Demand for date syrup is expected to reach US$ 339.0 Mn in 2021, according to the latest Future Market Insights (FMI) study. The market value is expected to surpass US$ 630.0 Mn by 2031, exhibiting growth at healthy CAGR of 6.4% for 2021-31.
The market will particularly gain from the surging application of date syrup in nutraceutical and food service industries in the Middle East and Africa. Besides this, demand in South Asia is expected to increase at an accelerated pace over the forecast period.
As per Future Market Insights (FMI), the global date syrup market grew at a steady CAGR of 4.7% between 2016 and 2020.
Date syrup over the years has found various uses in different industries including food & beverages industry, nutraceutical, skin care & cosmetics, food service industry, retail/ household sector and others.
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Date syrup is also considered as a good alternative to honey in skincare and cosmetics industry for skin lightening due to its appealing constancy. Various industries are utilizing this product owing to the health benefits and natural occurrence along with the popularity of dates from which it is produced.
In food and beverage industry, the date syrup can be effectively used in bakery, confectionary applications such as in making cakes, chocolates, cookies etc., in dairy & desserts for producing flavored milk, ice creams, sweets & desserts such as dates halwa and others..In snacks & cereals it is used as a spread. As per FMI, the market is predicted to grow at a CAGR of 6.4% between 2021 and 2031.
Consumer preference for clean label products and ingredients derived from natural sources for their food items will steer growth in the market. The same trend is driving sales of date syrup in nutraceutical and cosmetics industry.
Growing product knowledge has resulted in more awareness in consumers than ever before. Today, consumers are just not satisfied by choosing any food just because its label says “high quality”, but they intend to know its constituents and processing.
“Companies operating in the date syrup market are offering the products in different quality grades. This has enabled the manufacturers to attract new customers from the foodservice and food & beverages industry. Depending upon a customer’s need, the product can be provided.” said a lead analyst at FMI.
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Impact of COVID-19 on the Date Syrup Market
The date syrup market as a repercussion of the ongoing COVID-19 is expected to see a massive influence on the demand and supply gap. In the retail sector the sales of dates and dates syrup plummeted even during the peak demand time of Ramzan.
The market which usually blooms during the festive time of the year became too weak and caused distributors and suppliers to incur losses. The brunt was felt as well on the retailers’ side. This was solely due to the ongoing restrictions and shut downs. Besides this reliance of people on online delivery for dates also caused considerably hindrances.
Key Takeaways from the Date Syrup Market Study:
- Date syrup market is expected to total US$ 630 Mn by 2031.
- The Middle East and Africa (MEA) will emerge as the leading market, accounting for the lion’s share of date syrup sales. FMI has pegged the demand in MEA to grow by 5% CAGR.
- In North America, sales of date syrup will accelerate on account of surging demand from the U.S.
- Within Europe, Germany, France and the U.K. will spearhead sales of date syrup.
- Despite China’s dominance in East Asia, sales of date syrup will increase at a higher rate in Japan and South Korea.
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A strong focus is on supply chain to ensure the availability of raw materials. Manufacturers strategically place their facilities in higher date production areas to ensure constant supply and cost-cutting in logistics. The manufacturer also focuses on increasing production capacity to fulfill the demands.
Some of the leading companies offering date syrup are Al Foah, Malabar Food Products, Just Dates Syrup, Ario Co, Sun Seas Business Group, BIONA, Parsunday Symbol Co., BOMBUS, Rapunzel Naturkost, D’VASH Organics, Ratinkhosh Co, EZEEBEE OVERSEAS PVT LTD, Lion Dates Impex Pvt. Ltd., Ambrosia Delicatessen, ARAT COMPANY PJS, Minoo Industrial Group, Emirates Dates, Date Lady, and Others.
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