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Blackstrap molasses is growing in use in industrial fermentation because of its potential to synthesise raw alcohol. During the projected period, rising cane sugar output is projected to boost the product market's growth. The COVID-19 epidemic has had a detrimental impact on the blackstrap molasses market. Due to a scarcity of employees, worldwide translocation, and the closure of cane sugar plants, production has decreased significantly. Thus, the pandemic induced lockdowns and introduction of the curfew hampered the market growth. In addition, poor circumstances and a lack of government assistance for farmers in key cane sugar producing nations are significant market limitations.
Because of its numerous uses in industries such as food and beverage, cosmetics, fertilisers, skin care, and animal feed, blackstrap molasses has seen tremendous expansion. They are employed as a sweetening agent in baking goods and as a colouring agent in food services sectors. The market is anticipated to increase due to the increasing usage of blackstrap molasses in food and drinks, as well as public awareness of its advantages. Because it is utilised in the manufacture of numerous bakery goods and has different health advantages, demand is projected to rise as consumer demand for bakery items rises.
B&G Foods Inc. (NYSE: BGS) is an American multinational company that specialises in processed foods, spices, and condiments. The company is a major player in the blackstrap molasses market and has acquired the brand “Crisco” in December 2020. This is expected to enhance its market share as well as its inventory due to the acquisition of a newer manufacturing facility and warehouse.
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The major players in the global blackstrap molasses market are Allied Old English, Inc., Crossby Molasses, Co. Ltd., and B&G Foods, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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