Growing demand for flavored syrup from food beverages and pharmaceutical industries is driving the market at a CAGR of 4.9%
Latest market study on "Global Flavored Syrup Market to 2027 - Analysis and Forecasts by Flavor (Fruit, Chocolate, Vanilla, Herbs and Seasonings, and Others); Flavor Type (Sweet, Salty & Savory, Sour, and Mint) Application (Beverages, Dairy & Frozen Desserts, Confectionery, Bakery, and Others), and Geography", The global flavored syrup market was valued at US$ 42,306.1 Mn in 2018, and it is expected to grow at a CAGR of 4.9% during the forecast period 2019-2027 to reach US$ 64,960.7 Mn by 2027.The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
Flavored syrups are basically simple syrups that are mixed with sugar and this mixture is then completely mixed with water while they are heated with artificial or naturally occurring flavorings. A wide range of flavors are available on the market, including vanilla, malt, cherry, peach, and toasted marshmallows. On the basis of flavor, the global flavored syrup market is categorized into fruit, chocolate, vanilla, herbs and seasonings, and others. In 2018, The fruit flavored syrups led the flavored syrup market with a higher market share. Fruit syrups, also known as a fruit juice concentrates, are available for almost all fruits on the market and has had rising demand for the fruit-flavored syrups in the global region. These kind of syrups includes several categories such as grape syrup, apple syrup, pear syrup, pineapple syrup, and others. The fruit flavored syrups are heat extracted juices and used not only as flavoring agents but also as sweeteners in simple syrup preparations. Fruit flavored syrups are used to garnish, tenderize or drizzle it on several food and beverage product such as desserts, pancakes or cereals. They also act as a flavorsome additive to prepare in drinks and beverages. Apart from adding flavor, color and aroma in food and beverage products, they are also considered to suitable for several skin and health care applications. Fruit syrups have a wide application base in various beverages such as soft drinks and are largely preferred by consumer owing to their rich nutritional profile and taste. The growing urbanization, increase in income level and focus towards healthy eating has raised demand for fruit flavored food and beverages. This fact is expected to drive the demand for fruit flavored syrup in the global market.
North America holds the largest share in the global flavored syrup market. The largest market share of the North American region is primarily attributed to changes in lifestyle patterns of consumers and preference toward convenience food products. Additionally, the busy lifestyle and changing food habits of the consumers in developed countries such as the US and Canada has led to a surge in demand for convenience food. Flavored syrups are widely used in preparation of bakery and confectionery items, beverages and dairy products. Therefore, the rising demand for convenience food is projected to boost the demand for flavored syrup in North America. Further, manufactures such as Amoretti, Archer Daniels Midland Company, ASR Group, and Monin, Inc. have established strong presence in the region along with increased focus over research and development activities is further expected to expand the growth of the market in the region in order to capture better market share.
The market for global flavored syrup is concentrated with some very well-established players. Some of the key players in the global flavored syrup market are Sensient Technologies Corporation, Kraft Heinz Company, Cedarvale Maple Syrup Co, Archer Daniels Midland Company, ASR Group, Kerry Group, Monin, Inc., Small Hand Foods, Sunny Sky Products, LLC, and The Hershey Company among others.
Global Flavored Syrup Market - By Region Breakdown, 2018
