ID: MRFR/F-B & N/7141-CR | 100 Pages | Published By Snehal Singh on September 2022
Flavored Syrups Market Size is anticipated to reach USD 58,763.2 million by 2030, registering a CAGR of 5.26% during 2022-2030.
The global flavored syrups market size is projected to register a CAGR of 5.26% and reach a value of USD 58,763.2 million by 2030. Flavored syrups are prepared with the help of natural or artificial flavoring agents mixed with sugar or sucrose to obtain a concentrate. Flavored syrups can be used or mixed with a variety of beverages such as carbonated water, coffee, cocktails, tea, as well as pancakes, waffles, cake, ice cream, and other foods. The wide application scope of these concentrates in various cuisines as a potential flavor enhancer has made them popular across regions. Flavored syrups are available in all types of varieties, including sugar-free, natural, organic, gluten-free, concentrated, and sweetener syrups.
COVID-19 Impact Analysis
The advent of the pandemic, COVID-19, has resulted in a global crisis. Impacting over 195 countries, the pandemic has already created economic backdrop worldwide and is deemed to create a chaotic environment, thereby resulting in global rescission. With the rapid rise in the number of cases, the global flavored syrups market is getting affected in many ways.
The global flavored syrups market is expected to register a notable growth rate during the forecast period. Growth of the food service industry and increasing consumption of convenience food products are the major factors driving the market growth. The growth of the organized retail sector in Asia-Pacific is further boosting the market growth. Rising consumer preference for natural and organic products and continuous demand for new flavors are expected to create new opportunities for the vendors active in the global market. However, rising health concerns due to sugar-based syrups are restricting the growth of the market.
The food service industry is one of the largest end users of flavored syrups. Restaurants, cafés, bars, bakeries, and hotels account for a significant share of the sale of flavored syrups where they are used as toppings for pancakes, desserts, and baked products, as well as in coffee and other beverages. They are also used as an ingredient in a majority of cocktails, mocktails, and other non-alcoholic beverages. A rise in the consumption of cocktails and mocktails at social events, corporate conferences, and concerts is boosting the sale of flavored syrups.
The HoReCa industry is growing across the globe, especially in developing countries such as China and India. The trend of dining out is gaining popularity, and people are opting to eat out at least four to five times a week. As per MRFR analysis, the trend of dining out in developing countries is expected to surpass the trend in developed countries such as the UK, France, and Italy. The increasing adoption of a new culture, awareness about global trends, eagerness to experiment with new food choices, and changing lifestyles are the major factors driving the growth of the HoReCa industry. The increasing trend for dining out and high demand for beverages and desserts is primarily driving the market growth of flavored syrups.
In the current market scenario, the majority of flavored syrups are manufactured using sugar syrup as a base ingredient. The high consumption of sugar-based flavored syrups increases calorie intake, leading to various health issues such as diabetes, obesity, and cardiac health problems. According to the American Heart Association, the recommended calorie intake for women is not more than 100 calories a day, whereas, for men, the recommended intake is not more than 150 calories a day. On average, the number of calories present in sugar-based flavored syrups ranges from 80–100 per 30 ml of serving, while sugar-free flavored syrups contain almost zero calories per 30 ml serving.
The surging demand for new flavors is a demanding focus from market players on R&D activities. The changing lifestyles and eating habits of consumers and a desire for variety result in continuous shift in consumer preferences. To cater to the changing preferences of consumers, flavored syrup manufacturers are focusing on introducing new flavors, thereby sustaining their position in the global market. With the growing demand for new and fruit-based flavors, market players have started introducing variations in their product portfolios. For instance, regional flavored syrup manufacturers are offering unique varieties, such as acerola-raspberry and blueberry-raspberry syrups, made by blending basic flavors. Market players may also focus on launching unique and exotic flavors due to the increasing consumer willingness to try innovative products. The dual-fruit flavored syrups introduced by some regional players are lime-mint, baked apples with honey, lime-ginger, raspberry-lemon balm with honey, and raspberry-mint.
By Flavor Type
Based on flavor type, the flavored syrups market has been segmented into fruits, coffee, chocolate, vanilla, mint, nuts, caramel, blends and others. The blend segment accounted for the largest market share in 2021, whereas the mint segment is expected to record the highest CAGR of 6.11% during the forecast period.
Based on category, the flavored syrups market has been segmented into conventional and organic. The conventional segment accounted for the largest market share in 2021 whereas, the organic segment is expected to exhibit a CAGR of 5.53% during the review period.
