A recent analysis by Future Market Insights (FMI) provides compelling insights into on date syrupmarket. It studies the market on the basis of nature, end use, distribution channel and region. The study also profiles some of the leading market players and highlights expansion strategies adopted by them over the assessment period.
DUBAI, UAE, Oct. 26, 2021 /PRNewswire/ -- As per a comprehensive study by FMI, the global date syrup marketis projected to surpass US$ 630 Mn by the end of 2031. Driven by the increasing demand for date syrups in skincare & cosmetics, and other industries, the market is anticipated to expand at a CAGR of 6.4% during the forecast period 2021-2031, in comparison to the 4.7% CAGR registered from 2016 to 2020.
Date syrups are extensively used as an alternative to honey in various skincare and cosmetics products for its moisturizing and skin lightening properties and smooth constancy. In addition to this, growing use of date syrup in the nutraceutical industry is expected to improve the sales over the forecast period.
Date syrup has attributes such as high magnesium, zinc, potassium, calcium, and iron content. These properties make it ideal for application in various skincare and food products. FMI also forecasts the demand for date syrups to be the highest in the Middle East and Africa, while sales across the globe is forecast to reach US$ 339 Mn in 2021.
Rapid shift in consumer preference towards the consumption of natural sweeteners is witnessed owing to the growing awareness regarding the adverse effects of high sugar intake on health.
This, coupled with the increasing prevalence of diabetes, has been encouraging consumers to choose food products made using natural sweeteners such as date syrup. This is expected to create lucrative sales opportunities for the market.
Based on end use, the food & beverage industry is projected to account for the largest revenue share in the market. Growth in the segment is attributed to the increasing use of date syrup in manufacturing food products such as cookies, cakes, cakes, ice creams, flavored milk, and desserts.
"Growing consumption of plant-based and clean label products with no added artificial flavors, preservatives, or sweeteners in food and personal care industry is expected to accelerate the sales of date syrup over the coming years," says the FMI analyst.
Key Takeaways from the Date SyrupMarket Study
The U.S. is estimated to witness the fastest growth in North America, expanding at a CAGR of 6.7% over the assessment period.
Favored by the increasing demand for date and date products, sales of date syrup in GCC countries are expected to rise at a CAGR of 6.5% by 2031-end.
South Korea and Japan date syrup markets are projected to exhibit growth at 9.2% CAGR and 9.6% CAGR, respectively between 2021 and 2031.
Among the nature, organic date syrups are anticipated to account for a substantial revenue share in the segment, surging at 7.6% CAGR through 2031.
On the basis of distribution channel, sales through online retail are forecast to spur at 8.6% CAGR in 2021.
Increasing consumption for dates and products derived from dates in countries such as the UAE, Yemen, Pakistan, India, and others is propelling the demand for date syrup.
Rising demand for date syrups as natural sweeteners owing to their health benefits such as control on diabetes, body hydration, heart disease, and fatty liver is spurring sales.
High cost of date syrup-based natural sweeteners compared to artificial sweeteners is expected to hamper the sales.
Availability of several substitutes of date syrup such as maple syrup, coconut sugar, honey, corn syrup, and others might hinder the product sales.
Leading date syrup manufacturers are focusing on strengthening their supply chain and receiving various certifications such as Halal, ISO 22000 Food Safety, Kosher and others to increase their sales across various end use industries.
Also some of the companies are offering products with different quality grades. For instance,
Arat Company Pjs, a leading Iranain company, ensures strict compliance to IFS, ISO 22000 Food Safety, BRC Grade AA, Kosher, Halal, HACCP, ISO 9001:2015, and ISIRI manufacturing high quality dates syrup including nothing but water and dates.
Ratin Khosh Co., a food processing company based in Iran, provides a minimally processed dates syrup without using of any type of artificial ingredients or preservatives which comes with a shelf-life of 02 years.
Some of the key players operating in the market profiled by FMI are:
Malabar Food Products
Just Dates Syrup
Sun Seas Business Group
Parsunday Symbol Co.
EZEEBEE OVERSEAS PVT LTD
Lion Dates Impex Pvt. Ltd.
ARAT COMPANY PJS
Minoo Industrial Group
More Valuable Insights on Date SyrupMarket
The date syrup market study published by Future Market Insights offers a comprehensive analysis and focused views on the major trends expected to shape future growth prospects. The report provides detailed analysis on growth drivers, trends, and opportunities on the basis of:
The report offers insight into date syrup market demand outlook for the forecast period 2021-2031
The market study also highlights projected sales growth for date syrup market between 2021 and 2031
Date syrup market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Date syrup market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.