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The packaged molasses extract market is witnessing significant growth due to its wide utilization in the food and beverage industry. The molasses extract is a high concentrated syrup that is generated as by-product during the extraction of sugars. The molasses extract is bake-proof and freeze-thaw-stable and, hence are widely utilized in various food products such as ice creams, pastries, cakes, candies, and others which is driving its market. The packaging of molasses extracts aids in retaining it's quality and product processing. This ensures a high-quality product is delivered to the consumers.
The packaged molasses extract is available in different varieties that depend upon the sugar content and the extraction process. The common types of packaged molasses extract are blackstrap, treacle molasses, dark or medium molasses, and others. Therefore, they are widely incorporated as a sweetening agent in a variety of convenience food and ready-to-eat snacks. The increase in consumption of ready-to-eat food owing to the fast-paced lifestyle of the consumers has positively aided the market growth of packaged molasses.
The increase in utilization of packaged molasses extract in various industries such as food and beverages, cosmetics, and animal feed due to its convenience and ease of formulation is driving its market. The packaged molasses extract, apart from acting as a sweetener, also contains vitamins, minerals, and antioxidants that make it a better option than refined sugar. The wide incorporation of packaged molasses extract in food products due to its stability factor is aiding in its market growth.
Key Market Driver -
Increased Utility of Packaged Molasses Extract
Key Market Restraint -
Presence of Natural Sweeteners
The presence of natural sweetening agents such as honey, agave syrup and maple syrup which have similar functionality as packaged molasses extract is hampering its market growth. The consumers are growing health-conscious due to the rising incidences of diabetes and obesity and prefer low or zero-calorie sweeteners which acts as a restraining factor in the market growth of packaged molasses extract.
The key companies operating in the global packaged molasses extract market are, Amoretti, Indiana Sugars, Inc., International Molasses Corporation, Ltd., B&G Foods, Inc., E D & F Man Holdings Limited, Pures Sweet Honey Farm Inc., Zook Molasses Company, Fairly Traded Organics, and K.K. Birla Group of Sugar Companies.
The packaged molasses extract is segmented by type, form, packaging, distribution channel, and geography. The blackstrap molasses is the leading type as it is utilized in various bakery products and in manufacturing marinades, sauces, and glazes. The blackstrap molasses imparts dark color to the food products and also aids in maintaining its stability. The powder form of packaged molasses extract is witnessing a significant growth owing to its ease of storage and transportation. The liquid packaged molasses extract is utilized in formulating various beverages due to its ease of mixing. The liquid molasses extract is also used as a pancake syrup or is stirred into hot cereals and oatmeal.
The organic packaged molasses extract segment is witnessing a robust growth owing to the increasing awareness among the consumers about the fact that the organic products are synthetic pesticides free and are healthier as compared to the conventional products. The plastic bottle segment is witnessing robust growth due to its ease of transportation and lesser chances of breaking and spillage. The pouches segment is anticipated to witness significant growth due to its high flexibility and convenience to carry.
The supermarkets and hypermarkets are the most preferred distribution channel for purchasing packaged molasses extract. There is an increase in consumers' dependency on such mass merchandisers as they provide wide range of products, various bundling offers, presence of distinct product shelves and the convenience of purchasing different products under a single roof. The online retail is also gaining traction as they offer a digitalized purchasing platform and numerous discounts on product prices.
North America is expected to witness significant growth in the upcoming years. The consumers widely incorporating packaged molasses extract in their food for enhancing its flavor and taste such as in breakfast cereals and pancakes, is driving its market. The incorporation of packaged molasses extract in various fortified drinks has also aided in driving its regional market.
Asia Pacific is anticipated to witness considerable growth in the global packaged molasses extract market due to the high cultivation of sugarcane and sugar beet in the region. Sugarcane is the main crop for producing sugar and its by-product molasses extract. The presence of leading sugar-producing countries in the region such as India and China is aiding in the market growth of packaged molasses extract.
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Europe is projected to witness significant growth in the foreseeable years, owing to the increase in demand for packaged molasses extract as a sweetening agent in various bakery and confectionery products. The wide consumption of food products such as pies, porridges, baked beans, and others that utilize packaged molasses extract for enhancing their tastes, has driven its regional market.
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