackstrap molasses is rich in antioxidants, iron, calcium and several other nutrients.

Increasing usage of blackstrap molasses in food and beverage processing coupled with rise in consumption of blackstrap molasses based functional foods and dietary supplements is a major factor driving the global blackstrap molasses market and the trend is likely to continue during the forecast period.

Similarly, rising population of people with various health conditions who are working to maintain healthy blood sugar levels is anticipated to create prospects within the blackstrap molasses market during the forecast period. Many people use blackstrap molasses in place of refined sugar for health benefits. Blackstrap molasses is lower on the glycemic index than other sweeteners, which means that consumption of blackstrap molasses won't spike blood sugar that much.

Various studies have found that blackstrap molasses can prevent anemia, help in digestion, relieves constipation, and can make osteoporosis less likely. Increasing consumption of blackstrap molasses as a dietary supplement to treat iron deficient anemia and several other health conditions will further boost market growth during the forthcoming years.

Blackstrap molasses can also be used as a natural food coloring agent which is likely to further create sales prospects during the assessment period. Moreover, growing popularity of blackstrap molasses in animal feed industry will favor market growth during upcoming years.

Which are Some Prominent Drivers Spearheading Blackstrap Molasses Market Growth

The robust expansion of blackstrap molasses market is attributable to the increasing cane sugar production, growing usage of blackstrap molasses in food and beverage industry, and rising consumer awareness about the benefits of blackstrap molasses.

Blackstrap molasses has emerged as an ideal alternative to refined sugar and other artificial sweeteners on account of its inexpensive nature and numerous health benefits. It has especially gained wider popularity particularly among people suffering from healthy conditions like diabetes, obesity and anemia as it helps to stabilize blood sugar levels, enhances bone health, maintains blood pressure besides other health benefits.

Over the last few years demand for blackstrap molasses has increased at a substantial pace due to rapid adoption across food and beverages industry. It is being extensively used for manufacturing a variety of bakery products, beverages, dietary supplements, functional foods, desserts etc. Rising production and consumption of these food products and beverages due to rapidly growing population, changing lifestyle, and surging demand for ready to eat products is anticipated to create sales prospects for blackstrap molasses during the forecast period.

Similarly, rising health awareness among people coupled with growing popularity of blackstrap molasses due to its highly nutritious content is projected to boost market growth during the forthcoming years. Various food and beverage manufactures are inclined towards using blackstrap molasses in their products to woo more and more health-conscious consumers.

In addition to this, rising usage of blackstrap molasses for alcohol production is expected to provide tailwinds to market growth in the future.

What are the Challenges Faced by the Blackstrap Molasses Industry

Although blackstrap molasses has numerous end uses, there are certain obstacles that are likely to challenge market growth. One such factor is the growing health concerns regarding the excessive consumption of blackstrap.

It has been found that consumption of blackstrap in large amounts can cause various health issues particularly among patients with diabetes. Similarly, a sudden decrease in the production of cane sugar across various economies is also limiting market growth.

Why is Asia-Pacific Emerging as an Opportunistic Blackstrap Molasses Market

As per FMI, the Asia Pacific blackstrap molasses market is expected to grow at a higher CAGR over the forecast period owing to the growing awareness about the health benefits of blackstrap molasses, changing lifestyle, rapidly increasing population, rising consumption of bakery products.

Countries such as China and India are among the largest producers of cane sugar across the world. Presence of a large number of cane sugar producing industries is making a conducive environment for the growth of blackstrap molasses market across these regions.

Similarly, growing health awareness among people along with increasing adoption of blackstrap molasses in a variety of food and beverage products is expected to create growth avenues with the Asia Pacific blackstrap molasses market during the forecast period.

Nandini Roy Choudhury

Principal Consultant

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How is North America Contributing to Growth of the Blackstrap Molasses Market

According to Future Market Insights, North America remains a prominent market for blackstrap molasses and is expected to grow at a significant pace during the forecast period, owing to the rising adoption of blackstrap molasses for making ethyl alcohol and rapid expansion of end-use verticals.

Demand for blackstrap molasses is particularly rising across developed nations like the United States and Canada due to rise in the number of health-conscious people, growing consumption of bakery products, presence of leading market players, increasing cane sugar production, and rising demand for natural food sweeteners. In fact, the United States is among the world’s largest sugar producers.

Market Competition

Some of the key participants present in the global blackstrap molasses market ASR Group, B&G Foods, Inc., Allied Old English, Inc., Crosby Molasses Co Ltd., Imperial Sugar Company, Sweet Harvest Foods Inc, Meridian Foods Limited, Zook Molasses Company among others.

These leading market players are constantly aiming to upgrade their product portfolio by means of launching new products with innovative packaging. Besides this, they are adopting various growth strategies such as mergers, partnerships, acquisitions, and strengthening of distribution channels to gain a competitive edge in the market.

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Scope of Report

Key Segments Profiled in the Blackstrap Molasses Industry Survey

By Nature:

• Organic
• Conventional

By End Use:

• Food and Beverage Processing
• Bakery and Confectionery products
• Breakfast solutions
• Desserts and Puddings
• Other Food and Beverage Processing
• Functional Foods and Dietary Supplements
• Foodservice/HoReCa (Hotels/Restaurants/Café)
• Household
• Others (e.g., Animal Feed Industry, etc.)

By Distribution Channel:

• Direct Sales/B2B
• Indirect Sales/B2C
• Hypermarkets/ Supermarkets
• Convenience Stores
• Mass Grocery Retailers
• Specialty Stores
• Online Retailing

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East & Africa