Flavored Syrup Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1976
Flavored Syrup Market size may grow significantly over the projected period owing to strong application outlook in beverages, bakery, dairy & frozen desserts and confectionery industries.
Global syrups market may witness a significant growth of 4% over the forecasted timeframe. Flavored syrup is organic in nature and widely used for sweetening and enhancing taste mainly in bars, cold drinks, and cocktails. They are available in wide range of low calorie formulations thereby increasing demand among health-conscious consumer. Shifting preferences towards variety of personalized flavors in food products may drive flavored syrup market size.
Rise in processed and convenience food demand owing to easy availability through efficient distribution channels accompanied with increasing working demographics may favor industry growth. Global packaged food market may exceed to USD 3.05 trillion in sales by 2024, with gains at 4.5%. Availability of syrups in powder form for flexible and fast preparation in RTE food products is likely contribute towards flavored syrup market size.
Growing dairy products consumption including milkshakes, flavored milk, whipped cream, yogurts, smoothies and frappes owing to consumer preference towards leading healthy lifestyle may influence flavored syrup market growth. Global dairy & frozen desserts market is estimated reach USD 25 billion by 2024, with gains at over 8%. They are used for topping that provides discrete tastes to food products. Singapore, China, Australia and New Zealand consume large scale of dairy products, ice cream and soft drinks, making Asia Pacific a huge market for flavored syrup.
Global confectionery market size was valued at over USD 180 billion in 2015, and is likely to reach USD 235 billion by 2024, foreseeing a 4% growth during the forecasted period. Confectionery market includes varieties of food products such as raw pastes, chocolates and various sugar-based products. The market is increasing at a steady pace due to growing demand from middle-class consumers. Consumers with busy schedule are often inclined to confectionary product owing to good taste and less consumption time is likely to drive confectionery market thereby stimulating flavored syrup demand.
Chocolate flavored syrup accounts for high market share and may witness strong gains over the forecasted time frame. It has wide applications in diverse food products including dairy drinks, desserts, hot & cold beverages and desserts. Increase in demand from coffee shops and cafes mainly in India, China and Brazil should propel industry growth.
Flavored syrup contains large amount of sugar additives. Sugar is considered as the key element responsible for occurrence of diabetes and obesity. Credit Suisse Equity Research found that over 85% of medical expert connect obesity with high intake of sugar which is likely to limit industry growth.
Cocoa and sugar are the primary raw materials used in confectionery production. Volatile raw material prices due to political instability, pests & diseases and extreme weather may affect flavored syrup market price trend. Growing demand and less production have impacted the sugar prices.
Global meat and meat products may show significant gains up to 2024. U.S. meat market accounted over USD 7.5 billion revenue in 2016. Savory flavored syrups are used in meat recipes, salad dressings, and in pancakes and cupcakes preparations in bakery items. Increase in consumption meat & meat products owing to decreasing cultural barriers supported by consumer inclination towards better diet should boost product demand.
Asia Pacific led by India, Japan South Korea and China flavored syrup market grow significantly. Rise in number of coffee shops and restaurants due to increasing economic standards has led to growing chocolate syrup demand thereby, stimulating regional industry growth.
North America flavored syrup market driven by U.S. may show strong gains. Increasing bakery and dairy products demand for daily consumption along with rising chocolate intake may fuel product demand in this region. Presence of various companies providing custom made flavors choices is another contributing factor towards regional growth.
Global flavored syrup market share is highly concentrated with prominent players such as Monin Inc., Sensient Technologies, The Hershey Company, Tate & Lyle, Kerry Group, Fuerst Day Lawson, Toschi Vignola, R. Torre & Company, Concord Foods, Sensory Effects, NutriFood, and Mitr Phol Group.
Companies are engaged in developing sugar free syrups for health-conscious consumer to cut down extra sugar intake may positively influence industry growth.
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