Flavored Syrups Market - Global Forecast 2020 - 2025
Flavored Syrups Market Overview
Flavored Syrups Market size is forecast to reach $48.46 by 2025, growing at a CAGR of 4.66% during the forecast period 2020-2025.Flavored syrups consists of a simple syrup, that is sugar, with naturally occurring or artificial flavorings dissolved in them. Growing consumer preference for syrups with high fruit content and the application of flavored syrups as a taste enhancer and sweetener are the major factors driving the growth of the market. Growing demand for flavored syrups by the food and beverage industry and development of innovative flavors by the key players that are present in the market is set to further enhance the overall market demand of flavored syrups market during the forecast period 2020-2025.
Report Coverage
The report: “Flavored Syrups Market Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Flavored Syrups market.
By Flavor: Fruit, Chocolate, Vanilla, Coffee, Herbs & Seasonings, Others
By Flavor Type: Sweet, Salty, Savory, Sour, Mint
By Application: Beverage, Dairy & Frozen Desserts, Confectionery, Bakery, Others
By Geography: North America, Europe, Asia Pacific, ROW
Key Takeaways
North America dominates the flavoured syrups market in 2019 owing to the increased consumption of convenience foods, dairy and frozen desserts and consumers’ preference for flavoured syrups in daily meals such as cereals, snacks, desserts, and beverages. The flavoured syrups market scope for different regions will be provided in the final report.
Increasing preference of consumers for different and personalized flavours in food & beverage industry and increasing demand of flavoured syrups especially among the consumers is likely to aid in the market growth of flavoured syrups market.
Detailed analysis on the Strength, Weakness and opportunities of the prominent players operating in the market will be provided in the flavoured syrups market report.
Presence of high sugar content used as an artificial sweetener is poised to create hurdles for the flavoured syrups market.
Flavor- Segment Analysis
The fruit segment held the largest share in the flavored syrups market in 2019 and is estimated to grow at a CAGR of 4.02% during the forecast period 2020-2025. The growth in this segment is owing as manufacturers have been focusing on developing combined fruit syrups and introducing innovative flavors to retain their position in the global industry. Companies are introducing fruit flavored syrups which are pure, organic and natural products. It blends basic flavors in its fruit syrups and also develops unique varieties such as acerola-raspberry and blueberry-raspberry syrups. Chocolate flavor is estimated to be the fastest growing segment and is set register a highest CAGR during the forecast period (2020-2025) owing to its increasing application in bakery and confectionary products, cold and hot beverages such as milkshakes and cold coffee.
Application - Segment Analysis
Beverages holds major share in the flavored syrups market in 2019 and is estimated to grow at a CAGR of 4.2% during the forecast period 2020-2025.This is mainly owing to the common products like cocktails, hot and cold beverages which contain flavored syrups as a taste and sweetness enhancer ingredients. Diverse application across various industries as a potential flavor enhancer has made flavored syrups popular across the various regions. The bakery and confectionery segment is set to grow fastest over the forecast period 2020-2025 owing to the increasing preferences of the consumers for the products.
Geography - Segment Analysis
North America dominated the flavored syrups market with a share of more than 35% followed by Europe. This is mainly owing to the increased consumption of convenience foods, dairy and frozen products. Growing demand for flavored syrups by the food and beverages industry is estimated to boost the global flavored syrups market. The bakery industry is poised to grow significantly in this region. The presence of various key companies providing custom made flavor choices is also one of the factor contributing in the growth of this region.
However, Asia-Pacific is estimated to grow at a highest CAGR during the forecast period 2020-2025. This is owing to the large scale consumptions of the dairy products, ice cream and beverages among the general masses, rising disposable income levels and the entry of established players into this region. China accounts for the one of the leading countries for flavored syrups market. Consumers’ willingness to consume sweet foods has also led the manufacturers to introduce innovative products infused with flavored syrups.
Drivers – Flavored Syrups Market
Growing consumer preference for syrups with high fruit content
Consumer increasing preference for different and personalized flavours in food has driven the manufacturers of the flavoured syrups to provide a wide range of flavoured syrups. The demand for chocolate flavoured syrup plays a major role in the growth of the global flavoured syrup market owing to the consumers taste preferences for chocolate flavour in their foods. Consumer’s preference is shifting towards personalized flavours in food products as well as demanding for organic flavouring syrup with low calories. Manufactures are shifting towards developing organic flavour syrup with natural flavour & colour as well as developing sugar free syrups for health-conscious consumer to cut down extra sugar intake.
Growing demand for flavoured syrups by the food and beverage industry
Growing demand for flavoured syrups by the food and beverage industry is set to boost the global flavoured syrups market. Primary use of flavoured syrups is in food and beverage industry which include the production of soft drink concentrates, beverage syrups in different flavours, an additive for frozen desserts topping for yogurt, flavoured powder for use in food and soft drinks. Flavoured syrup serves as an artificial sweetener along with a taste enhancer agent. Apart from sweet flavoured syrup, the savoury flavoured syrup is expanding its applications beyond beverages. The food and beverage industry being one of the drivers for flavoured syrup market, consumers preferences for different flavoured syrup in convenience foods are about to boost up the global flavoured syrup market growth.
Challenges – Flavored Syrups Market
Presence of high sugar content used as an artificial sweetener
Some of the factors that is poised to impede the growth of the flavoured syrups market are the presence of high sugar content which is used as an artificial sweetener and it becomes a major cause for the health hazards such as high blood sugar, diabetes, and stomach upsets and also the availability of substitute product in the market is set to hamper the market growth.
Flavored Syrups Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the flavored syrups market. In 2019, flavored syrups market share is consolidated by the top ten players present in the market. Flavored syrups top 10 companies are The Hershey Company, Kerry Group, Tate & Lyle, Monin Inc. , Fuerst Day Lawson , Torani ,Archer Daniels Midland Company , Starbucks Coffee Company , Smucker’s , Walden Farms and Fox Syrups among others.
Acquisitions/Product Launches
In October 2018, The Hershey Company launched Iconic chocolates and it announced the acquisition of brands, including Pirate’s Booty and Smart Puffs from B&G Foods Inc.
In July 2015, Starbucks Coffee Company has launched Cold Brew iced coffee and Evolution Fresh handcrafted smoothies.
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