According to a new report published by Allied Market Research titled, Africa and Middle East Sugarcane Syrup Market by Territory: Opportunity Analysis and Industry Forecast, 20172023," the Africa and Middle East sugarcane syrup market size was $1,864 million in 2017, and is expected to reach $2,074 million by 2023, registering a CAGR of 1.8% from 2017 to 2023. Southern Africa Development Community (SADC) dominated the Africa and Middle East sugarcane syrup market in 2017, accounting for more than half of the total revenue.
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Sugarcane syrup, also known as cane syrup, is a thick, concentrated brown in color liquid formed by evaporating sugarcane juice while making sugar. Sugarcane syrup is extensively used as a natural sweetener by bakery, dairy, and processed food & beverage industries, and is also used to prepare medicines to improve their taste. It has high demand in households, owing to the associated health benefits such as blood purification, acidity control, and provides energy.
Sugarcane syrup is used in the production of various bakery & confectionery products such as cookies, biscuits, and waffles, and as a flavoring agent for pancakes, bread rolls, and French toast. In addition, it finds a wide range of applications among households for making fruit toppings & concentrates, cooking, and glazing sauces.
Changes in consumer dynamics and rise in awareness towards health hazards associated with high sugar consumption are expected to fuel the demand for sugarcane syrup. Moreover, increase in number of food & beverages industries during the forecast period is anticipated to drive the growth of the sugarcane syrup market. However, poor transportation & distribution infrastructure for sugarcane syrup and increase in demand for alternate sweeteners hamper the growth of the market. In addition, rise in economic and ecological concerns hinder the growth of sugarcane syrup industry. On the contrary, surge in demand for organic sugarcane syrup among consumers and opportunity of productivity improvement are anticipated to create new opportunities for the market players.
Key Findings of the Africa And Middle East Sugarcane Syrup Market :
- In terms of value, the Middle East region is expected to grow at a CAGR of 2.8% during the forecast period.
- SADC is expected to dominate the market, registering the highest CAGR of 1.3%, in terms of value.
- Malawi is projected to show exponential growth in demand throughout 2023, growing at a CAGR 2.8%, in terms of value.
The key players operating in the sugarcane syrup market include Illovo Sugar (Pty) Ltd., Super Syrups, Tongaat Hulett, Atlanta Sugar SA (Pty) Ltd., Sunshine Sugar, FROZY EGYPT, Kenana Sugar Company, White Nile Sugar Company (WNSC) Co. Ltd., GM Sugar Uganda Limited, Kinyara Sugar Works Ltd., and Sango Bay Estates Limited.