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Growth of date sugar mkt in North America, MEA projected to be highest
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Thursday, 19 December, 2019, 08 : 00 AM [IST]
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North America and Middle-East and Africa (MEA) are two of the largest date sugar manufacturing regions. These were the findings of a report on the date sugar market by Fact.MR.
It added that in 2018, Europe was the largest consumer of date sugar, though the market growth in Middle-East and Africa was projected to be the highest.
Dates being native to Middle-East and African countries, including Egypt, Iran, Algeria, Syria, Saudi Arabia and Iraq, are consumed in these regions in large quantities.
However, consumption of date sugar within these regions is lower as compared to North America and Europe.
With the growing per capita date sugar consumption in MEA, the region is expected to evolve as the largest date sugar market in terms of volume, by mid-term forecast.
While the global date sugar demand is expected to grow at a CAGR (compound annual growth rate) of four per cent between 2019 and 2029, for MEA, it is projected to witness over five per cent growth.
Key takeaways of the global date sugar market
• Date sugar in syrup/liquid form accounts for over one-third of the overall market, trailed by powdered form
• Date sugar demand in the beverage industry is expected to grow 1.4 times between 2019 and 2029
• Retail sales are expected to continue being the larger revenue contributor as compared to direct procurement
• About 35 countries are engaged in the production and trade of dates, which together produce over eight million tonne of dates, though date sugar manufacturing is confined to a handful of countries
• There exists a significant difference in date sugar pricing amongst regions; price in North America is three times that in MEA
• In 2018, North America, Europe and the Middle-East and Africa together accounted for over three-fourth of the global date sugar market
• The global date sugar market is highly fragmented, where top six players accounted for a mere 14 per cent share in 2018
Certifications pivotal for brand popularity
Certifications hold significant importance for date sugar consumers while opting for a particular brand.
This has led key manufacturers to obtain certifications, such as kosher, organic, gluten-free, non-GMO (genetically-modified organisms), and natural.
Key competitors, such as Bob’s Red Mill Natural Foods, Now Foods, Naturalia Ingredients SRL, Date Lady, Glory Bee and Clarks UK Ltd, are the frontrunners focussed on obtaining certifications.
Most of the competitors in the date sugar market have their presence limited to regions around their headquarters, which has led to a moderate degree of competition. However, several regional players are focussing on increasing their global footprint through exports to key date sugar consuming countries.
“In comparison with the sugar substitutes market, the date sugar market has witnessed a steady growth in the past half-decade. While key sugar substitutes, such as stevia, are still in their growth phase, date sugar is in its nascent phase of the product life cycle. This points at a large untapped opportunity for manufacturers in the date sugar market, as it traverses through its growth phase,” says the report analyst.
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