Improved standard of living of consumers and increase in their disposable incomes are expected to boost the demand for new & improved health drinks and bakery & confectionery products. This in turn is anticipated to fuel the growth of the sugarcane syrup market in the near future. The key players in this market have adopted the strategy of having multiple manufacturing units across various countries, thus leading to easy distribution of sugarcane syrup.
Portland, OR -- (SBWIRE) -- 06/20/2018 -- The Africa and Middle East sugarcane syrup market 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.
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.
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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.
Rise in health issues and increase in concerns among consumers towards weight gain, high cholesterol, obesity, and diabetes have led to the preference in consumption of food and beverages consisting of low calories and low-intensity sweeteners, which is expected to hamper the market growth. Moreover, availability of alternatives such as natural as well as artificial sweeteners hampers the growth of the sugarcane syrup market. On the contrary, changes in taste preferences, increase in health consciousness, and desire to live a healthy life are anticipated to provide lucrative opportunities for market growth.
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On the basis of territory, the report segments the Africa and Middle East sugarcane syrup industry into Malawi, Southern African Development Community (SADC) and Common Market for Eastern and Southern Africa (COMESA), West Africa, and Middle East. SADC is anticipated to hold the major share in this market in 2017. Moreover, Malawi is expected to witness high growth during the forecast period.
Key players profiled in the report 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, and Kinyara Sugar Works Ltd.