The date syrup market Size was valued at $361.3 million in 2020, and is estimated to reach $514.3 million by 2028, registering a CAGR of 4.2% from 2021 to 2028. The conventional segment leads in terms of market share and is likely to retain its dominance throughout the forecast period.
Date syrup is produced by boiling dates in water at high temperature. This mixture is the next reacted to get the syrup. Date syrup obtained from the fruit of palm tree is rich in zinc, magnesium, potassium, iron, calcium, and sugar. Furthermore, the syrup is extracted from very long time period and has been traditionally used for treating wide range of diseases with etiologies involving inflammation and angiogenesis and is known for having multiple health benefits.
According to International Diabetes Federation, Diabetes is a chronic disease that occurs when the pancreas is no longer able to make insulin, or when the body cannot make good use of the insulin it produces.
Moreover, growth in number of diabetes patients globally is one of the major concern and in 2020 there were approximately 463 million adults which is every 1 in 11 adults (20-79 years) who are suffering with diabetes and the number of patients is expected to increase to 700 million till 2045. Moreover, more than half of the adults diagnosed with diabetes are from the countries with low and middle income and every 1 in 5 person who is in or above the age of 65 years old is suffering from diabetes. Moreover, dates contains the potential to help with blood sugar regulation owing to its low glycemic index, antioxidants and fiber. Thus, consuming dates or dates syrup as a sugar substitute may benefit diabetes patients in managing their sugar level which is leading to the growth of date syrup in the market.
However the market faces stiff challenge from the availability of the alternative products including but not limited to maple syrup, corn syrup, chocolate syrup, honey, molasses, agave nectar, coconut sugar to name few which are high popular amongst consumers. Maple syrup is one of the most common and popular syrups or natural sugar substitutes preferred by the consumers owing to its natural sweetness obtained from the maple tree. In addition, there is increase in the consumption of this syrup. Also chocolate syrup and honey are the most common sweeteners which are used and available in different retail formats. Therefore, availability of large number of substitutes for date syrup impedes the expansion of the date syrup market.
Segment review
The date syrup market is segmented into nature, end user, distribution channel, and region. On the basis of nature, the market is categorized into organic date syrup and conventional date syrup. On the basis of end user, the market is bifurcated into commercial and residential. On the basis of distribution channel, it is fragmented into supermarket/hypermarket, specialty stores, online sales channel and business to business. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
By Nature
Organic segment would exhibit the highest CAGR of 6.2% during 2021-2028.
By nature, the conventional segment garnered the major date syrup market share in 2020 and is likely to retain its dominance throughout the forecast period. Conventional date syrup is dominant around the globe as the production and availability is higher for this segment.
By End User
Residential segment would exhibit the highest CAGR of 4.8% during 2021-2027.
By end user, the commercial segment dominated the global date syrup marketing 2020; and is likely to retain its dominance during the forecast period owing to the expansion of bakery and food service industry.
By Distribution Channel
Online sales channel channels segment would exhibit the highest CAGR of 5.4% during 2021-2027.
By distribution channel, the business to business segment held the maximum market share of the global date syrup market in 2020, as the consumption in commercial segment is higher which is making business to business the dominant distribution channel in the market.
By Region
Asia Pacific region would exhibit the highest CAGR of6.0% during 2021-2027.
Region-wise, Europe dominated the date syrup market in 2020, and is expected to retain its dominance during the forecast period. Furthermore, the region is leading, owing to its leading consumer health consciousness and awareness regarding the benefits of date syrup consumption.
The players operating in the global date syrup market have adopted various developmental strategies including but not limited to product launch, geographical expansion and acquisitions to increase their market share, gain profitability, and remain competitive in the market. The key players operating in the date syrup market include Lion Dates Impex Pvt Ltd., Al Foah, Galil Foods, Hain Celestial Group(Clarks UK Ltd), Belazu Ingredient Company., Just Date Syrup, Arat Company PJS., Ratinkhosh Co., Ario Co, and Sahara Dates.
COVID-19 impact analysis
- The COVID-19 pandemic has miniscule impact on the global date syrupmarket.
- The COVID-19 pandemic had a significant impact on the supermarket/hypermarket segment due to the closure of major distribution channels across the globe in an attempt to prevent the spread of coronavirus.
- Manufacturers are comprehending strategies to revive from the current situation by means of reshaping their strategies as well as product innovation.
Key Benefits For Stakeholders
- The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2020to 2028 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assist to determine the prevailing date syrup market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the date syrupmarket.
- The market player positioning analysis facilitates benchmarking and provides a clear understanding of the present position of the market players in the date syrup industry.
Key Market Segments
By Product Type
- Organic
- Conventional
By End User
- Commercial
- Residential
By Distribution Channel
- Supermarket/Hypermarket
- Specialty Stores
- Online sales channel
- Business to business
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- India
- China
- Japan
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Date syrup Market Report Highlights
| Aspects | Details |
 By NATURE |
|
 By END USER |
|
 By DISTRIBUTION CHANNEL |
|
 By Region |
|
 Key Market Players | JUST DATE SYRUP, SAHARA DATES, BELAZU INGREDIENT COMPANY, ARIO CO, LION DATES IMPEX PRIVATE LIMITED, RATIN KHOSH CO., ARAT COMPANY PJS, AL FOAH, GALIL FOODS, THE HAIN CELESTIAL GROUP, INC. |
Analyst Review
The consumption of date syrup is on the rise owing to a surge in consumption from the commercial segment, majorly in bakeries and restaurants. Date syrups are used for the production of biscuits & pastries as a replacement for artificial sweeteners like the saccharin and aspartame. This syrup works as a useful ingredient for a variety of dishes in bakeries and restaurants and can also be used as a natural sweetener or sugar replacement for beverages including but not limited to tea and coffee. Moreover, this syrup is gradually becoming popular owing to its taste and high nutritional value. As a result, consumers are incorporating dates syrup in their regular consumer products which is propelling the demand for date syrup in the residential segment.
Another factor which influences the demand for date syrup is rise in demand for organic date syrup. There is an increase in the demand for organic products as consumers are becoming health conscious. Consequently the demand for organic date syrups have seen multifold increase in the past four years especially in the developed countries of North America and Europe regions including but not limited to the U.S., Canada, UK, Germany. The demand for organic date syrup is likely to gain high traction across the world with the growing consumer awareness regarding organic variant of the product and downward pressure on the price point.
Date syrup market is estimated to reach $514.3 million by 2028.
The CAGR of date syrup market is 4.2%
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The base year calculated in the date syrup report is 2020.
The key players operating in the date syrup market include Lion Dates Impex Pvt Ltd., Al Foah, Galil Foods, and Hain Celestial Group (Clarks UK Ltd)
The segments of date syrup market are organic date syrup and conventional date syrup.
Conventional segments holds the maximum market share of the date syrup market
European region is and will provide more business opportunities for date syrup market in future
The COVID-19 pandemic has miniscule impact on the global date syrup market.
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