Global Flavored Syrups Market, By Flavor (Fruit, Chocolate, Vanilla, Coffee, Herbs & Seasoning), By Taste (Sweet, Salty, Savory, Sour, Mint), By Application (Beverage, Dairy & Frozen Dessert, Confectionery, Bakery), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) Trend Analysis, Competitive Market Share & Forecast, 2021-2027

Published:
June 2021
Report Code:
bwc20372
Available Format:
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Pages:
141

global flavored syrups market report

Global Flavored Syrups Market Size - Industry Trends & Forecast Report 2027

The global flavored syrups market was worth USD 47.5 Billion in 2020 and is further projected to reach USD 65.9 Billion by 2027, at a CAGR of 4.9% during 2021-2027 (forecast period). The basic reasons contributing to the demand of flavored syrups market are rising demand for different flavors in food products and availability of product variety in the market. Also, the shifting preference of consumers towards convenience foods and ready-to-eat products is driving the flavored syrups market growth. The global flavored syrup market is expected to expand throughout the forecast period, owing to customers' increasing preference for artificial or natural flavor enhancers in convenience foods.




Source: BlueWeave Consulting

 

Global Flavored Syrups Market Overview:

Artificial and natural flavorings, which are combined with water and sugar, are called flavored syrups. The basic purpose of these flavored syrups is to increase the organoleptic characteristics of the product. These syrups not only increase the flavor of the product but add nutrients as well. These syrups are used in a variety of industries, including food, drinks, baking, and confectionary. Consumer demand for convenience meals, as well as the increasing use of flavored syrups in numerous industries, are the primary factors driving the need for flavored syrups market growth.

 

Global Flavored Syrups Market Forecast and Trends

Growth Drivers

Increasing consumer demand for convenience foods

The rising consumer preference towards processed and convenience foods is increasing the demand for flavored syrups market. Foods that require minimal or no processing and usually requires less time and energy in making called convenience foods. Flavored syrups are used to enhance the taste and flavor of convenience foods such as bread and confectionery products, desserts, and dairy products. The increase in the income levels of consumers and the growth of the food and beverages industry are the factors, which are boosting the flavored syrups market.

 

Increased applications in breakfast

Another key reason driving the growth of the flavored syrups market is the use of these syrups in breakfast items. The number of working women has increased globally; consequently, their daily lifestyle has become too hectic, leaving little time for making sophisticated morning meals. Consumers therefore, prefer these syrups to add flavors to easy-to-make and ready-to-eat breakfast products as they have less time in the morning. These syrups are being used as a topping in breakfast items, which is raising consumer demand and pushing the market for flavored syrups.

 

Restraints

High sugar content

The primary impediment to the growth of the flavored syrups market is the health problems caused by the increasing use of high sugar content artificial sweeteners which can cause cardiac disorders, high blood sugar, diabetes, and gastrointestinal disorders. Furthermore, there is a growing concern over rising obesity as a result of excessive sugar consumption. he use of syrups in the baking and confectionary industries leads to the consumption of these items by children and the young population, which is not good for their health and wellbeing. These are the factors that are impeding the growth of the global flavored syrups market.

Impact of COVID-19 in the industry

The COVID-19 pandemic has had extraordinary and unanticipated consequences for communities as well as the global economy. The outbreak of COVID-19 has affected almost every industry and the flavored syrups market is no exception. The global flavored syrups market has witnessed a huge decline in sales throughout the pandemic.  People were only buying essential food items because of the lockdown and the severe impact it had on their income. As a result, the demand for flavored syrups was much lower in March and April 2020. This trend is expected to continue till the pandemic continues to impact the world.

 

Global Flavored Syrups Market: By Flavor

Based on flavor type, the global flavored syrups market is categorized into Fruit, Chocolate, Vanilla, Coffee, and Herbs & Seasoning. Fruit flavored syrups segment held the largest market share in 2020 followed by the chocolate flavored syrups, segment which is expected to grow at the highest CAGR in the coming years. Fruit-flavored syrups are extensively using in bakery and confectionery products, including desserts, ice creams. Fruit syrups add a distinctive flavor to a variety of drinks and mocktails. Consumers prefer chocolate-flavored syrups after fruit syrup due to its use in a wide variety of food products, such as cold beverages, hot beverages, toppings on ice cream, waffles, and cakes.

 

Global Flavored Syrups Market: By Taste Type

Based on taste type, the global flavored syrups market is categorized into Sweet, Salty, Savory, Sour and Mint. The sweet form has accounted for the largest market share in 2020. This form is increasingly used in various desserts, shakes, bakery products, and ice creams. However, the savory form is also projected to increase at the highest CAGR during the forecast period as it is increasingly used in beverages. Also, savory flavor is increasingly being used in meat dishes, salad dressings, and in the preparation of cupcakes and pancakes in bakery items, among other applications that are not confined to beverages. Savory flavored syrups, such as spicy and herb, are increasingly being used in food applications, influencing demand in this market.

