The global flavored syrup market is expected to surpass a valuation of US$ 84 billion by 2031, growing at a CAGR of 5% during the forecast period 2021 to 2031 in comparison to 4% CAGR registered between 2016 to 2020. As per Fact MR, the increasing demand in household and bakery & confectionery sectors will give tailwinds to flavored syrup sales, which is estimated to grow at 1.6X during the assessment period.
Fruit flavored syrup is dominating the global market due to its widespread applications in beverage products such as cocktails, mocktails, soda, and soft drinks. As these syrups are utilized as a topping ingredient in cakes, rolls, pancakes, and desserts, the fruit flavor segment is likely to account for over 38% of the revenue share by 2021.
On the flip side, the COVID-19 pandemic has severely impacted the global market. A significant decline in sales has been witnessed due to the closure of the leading syrup consuming sectors - hotel, restaurant, and catering (HoReCa) amidst lockdown. Considering this, the demand for flavored syrup was down by 2.4% in 2020. Nevertheless, with increasing demand from the household sector and ease of lockdown, the market is expected to bolster.
As per an analysis Fact.MR, North America is dominating the market, accounting for a revenue of US$ 17 billion in the year 2020. In response to rapidly expanding food industry and rise in number of restaurant chains, North America is anticipated to account for more than 30% of the syrup demand throughout the forecast period.
"Flavored syrup manufacturers are emphasizing on developing innovative flavors by using duo-fruit and honey-containing syrups to cater to frequently changing preferences in the taste of the consumer, in turn, contributing to the global market growth," says the Fact.MR analyst.
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Key Takeaways from Flavored Syrup Market Study
- The U.S. is leading the market in North America and the sales of flavored syrups in the country are likely to reach a valuation of US$ 13 billion by 2021.
- The market in Europe is expected to grow at a CAGR of 2.6% during the assessment period, owing to high consumption of baked and confectionery products.
- China is projected to witness an absolute dollar ($) opportunity of US$ 4.4 billion over the assessment period 2021 to 2031.
- The market in Japan and South Korea is anticipated to expand at a CAGRs of over 6%, collectively accounting for nearly 60% of the market share in East Asia.
- Based on end use, the hotel, restaurant, and catering (HoReCa) sector is leading the segment and is predicted to contribute a valuation of more than US% 36 billion by 2031.
Key Drivers
- Growing consumer interest in cooking at home is expected to drive the market.
- Rising number of hotels, restaurants, and catering is fueling the demand for flavored syrups.
- Suring usage of flavored syrup in making beverages such as milkshakes and cocktails is boosting the market growth.
- Increasing consumption of bakery and confectionery products is bolstering the sales of flavored syrups.
Key Restraints
- Adverse effects such as stomach upset and high blood sugar is impeding the sales of the flavored syrups.
- The unprecedented outbreak of coronavirus is restraining the market growth.
- Volatility in the cost of raw materials is hampering the growth of the market.
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Competitive Landscape
Leading players in the flavored syrup industry are focusing on developing innovative flavors to enhance their product portfolio and expand their market share. For instance,
- In February 2021, Monin Inc. announced a launch of its new strawberry rose flavored syrup. The flavor adds a scarlet hue while it carries soft rose and notes of candied strawberry in sip and bites of the products in which it is used.
- In June 2021, Torani the launched its new line of flavors including Puremade Mangonada Syrup, Puremade Chocolate Hazelnut Sauce, and Puremade Black Sugar Syrup.
Some of the leading players operating in the flavored syrup market profiled by Fact.MR 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
- Fox Syrups
- B&G Foods
More Valuable Insights on Flavored Syrup Market
Fact.MR, in its new report, offers an unbiased analysis of the global flavored syrup market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in the flavored syrup market with detailed segmentation:
- By Flavor
- Fruit Flavored Syrup
- Chocolate Flavored Syrup
- Vanilla Flavored Syrup
- Other Flavor Syrups
- By End Use
- Household Consumption of Flavored Syrup
- Flavored Syrup for Bakery and Confectionery
- Flavored Syrup for HoReCa
- Flavored Syrup for Dairy Product Manufacturers
- Flavored Syrup Other Applications
- By Sales Channel
- Direct Sales of Flavored Syrup
- Modern Trade of Flavored Syrup
- Flavored Syrup Sold at Convenience Stores
- Flavored Syrup Sold at Specialty Food Stores
- Flavored Syrup Sold through Other Sales Channels
Key Questions Covered in the Flavored Syrup Market Report
- The market survey also highlights projected sales growth for the flavored syrup market between 2021 and 2031
- The report offers insight into flavored syrup demand outlook for forecast period 2021-2031
- Flavored syrup market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Flavored syrup market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
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