Molasses Market Procurement Intelligence Report | Increase in Supplier OPEX to Impact Procurement Spend
LONDON--(BUSINESS WIRE)--Jan 8, 2020--
SpendEdge has been monitoring the global molasses market and the market is poised to experience spend growth of more than USD 3 billion between 2019-2024 at a CAGR of over 4% during the forecast period. Request Free Sample Pages.
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Read the 124-page research report with TOC and LOE on “The Global Molasses Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
The food and beverage industry is emerging as one of the chief end-users in the molasses market. Clean-label products like molasses are currently facing extensive applications in the manufacture of food-grade alcohol. These are also used as the key elements for the osmotic dehydration of vegetables and fruits. Such extensive usages are driving the spend growth prospects in the molasses market.
The molasses market in the UK is experiencing an exponential increase in demand owing to the rapid adoption of biofuels in the region. To cater to this sudden increase in demand buyers are importing molasses which are exerting a positive influence on the supply side of this market. By virtue of being one of the top three producers of molasses, the supply market in the UK is also exercising sufficient influence on a global scale.
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Insights into the market price trends
What are the strategies to adopt to optimize procurement spend in this market?
Implement forward contracts to guarantee molasses reserves
Engagement with molasses suppliers who are known to implement effective forward contracts to ensure reserves of molasses will immune buyers from price fluctuations during severe supply crunch. Typically, the supply and demand for molasses are highly volatile due to the varying demands from end-user industries such as ethanol production. In 2016, there was a significant supply shortage of molasses, especially in regions such as Europe due to increased ethanol production.
Adopt global sourcing
Adopting global sourcing for molasses will aid buyers in obtaining cost savings as they gain access to countries with low-cost skilled labor, cheaper raw materials, and low trade tariffs. In addition, buyers benefit from global surpluses in obtaining lower molasses prices via global sourcing strategies.
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INDUSTRY KEYWORD: FOOD/BEVERAGE RETAIL
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PUB: 01/08/2020 12:30 PM/DISC: 01/08/2020 12:30 PM