 

Global Flavored Syrups Market: By Application

Based on application, the global flavored syrups market is segmented into Beverage, Dairy & Frozen Dessert, Confectionery, and Bakery. The beverage segment accounted for the largest share in the market in 2020 and is still growing progressively. Syrups are mostly used in the preparation of cold beverages such as flavored sodas, mochas, and iced tea. These are also used for preparing customized cocktails and mocktails. The use of flavored syrups in hot beverages such as tea and coffee is becoming increasingly popular. This aids in giving flavor variants to consumers in order to satisfy their likes and preferences.

 

Global Flavored Syrups Market – Regional Insights

Based on region, the global flavored syrups market is divided into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.  Among these regions, North America accounted for the largest share in 2020 due to the high demand of consumers for convenience and ready-to-eat food. The Asia Pacific is also likely to witness the fastest growth rates due to the rising demand for new and advanced products in the food and beverage industry. The rate of progress is also influenced by the growing number of new products developed and launched in the food and beverage business. Additionally, improved government regulations in the food and beverage sector in emerging economies such as China and India will also drive the expansion of the global flavored syrups market.



Recent Developments

In February 2021 – Smucker’s announced the launch of a new cupcake-flavored “Unicorn Magic Shell” ice cream topping. This Magic Shell topping has a wonderful white cupcake flavor with lovely pink, blue, and purple speckles.

 

In February 2021, Monin, an award-winning premium flavoring company with more than 100 years of experience, introduced the 2021 Flavor of the Year: Strawberry Rose. Monin Strawberry Rose Syrup combines the queen of florals with ruby red strawberry to create a sophisticated bouquet of flavors.

 

Competitive Landscape

Key players in the global flavored syrups market are Sensient Technologies Corporation, Kerry Inc., Sensory Effects, Inc, Concord Foods, LLC, The Hershey Company, Monin, Archer Daniels Midland Company, Starbucks Corporation, The J.M. Smucker Company, Mane, Stirling Flavors, LLC, Malabar Food Products., W.T. Lynch Foods Limited, Midwest Syrup Company, RIO Syrup Company, Inc., and other key manufacturers. The key players in the flavored syrup market have been continually using the strategy of expansion as well as investment in research and development to increase their customer base, gain important market share worldwide, and  promote their brand globally.

 

Scope

Attribute

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Million

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, Argentina, AUAE, South Africa, Saudi Arabia

Product/Service Segmentation

By Flavor, By Taste Type, By Application, By Region

Key Players

Key players for global flavored syrups market are Sensient Technologies Corporation, Kerry Inc., Sensory Effects, Inc, Concord Foods, LLC, The Hershey Company, Monin, Archer Daniels Midland Company, Starbucks Corporation, The J.M. Smucker Company, Mane, Stirling Flavors, LLC, Malabar Food Products, W.T. Lynch Foods Limited, Midwest Syrup Company, RIO Syrup Company, Inc. and other key manufacturers.

           

 

·         By Flavor

o    Fruit

o    Chocolate

o    Vanilla

o    Coffee

o    Herbs & Seasoning

·         By Taste Type

o    Sweet

o    Salty

o    Savory

o    Sour

o    Mint

·         By Application

o    Beverage

o    Dairy & Frozen Dessert

o    Confectionery

o    Bakery

·         By Region

o    North America

o    Latin America

o    Europe

o    Asia Pacific

o    Middle East

o    Africa

 

FAQs

1.    What is the current size of the global flavored syrups market?

Answer: Global flavored syrups market has reached USD 47.5 Billion in 2020.

2.    What are the major factors driving the growth of global flavored syrups market?

Answer: Rising demand for varied flavors in food products, as well as the availability of product variety in the market, are the primary factors driving the growth of the flavored syrups market. Furthermore, the rising customer preference for convenience foods and ready-to-eat goods is driving the growth of the flavored syrups market.

 

3. Who are the key players in the global flavored syrups market?

Answer: The key players in the global flavored syrups market are Sensient Technologies Corporation, Kerry Inc., Sensory Effects, Inc, Concord Foods, LLC, The Hershey Company, Monin, Archer Daniels Midland Company, Starbucks Corporation, The J.M. Smucker Company, Mane, Stirling Flavors, LLC, Malabar Food Products., W.T. Lynch Foods Limited, Midwest Syrup Company, RIO Syrup Company, Inc., and other key manufacturers.

4. Which flavor type segment accounted for the largest share in the global flavored syrups market?

Answer: Fruits, by flavor type, accounted for the largest share in the global flavored syrups market.

5. Which application segment accounted for the largest share in global flavored syrups market?

Answer: Beverages segment is growing at a higher rate in the global flavored syrups market.


COVID-19

We've been tracking the direct impact of COVID-19 on this market, and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Contact our sales team for more details at

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