Flavoured Syrups Market

Flavored Syrups Market Size, Growth, Forecast (2023-2028)

The global Flavored Syrups Market size was worth US$ 42.27 billion in 2022, and it is estimated to reach a valuation of US$ 51.31 billion by the end of 2028, rising at an annual compound rate of 4.0% between 2023 and 2028. The global syrup market is experiencing significant demand from the food and beverage industry.

Market Overview:

The flavored syrup is a spicy or semi-liquid liquid produced through organic or synthetic sources that are used to improve the flavor of a drink or food. The use of flavored syrup depends on local trends and eating habits. The beverage industry is a crucial part of the consumption of flavored syrups and tends to focus more on concentrated syrup. The preparation of drinks, fresh fruit juices, cakes and confectionery are the primary sources of flavor syrup markets worldwide. Flavors such as vanilla, coffee and chocolate are widely consumed worldwide.

The flavored syrup is also available for spirits and is expected to increase its share during the forecast period. Consumers tend to adopt organic flavored syrup, among which young people and children are most attracted to the adoption of this syrup. The sweet-flavored syrup is sugar-free syrup, the highest on the list of spice types, and the trend is increasing in recent years. Also, syrup with a salty taste is consumed mainly in food compared to beverages. The global flavor syrup market is supposed to expand to a single-digit CAGR during the outlook period.

Recent Developments in Flavored Syrups Industry:

• Starbucks uses coffee in a variety of naturally flavored syrups, such as caramel, hazelnut, caramel nut, mint mocha, cinnamon dolce, peaches, and vanilla.
• In April 2019, Torani launched Puremade Syrups and Sauce, which allows companies to serve company-made syrups and sauces. Whether it's a complex cold-brewed coffee or an intense iced tea, the pure syrup is designed to pair perfectly with your finished drink. Puremadee Syrup provides excellent spice and sweetness ratios, is preservative-free and GMO-free.
• In October 2018, NuNaturals announced the launch of a new line of natural, sugar-free pourable syrup. This new product comes in a variety of flavors such as vanilla, chocolate, maple flavor, chai, and pumpkin spices. The main goal of the launch is to provide consumers with lower sugar levels options, and this new product is gluten and hypoglycemia free, non-GMO.

REPORT COVERAGE:

Flavored Syrups Market Growth:

Flavored Syrup makers have gone on to produce a variety of syrups as food has increased consumer preference for a variety of custom flavors. In particular, the increasing demand for flavored syrup among consumers contributes to the growth of the global flavored syrup market.

Drivers:

As the demand for flavored syrups in the food and beverage industry increases, the market for flavored syrups is likely to strengthen. The main activities of flavoring syrups in the food and beverage industry include soft drink concentrates, multi-flavored beverage syrups, frozen dessert topping additives for yogurt and flavoring powders for use in food and soft drinks. The growth of the market is mainly due to the increased demand for personalized flavors in the food and beverage industry. The application of flavor syrup as a flavor enhancer and sweetener has attracted growing interest among manufacturers in the industry. The beverage category contributes to the increased market demand, including a variety of liquid syrups in different flavors. The fruit-flavored syrup is widely applied to beverage products like cocktails, soda and soft drinks, soft drinks, and dominates the world market.

With consumers' increasing preference for high-fruit syrups, manufacturers have marketed a wide variety of syrups with natural ingredients. For example, the two most desirable fruit flavors include raspberry and orange. Additionally, if consumers want to try a variety of unique fruit flavors, manufacturers are encouraged to develop duo fruit syrup such as lime ginger, lime mint, and raspberry mint. The flavored syrup acts as an artificial sweetener along with taste enhancers. In addition to the sweet flavored syrup, the flavored syrup is expanding for purposes other than beverages.

The salty syrup is used to dress salads, meat recipes, confectionery and bakery preparations. However, the demand for chocolate-flavored syrup plays a vital role in the growth of the world flavored syrup market due to consumers' preference for chocolate flavor in food.

Additionally, the food and beverage industry is one of the driving forces in the flavor syrup market, and consumer preference for other syrups in prepared foods is expected to spur the growth of the global flavored syrup market. The pharmaceutical industry contributes to the growing market demand due to the abundance of characteristics and the need for flavor syrup in pharmaceuticals to stimulate the appetite.

Restraints:

The main limitation faced by the global flavored syrup market is that the high sugar content used as an artificial sweetener is a significant cause of health risks, such as high blood sugar, diabetes and gastrointestinal disorders. The domestically produced corn syrup has proven to be a major constraint on the growth of the flavored syrup market. However, there is a growing concern about obesity due to the high consumption of sugar. In this sense, consuming fructose corn syrup (HFCS) and sucrose-containing sweet sugary drinks (SSB) is making an unhealthy diet. This may challenge the situation of the worldwide flavored syrup market.

Flavored Syrups Market Segmentation Analysis:

By Flavor:

• Chocolate
• Coffee     
• Herbs & Seasonings           
• Vanilla      
• Fruit          
• Maple      
• Malt          
• Palm         
• Others     

By Flavor Type:

• Salty         
• Sour          
• Mint         
• Savoury   
• Sweet 

By Application:

• Dairy & Frozen Desserts   
• Bakery     
• Confectionery      
• Beverage
• Others     

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

The world flavored syrup market is divided into seven regions: Asia Pacific (APEJ), Western Europe, Eastern Europe, Japan, Middle East, and Africa (MEA), North America, and Latin America.

North America had the largest share of 33.9% in 2018. The growth of the flavored syrup market is primarily due to consumer preference for flavored syrups in daily meals such as cereals, snacks, desserts and drinks. Increase in this area due to the sufficient availability of high-quality ingredients such as chocolate, toppings, shells, and spices. This encourages the use of scented syrups throughout the food and beverage industry. The Asia Pacific region is foreseen to grow at a maximum annual average of 5.6% from 2019 to 2025. Bakery products are considered to be products that are consumed in bulk at an affordable price. Additionally, consumers are eager to consume sweet foods, leading manufacturers to introduce innovative products infused with flavored syrup. Many foreign companies entered the Asian market and quickly entered this industry.

Key Players in the Market:

Major Key Players in the Global Flavored Syrups Market are

• Hershey
• Tate & Lyle
• Kraft Heinz Company
• Monin Inc.
• Kerry Group Plc.
• Sonoma Syrup
• Cedarvale Maple Syrup
• VSBO