Market Overview
Global Flavored Syrups Industry is projected to be valued at USD 58,065.3 Million by 2026, expanding at a CAGR of 5.7% during the forecast period. 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. They are prepared using natural or artificial flavoring agents mixed with sugar or sucrose to obtain a concentrate. Growth of the foodservice 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.
Competitive Landscape
Market Research Future recognizes 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) as the Key Players in the Global Flavored Syrups Market.
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Market Segmentation
Global Flavored Syrups Market has been segmented on the basis of Type, Category, Distribution Channel, and Region.
By Type, the market has been divided into fruits, coffee, chocolate, vanilla, mint, nuts, caramel, blends, others. The fruits segment is further bifurcated into strawberry, blueberry, apple, orange, and others. The blends segment accounted for the maximum market share in 2019 whereas, the mint segment is expected to register the highest CAGR of 6.5% during the forecast period. Mint syrup has various applications, including the preparation of alcoholic and non-alcoholic beverages. It is used as a natural flavor in cocktails, coffee, tea, cake, and in icings or fillings in desserts. Growing awareness of the benefits of consuming mints, such as improvement in digestion, increased appetite, and recovery from cold and flu, is driving the growth of the segment.
Based on Category, the global flavored syrups Industry has been classified as organic and conventional. The conventional segment accounted for a dominant share of the market in 2019 in terms of value. Conventional is the most widely available form of flavored syrups in the market. The conventional segment consists of flavored syrups with ingredients that are cultivated with the help of chemical fertilizers.
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Regional Analysis
Geographically, the Global Flavored Syrups Industry has been categorized as North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, Asia-Pacific dominated the market, accounting for the largest share in 2019. The Asia-Pacific flavored syrups market is projected to register a CAGR of 6.0% during the forecast period.
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