Market Scope
Market Research Future (MRFR) expects the flavored syrups market to grow at a moderate rate of 5.7% between 2020 and 2027. MRFR also reveals that the global market can touch USD 58,065.3 Million by the end of the analysis period.
Growth Boosters and Impediments
Flavored syrups are organic and are mostly used to sweeten and elevate the taste of food products in cocktails, cold drinks, and various other beverages. Consumers can choose from a wide variety of low-calorie syrups, thereby not making the compromise on their health. Vast availability of different personalized flavors also add to the market value. Growing preference for organic and natural products among consumers should present attractive opportunities to the manufacturers in the years ahead.
The dairy sector has been booming rapidly, in view of the rising consumption of flavored milk, milkshakes, yogurts, whipped cream, frappes and smoothies among consumers leading a healthy lifestyle. This factor is touted to favor the flavored syrup market to a large extent. The frozen desserts market is projected to emerge quite profitable in the coming years; ultimately benefitting the flavored syrups industry, since these are used as toppings to offer savory taste to the desserts. China, Singapore, New Zealand, and Australia are the biggest consumers of ice cream, soft drinks, and dairy products, which means that Asia Pacific will offer a host of growth opportunities to the global vendors in subsequent years.
Segmental Analysis
Flavored syrups industry has been segregated with respect to type, category, and distribution channel.
Different types of flavored syrups in the market include fruits {Blueberry, Strawberry, Orange Apple, and more}, Chocolate, Mint, Coffee, Caramel, Vanilla, Nuts, Blends, and others.
Depending on category, the segments are conventional and organic. Organic products have been gathering intense momentum worldwide as people are growing aware about the toxic effects of pesticides and chemicals on health. In view of this, the segment will capture the highest growth rate in the following years.
Distribution channels that sell flavored syrups are food retail and foodservice. The lead has been secured by the foodservice segment, which is presumed to touch USD 35,820.3 million by 2026-end. It is also projected that the foodservice segment will thrive at a better rate of 5.9% from 2020 to 2027. In 2019, the segment had captured the biggest share of 62.20% in the global market, since flavored syrups are popular items in the foodservice sector and are used extensively in mocktails, cocktails, baked products, dairy products, and coffees for taste enhancement.
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Regional Analysis
Europe, Asia Pacific/APAC, North America, as well as RoW/rest of the world are the primary markets for flavored syrups worldwide.
Asia Pacific owned the highest share of 33.81% in 2019 and is therefore, identified as the market leader out of all the regions. It is anticipated that the APAC market would capture a growth rate of 6.0% between 2020 and 2027. China is ahead of other markets in the race, given the booming sales of flavored syrup and the soaring number of cafes and coffee shops. Improving economic standards and the high interest in trying new recipes has been favorable for the regional market, especially for chocolate syrup. The market growth is also stimulated by the emerging trend of eating or dining out while the rising desire to explore new cultures and eagerness to try new food items will also leave a positive impact on the sales of flavored syrups.
North America, especially the US, has a vast number of bars, cafés, and restaurants, which has been tremendous for flavored syrups, as the latter is used extensively in coffee, cocktails, tea, desserts and mocktails. Another favorable aspect can be the significant consumer awareness about the different options available in the market. It is expected that the US market will display the strongest gains in the region, given the high consumption of dairy and bakery products as well as chocolates. The massive pool of renowned vendors offering extensive ranges of custom-made syrups should also foster the market size in the following years.
Competitive Landscape
Major favored syrup brands in the global industry include Kerry Group plc (US), Monin, Inc. (France), Amoretti (US), The J.M. Smucker Company (US), The Hershey Company (Ireland), Nestlé S.A. (Switzerland), VKL Seasoning Pvt. Ltd (India), R. Torre & Co. (Torani) (US), Conagra Brands, Inc. (US), to mention a few
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