Molasses production in Australia has shown variability over the years. In 2023, production stood at 1221.1 thousand metric tons, a 1.43% increase from the previous year. The year-on-year variation over the last two years showed slight fluctuations, with a 1.48% increase in 2022 and a 1.43% increase in 2023. The Compound Annual Growth Rate (CAGR) over the last five years was 1.74%.
Looking forward, production is forecasted to continue its growth, reaching 1311.2 thousand metric tons by 2028. The forecasted 5-year CAGR is 1.12%, indicating a stable growth trend with an overall forecasted growth rate of 5.74% from 2023 to 2028.
Future trends to watch for include:
- Potential impacts of climate change on sugarcane yields.
- Technological advancements in molasses production and processing.
- Changing demand patterns in both domestic and global markets.
