Flavored Syrups Market Size, Share, Global Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)

  • TBI46008
  • November 29, 2020
  • Global
  • 132 pages
  • Lucintel

Industry Insights, Market Size, CAGR, High-Level Analysis: Flavored Syrups Market

The global flavored syrups market size was valued at USD 46.3 billion in 2018 and is expected to expand at a CAGR of 5.1% from 2019 to 2025. The market growth is primarily attributed to increasing demand for personalized flavors in the food and beverage industry. Application of flavored syrups as a taste enhancer and sweetener is gaining an increasing traction among the manufacturers across the industry. The beverage category has been contributing to the maximum demand for the market, comprising a wide variety of liquid syrups in different flavors. Fruit flavored syrups have been dominating the global market due to its widespread application in beverage products such as cocktails, soda and cold drinks, and soft drinks. Growing consumer preference for syrups with high fruit content has been a major factor driving the manufacturers to introduce wide varieties of syrups infused with natural ingredients. For instance, the two most preferred fruit flavors include raspberry and orange. Moreover, consumers willingness to try out different and unique fruit flavors is encouraging the manufacturers to develop duo-fruit syrups such as Lime-Ginger, Lime-Mint, and Raspberry-Mint, which offer a blend of sour, sweet, and bitter taste. Moreover, the companies are developing innovative flavors in order to cater to the frequently changing taste preferences of the consumers, thereby contributing to the global market growth. For instance, The ígi fruit syrups range introduced a new category of honey-containing products with unique flavors such as baked apples with honey, raspberry-lemon balm with honey,andelder-lime with honey. Flavored syrups are highly popular in the western countries such as U.S., Canada, U.K., Germany, and France. High production and consumption of these products in the above-mentioned countries have been contributing to the growth of the global market. These syrups are majorly consumed as a topping ingredient in pancakes, desserts, waffles, various breakfast foods, ice cream, and other ready to eat products. Moreover, growing demand for chocolate flavored syrups for cold beverages and various bakery and confectionery products is expected to drive the market in the next few years.

Application Insights of Flavored Syrups Market

Beverages accounted for a share of more than 35.0% in 2018. Beverages, particularly cocktails, hot and cold beverages, and soft drinks are some of the common products that contain flavored syrups as a taste and sweetness enhancer ingredient. For instance, Starbucks uses a wide range of naturally flavored syrups such as caramel, hazelnut, and vanilla in their coffee. The bakery and confectionery segment is expected to register the fastest CAGR of 5.6% over the forecast period. Increasing consumer preferences for products such as bread, rolls, pastries, cakes pies, cookies, crackers, and pretzels is expected to fuel the segment growth. Introduction of novel flavors, along with increasing indulgence factor among the consumers in the APAC countries, is expected to drive the demand for the global market in the next few years.

Type Insights of Flavored Syrups Market

The fruit segment held the largest share of 35.3% in 2018. Consumers demand for fruit infused flavored syrups, coupled with high preference for unique tastes, is a major factor driving the market. Manufacturers have been focusing on developing combined fruit syrups and introducing innovative flavors to retain their position in the global industry.   Based on the consumer inclinations towards pure, natural, and organic products, companies are also introducing syrups infused with the fruit content. For instance, 100% natural sour cherry, apple and common sea-buckthorn, and apple and beetroot juice are some of the unique flavors blended with high fruit ingredients. Similarly, Poloskei Drink Kft is a company that offers combined fruit flavored syrup. It blends basic flavors in its fruit syrups and also develops unique varieties such as acerola-raspberry and blueberry-raspberry syrups. The chocolate category is expected to register the fastest CAGR of 5.7% over the forecast period. It is gaining an increasing traction in the food and beverage industry. The segment is driven by the significant application in cold and hot beverages such as milkshakes, hot and cold coffee, smoothies, and baking and confectionery products such as cakes, pastries, pancakes, and waffles. India, having a high preference for chocolate based products, is expected to be one of the target markets for chocolate syrup manufacturers, The Hershey Company in particular.

Regional Insights of Flavored Syrups Market

North America accounted for the largest share of 33.9% in 2018. The flavored syrups market growth is majorly attributed to consumers preference for flavored syrups in daily meals such as cereals, snacks, desserts, and beverages.The bakery industry is expected to witness significant growth in this region due to ample availability of high quality ingredients such as chocolates, toppings, fillings, and flavors. This, in turn, is encouraging the use of flavored syrups across the food and beverage industry. Asia Pacific is expected to expand at the highest CAGR of 5.6% from 2019 to 2025. Bakery products are considered to be a product of mass consumption due to their low prices. Moreover, consumers willingness to consume sweet foods has led the manufacturers to introduce innovative products infused with flavored syrups. Many foreign companies have penetrated in the Asian market and were successful to make quick inroads in this industry. For instance, in 2017, Hershey accounted for about 94% in India in the chocolate syrups category.

Market Share Insights of Flavored Syrups Market

Some of the key players operating in the global market are The Hershey Company; Kerry Group; Tate & Lyle; Monin Inc.; Fuerst Day Lawson; Torani; Archer Daniels Midland Company; Starbucks Coffee Company; Smuckers; Walden Farms (Panos Brands); Fox Syrups. The global market is highly competitive in nature owing to presence of a large number of players. Product development is a key initiative adopted by most of the players with an aim to expand their offerings. For instance, Starbucks has a wide range of flavored syrups such as toffee nut, peppermint mocha, cinnamon dolce, and peach. Companies are also focusing on offering sugar free syrups to cater to the health conscious segment. For instance, Monin offers sugar free syrups in various fruit flavors such as raspberry, pomegranate, and peach. Irish cream, almond, and hazelnut are some of the other sugar free syrups offered by this company.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Flavored Syrups Market Research Report

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

Type Outlook (Revenue, USD Million, 2019 - 2030)

  • Fruit
  • Chocolate
  • Vanilla
  • Others

Application Outlook (Revenue, USD Million, 2019 - 2030)

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

Table of Contents
Chapter 1. Methodology and Scope                    1.1. Market Segmentation & Scope                    1.2. Market Definition                    1.3. Information Procurement                         1.3.1. Purchased Database                         1.3.2. GVR’s Internal Database                         1.3.3. Secondary Sources & Third-Party Perspectives                         1.3.4. Primary Research                    1.4. Information Analysis                          1.4.1. Data Analysis Models                    1.5. Market Formulation & Data Visualization                 
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