By Distribution Channel
In terms of distribution channel, the flavored syrups market has been divided into food service and food retail. The food service segment accounted for a larger market share of 62.19% in 2021, whereas the food retail segment is expected to record the highest CAGR of 5.46% during the forecast period.
Global Flavored Syrups Market Share, by Region, 2021 (%)
Sources: MRFR Analysis
By region, the global flavored syrups market has been divided into North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific accounted for the largest market share of 33.81% in 2021. Europe was the second-largest market in 2021 and is projected to exhibit a CAGR of 5.36% during the review period. The market in Asia-Pacific is expected to register the highest CAGR of 5.55% during the forecast period.
Asia-Pacific accounted for the highest market share in 2021 and is expected to be the most lucrative regional market for flavored syrups during the review period. The regional market is projected to exhibit the highest CAGR of 5.55% during the review period. The growth of the flavored syrups market in this region is driven by the expanding food service industry, especially in developing countries such as India, China, Indonesia, and Vietnam. The increasing number of restaurants, bars, and cafés in this region is resulting in the rising consumption of flavored syrups for coffee, tea, cocktails, mocktails, and desserts. Moreover, increasing consumer awareness is leading to the growth in retail sales of flavored syrup. The growth of the organized retail sector in the region is further fueling the growth of the market, with products being made easily available to consumers. Manufacturers are also highly focused on expansion in Asia-Pacific.
Europe accounted for a significant share of 29.78% of the flavored syrups market in 2021. The UK, Germany, France, and Italy are the major contributors to the growth of the market in Europe. The increasing use of flavored syrups in bakery products is driving the growth of the European flavored syrups market. These syrups are used to add a variety of flavors to coffee and tea as well. Europe has the highest per capita consumption of coffee in the world, resulting in the high sales of flavored syrups. The large presence of bars in Europe who purchase flavored syrups for the preparation of alcoholic and non-alcoholic beverages to ensure consistency of taste also drive the market growth. Moreover, the demand for blends of flavored syrups is rising in the region due to the high demand for innovative flavor combinations. The European flavored syrups market is projected to register a CAGR of 5.36% during the review period.
The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have a global reach and diverse product portfolios. Companies such as Monin, Inc. (France), Amoretti (US), R. Torre & Co. (Torani), The Hershey Company (Ireland), Conagra Brands, Inc.(US), and Kerry Group plc (US) dominate the global market due to brand reputation, product differentiation, financial stability, and diversified regional presence.
Prominent players in the global flavored syrups market include include Monin, Inc. (France), Amoretti (US), R. Torre & Co. (Torani) (US), The Hershey Company (Ireland), Kerry Group plc (US), Nestlé S.A. (Switzerland), VKL Seasoning Pvt. Ltd (India), Conagra Brands, Inc. (US), and The J.M. Smucker Company (US).
Few developments that occurred in recent times influencing the market growth of flavored syrups are listed below:
Scope of the Report
Global Flavored Syrups Market, by Flavor Type
Global Flavored Syrups Market, by Category
Global Flavored Syrups Market, by Distribution Channel
Global Flavored Syrups Market, by Region
|Market Size||USD 58,763.2 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Flavor Type, Category, Distribution Channel, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||The J.M. Smucker Company (US), Wholesome Sweeteners Inc. (US), Conagra Brands, Inc. (US), VKL Seasoning Pvt. Ltd. (India), Nestlé S.A. (Switzerland), The Hershey Company (US), Kerry Group plc (Ireland), R. Torre & Co. (Torani) (US), Amoretti (US), and Monin, Inc. (France).|
|Key Market Opportunities||Demand for new flavors|
|Key Market Drivers||Growth of the food service industry|
The flavored syrups market is projected to grow at a 5.26% CAGR between 2022-2030.
Key players profiled in the flavored syrups market include The J.M. Smucker Company (US), Wholesome Sweeteners Inc. (US), Conagra Brands, Inc. (US), VKL Seasoning Pvt. Ltd. (India), Nestlé S.A. (Switzerland), The Hershey Company (US), Kerry Group plc (Ireland), R. Torre & Co. (Torani) (US), Amoretti (US), and Monin, Inc. (France).
The flavored syrups market is predicted to touch USD 58,763.2 million by 2030.
The Asia Pacific is expected to lead the flavored syrups market.
Key strategies adopted by industry players to strengthen their position in the flavored syrups market include mergers and acquisitions, partnerships, product launches, and others.