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Flavored Syrups Market Size, Analysis, 2019-2025 | Industry Report

Flavored Syrups Market Analysis Report By Type, By Application, By Region And Segment Forecasts From 2019 To 2025

Report ID: MN17619486  |  Published: April 2020  |  No of Pages: 80
Format: Electronic (PDF)  |  Industry: Consumer Goods  |  Publisher: Grand View Research

Industry Insights

The global flavored syrups market size was valued USD 46.79 billion, in 2018 and is anticipated to grow at 5.1% CAGR over the forecasted period, from 2019 to 2025. The market growth is majorly driven owing to the growing demand for flavored syrup in the food and beverage industry. Flavored syrups act as a sweetener and taste enhancer, which is influencing manufacturers to introduce new flavors in syrups. The beverage segment has contributed to maximum demand due to increasing applications in various food products.

Fruit flavored syrups dominated the global market owing to the increasing application in beverage products such as cold drinks, soft drinks, soda, and cocktails. There are two common fruit flavors such as orange and raspberry. Moreover, consumers' willingness to consume different flavors encouraging the market players to introduce dual fruit flavor syrups like Lime-Mint, Raspberry-Mint and lime ginger which gives a sweet, sour, and bitter taste.

U.S. flavored syrups market size, by application, 2015 - 2025 (USD Billion)

The market players are continuously striving to develop innovative flavor in syrups in order to fulfill the rapidly changing consumer taste preferences, thereby, expected to spur the flavored syrups demand. For example, The Agi fruit syrups launched honey-based products along with unique flavors such as raspberry-lemon balm with honey, and elder-lime with honey, and baked apples with honey.

Flavored syrups are gaining popularity in western countries including U.K., U.S., Canada, France, and Germany. High consumption of flavored syrups in these countries is projected to contribute to the growth for this market over the forecast year. Furthermore, rising demand for chocolate flavor syrup in the hot and cold beverage for confectionary and bakery products is projected to fuel the market growth over the forecast period. 

Application Insights

By application, the market is fragmented into bakery & confectionery, beverages, dairy & frozen desserts, and others. Among applications, the beverage category held the largest market share of around 35.0%, in 2018. Beverages such as hot and cold drinks, cocktails, soft drinks are some common products that contain flavored syrup to enhance the taste. For instance, Starbucks uses a wide range of naturally flavored syrups such as caramel, hazelnut, and vanilla in their coffee.

The confectionery and bakery segment is projected to grow at the fastest CAGR of more than 5.0% from 2019 to 2025. Increasing consumption of flavored syrup in products such as cakes, cookies, pretzels, and crackers is anticipated to fuel the growth of this market. Moreover, consumers willingness to consume the unique flavored syrups, especially in developing countries is projected to drive the market growth over the forecast period.

Type Insights

By type, the market is fragmented into the fruit, vanilla, chocolate, and others. The fruit segment accounted for the largest market share of more than 35.0%, in 2018. This growth is attributed to increasing demand for fruit-based flavored syrup along with a high preference for unique flavored taste. Most of the major players are concentrating on developing combined fruit-flavored syrups to sustain in the competitive market.

Moreover, It has been seen that there is growing trend of consumers test shifting towards flavored syrups that are made of natural and organic ingredients. The consumers are refraining from syrups that have artificial flavors. This has led to development of flavored syrup made of natural ingredients by the manufactures. It blends basic fruit flavors in the syrup and developed unique flavored syrup such as blueberry-raspberry and acerola-raspberry.

Global flavored syrups market

The chocolate segment is expected to grow with the highest CAGR of more than 5.5% from 2019 to 2025 due to the increasing usage of chocolate flavored syrup in the food and beverage industry. In addition, the chocolate syrup is used in many products such as cold and hot beverages including smoothies, cold and hot coffee. It also helps to enhance the flavor of confectionery and bakery products like pancakes, waffles, cakes, and pastries. In India, consumers highly prefer chocolate-based syrups which are expected to fuel the growth of this segment in the next six years.

Regional Insights

North America held the largest market share of more than 33.0%, in 2018 owing to increasing preference for flavored syrups in snacks, cereal, beverages, and dessert. Furthermore, in this region, the bakery industry is projected to witness considerable growth due to availability of ingredients like filling, topping, and flavors. These factors are expected to fuel the growth of flavored syrups in the food and beverage industry.

Asia Pacific is projected to grow with the fastest CAGR of more than 5.0% over the forecast period. Owing to increasing consumer preferences to consume sweet food, manufacturers are striving to come up with flavored syrups. Hence, many companies entered in Asia Pacific market to fulfill the customer demands.

Flavored Syrups Market Share Insights

The major players in this market are Kerry Group, Archer Daniels Midland Company Starbucks Coffee Company, Monin Inc., Fox Syrups Walden Farms (Panos Brands), Tate & Lyle Torani, and Fuerst Day Lawson. The global flavored syrup market is highly competitive owing to the presence of large number market players. The key strategies implemented by major market players are product development and innovation in order to expand their product line.

For example, Starbuck includes a wide range of flavored syrups like peppermint mocha, peach, cinnamon dolce, and, toffee nut. Companies are concentrating on sugar-free syrups for health-conscious people. In this regard, Monin introduced sugar-free syrups in various fruit flavors such as pomegranate, raspberry, almond, hazelnut, Irish cream, and other sugar-free flavored syrups. This is expected to further provide traction to the market growth. 

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Billion and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

U.S., U.K., Germany, India, China, and Brazil

Report coverage

Revenue forecast, company share, competitive landscape, and growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis on latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global flavored syrups market report based on type, application, and region:

• Type Outlook (Revenue, USD Million, 2015 - 2025)
    • Fruit
    • Chocolate
    • Vanilla
    • Others

• Application Outlook (Revenue, USD Million, 2015 - 2025)
    • Bakery & Confectionery
    • Beverages
    • Dairy & Frozen Desserts
    • Others

• Regional Outlook (Revenue, USD Million, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
    • Asia Pacific
        • China
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa

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