The global flavored syrups market is expected to reach USD 65.6 billion by 2025, according to Million Insights, registering a 5.1% CAGR over the forecasted period, from 2019 to 2025. Rapidly increasing demand for customized flavor food products in the food and beverage industry has majorly driven the growth of this market. The flavored syrup is used as a sweetener and taste enhancer in the food and beverage industry which is expected to gain traction among manufactures. The growth of the market is primarily attributed to increasing demand for customized flavor syrups among consumers.
Moreover, consumers are willing to experiment with unique and new fruit flavors. This is a key factor which encouraging the market players to develop fruit syrups such as lime-mint, raspberry-mint, lime ginger that offers a combination of bitter, sour and sweet taste in a single dish. In addition, many companies are coming up with innovative flavored syrups to cater to rapidly changing consumer demands. For example, The Ági fruit syrups introduced honey-infused flavored syrup such as raspberry-lemon balm with honey, elder-lime with honey, and baked apples with honey.
Among types, the fruit category accounted for the largest market share of more than 35.0%, in 2018. Increasing consumer demand for fruit-based flavored syrups along with the high preference for a new and unique taste, thereby is expected to drive the segment growth over the forecast period. Furthermore, consumers are shifting towards organic and natural ingredients, as they are refraining to taste artificial flavors. This factor is encouraging the market players to develop flavored syrups containing natural ingredients., For instance, Pölöskei Drink Kft company offers combined fruit flavor syrups. It blends basic flavors in fruit syrups to develop unique variety such as acerola-raspberry and blueberry-raspberry. Coffee, hazelnut, and caramel flavors are also gaining popularity in the beverage industry. For example, Starbuck introduced a wide range of natural flavored syrups including coffee, vanilla, hazelnut, and caramel.
The bakery and confectionery category is anticipated to grow with a CAGR of more than 5.0% from 2019 to 2025. Rising consumer preference for rolls, pastries, cookies, and crackers is projected to augment the market growth over the forecast period. Beverage held the largest market share of 35.0%, in 2018. Beverage such as cold beverage, soft drinks, and cocktails are common products that contain flavored syrups as a sweetener and taste enhancer.
Asia Pacific is projected to grow at the highest CAGR of more than 5.0% over the forecast period. Consumers willing to taste unique flavored syrups led the market players to come up with innovative food products that are infused with flavored syrup. Asia Pacific is projected to grow at the highest CAGR of more than 5.0% over the forecast period. Consumers willing to taste unique flavoured syrups led the market players to introduce innovative food products which is infused with flavored syrups.
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Further key findings from the report suggest:
• The global flavored syrups market is projected to grow at a CAGR of 5.1% over the forecast period and reach a value of around USD 65.6 billion by 2025
• Among types, chocolate category is projected to grow at a CAGR of more than 5.5% from 2019 to 2025.
• In 2018, beverage accounted for largest market share of over 35.0%, in application segment.
• Asia Pacific is anticipated to register the fastest CAGR of more than 5.5% during the forecast period owing to the increasing consumption in China and India.
Million Insights has segmented the global flavored syrups market on the basis of type, application, and region:
Flavored Syrups Type Outlook (Revenue, USD Billion, 2015 - 2025)
Flavored Syrups Application Outlook (Revenue, USD Billion, 2015 - 2025)
• Bakery & Confectionery
• Dairy & Frozen Desserts
Flavored Syrups Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa