Date Palm Market Observe Substantial Growth by 2018-2026
According to a recent report on date palm market by TMR analysts, the market is expected to reach $4,578 mn in revenues by 2026. The market is expected to witness modest growth at 3.2% CAGR during 2018-2026. The rise in demand for organics date, adoption of organic farming in key producing regions like California, and increasing popularity as a food sweetener are expected to emerge as key driver for growth.
The demand for organics continues to rise as consumers across various food categories opt for healthier choices and natural food ingredients. The rising new applications like date food syrup is also expected to create new opportunities for players in the date palm market. Date palm syrup is preferable for patients with illnesses like diabetes. It can offer similar levels of sweetness, yet lower amounts of sugar. Moreover, organic dates can boost the healthy appeal of these syrups in the near future.
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Landscaping Remains a Major Draw
Date palm trees were conventionally associated with values like fertility and abundance. Additionally, these aesthetically pleasing trees can offer fruits which are tasty and can be preserved in places like desserts for a long time. These trees also find a popular spot on brochures for tourists or real estate ads.
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Their growing popularity in places like Southern California, Florida are expected to open new opportunities for players in the date palm market. There are many varieties of the date palm trees and many of these are ideal for different purposes. The growing hybrid selection methods, new natural varieties, and growing demand for landscaping in the construction sector are expected to drive growth.
Rising Demand for Bakery Products and Confectionaries to Drive Growth
Date-based purees and syrups are witnessing a growing demand in the food and beverage sector. The rising growth of food and beverage sector due to e-commerce and growing demand for healthy products are expected to drive growth for the date palm market. Apart from syrups, date-based chocolates are also drawing more consumers towards new food sweeteners. The expansion of various food items in the global market is also creating new opportunities for experimentation to appeal to new consumers. Moreover, the date palm has enjoyed a strong appeal in Middle East and continues to be a major draw in places like California as well. The rising demand for organics, growing demand for healthy food options, and growing expansion of conventional bakery goods market are expected to drive significant growth.
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This review is based on a TMR report, titled, “Date Palm Market (Nature – Organic, Conventional; Form – Raw, Processed; Variety – Deglet Noor, Medjool, Barhi, and Zahidi; End Use – Household, Foodservice, Dietary Supplements, Personal Care & Cosmetics, and Food Industry) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”