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Date syrup Market generated $361.3 million in 2020, and is projected to reach $514.3 million by 2028, witnessing a CAGR of 4.2% from 2021 to 2028. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in consumption of date syrup in the commercial sector and preference for date syrup among diabetes patients drive the growth of the global date syrup market. However, multiple substitute availability and low product knowledge among the customers restrain the market to some extent. On the other hand, production of organic date syrup and modernized packaging & processing present new opportunities in the upcoming years.
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COVID-19 scenario:
The outbreak of the COVID-19 pandemic has led to temporary closure of production facilities of date syrup across the globe. The pandemic has further disrupted the supply chain due to which the manufacturers faced a lot of challenges to deliver finished goods to supermarkets or hypermarkets.
The report offers detailed segmentation of the global date syrup market based on nature, end user, distribution channel, and region.
Based on nature, the commercial segment held the highest market share in 2020, holding more than four-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the organic segment is estimated to register the highest CAGR of 6.2% from 2021 to 2028.
Based on end user, the commercial segment held the largest market share in 2020, holding nearly three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the residential segment is projected to register the highest CAGR of 4.8% from 2021 to 2028.
Based on region, the global date syrup market across Europe contributed to the highest share in terms of revenue in 2020, holding two-fifths of the total market share, and is estimated to continue its dominant share by 2028. However, Asia-Pacific is projected to manifest the fastest CAGR of 6.0% during the forecast period.
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.
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