As per a new industry analysis by Persistence Market Research, the global date syrup market is expected to rise at volume CAGR of approximately 6.5% through 2031. The market is primarily benefitted from the consumption of date syrup as a natural sweetener in the food & beverage industry. Rising consumer demand for nutritional products is expected to benefit date syrup manufacturers. Date syrup is one of the most commonly used ingredients in the beverage industry as a natural ingredient.
Utilization of date syrup is also increasing owing to the home baking trend picking pace across the globe. As such, high functionality, nutritional content, and long shelf life offered by date syrup is anticipated to complement market growth.
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Key Takeaways from Market Study
- The global date syrup market is set to witness substantial 2X volume growth over the forecast period of 2021 to 2031.
- Developing regions of South Asia and East Asia are expected to lead market expansion at a value CAGR of 8.8% and 8.4%, respectively.
- The market is benefitted from several trends such as ‘clean label’, ‘organic’, ‘non-GMO, and the likes.
- The outbreak of COVID-19 has had a significant impact on the trade of dates owing to lockdowns. However, during these lockdown, home baking had gone up. Also, online retail playing an important role in distribution channels has lowered the impact on the market.
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Competitive Landscape
Key players manufacturing date syrup are emphasizing on new product development and increasing their production and distribution capacities. They are focusing on offering organic products due to increasing demand for the same.
- In March 2021, Date Lady expressed plans to expand its production facility so as to provide much-needed space and larger equipment to meet the ever-growing demand for its products, owing it its increasing popularity.
- In December 2019, Rapunzel Naturkost announced the construction of a visitor center in Legau, just next to the company premises, which is worth US$ 27.5 Mn.
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