Market Research Future’s newest report on the global flavored syrups market predicts consistent growth for the market. Used extensively in a wide variety of F&B applications, flavored syrups presently can be found in almost every imaginable flavor. Consumer demand for flavored syrup has grown considerably due to innovative food and beverage trends which use novel flavors to their products. For instance, Starbucks often has innovative flavored drinks such as pumpkin spice and Irish cream that inspire consumers and result in demand for the same.
Available both naturally and artificially flavored, these syrups are in high demand due to their concentrated flavor and flexibility of use. They can be added to bakery products, beverages, frozen desserts and others. Used extensively to make flavored lattes, cakes, and as toppings for waffles and pancakes, the demand for popular flavors and classic flavors has grown exponentially due to growing demand for the above-mentioned food items. A rapidly growing population with rising disposable incomes has resulted in increased demand for trendy food items. Flavored syrups market are also used in cocktails, packed juices and along with novel home carbonation machines so that consumers can create their own sodas. Product promotions and increasing innovations in flavors are expected to offer opportunities for growth. Moreover, the demand for healthier syrups sweetened with sugar alternatives, and containing fewer artificial ingredients will likely impact the market positively in the coming years.
Market Segmentation
The global market for flavored syrups is segmented on the basis of product type, flavor, application, flavor type, and region. By product type, the market is segmented into natural and synthetic syrups. Synthetically produced syrups account for the most significant share of the market due to the low cost of production associated with them combined with the easy availability of the same.
By flavor, the market is segmented into chocolate, vanilla, herbs & spices, coffee, fruits, maple, and others. Among these, the chocolate flavor segment dominates the market due to high consumer preference.
By application, the market is segmented into dairy & frozen desserts, beverages, confectionery & bakery products and others. Bakery & confectionery account for the largest share due to the extensive use of flavored syrups to achieve various flavored baked items. Meanwhile, the dairy & frozen desserts segment is expected to witness the highest growth rate.
By flavor type, the market is segmented into sweet, savory, sour, and others. Sale of sweet syrups is expected to drive the market significantly and accounts for the largest segment.
Regional Analysis
North America accounts for the majority share of the global market due to the increased demand for flavor additives from the developed countries in the region. The presence of a massive and highly competitive F&B sector is expected to drive the demand for innovative flavored syrups. There is a high production volume of flavored syrups which is a key contributor to the regions leadership position. Europe with its comparable growth pattern and high disposable income is another leader in the global flavored syrups market. The biggest importers of flavored syrups include the U.S, the U.K, Germany, China, and Canada.
Key Players
Prominent players in the market which use various leading market strategies and are included in MRFR’s competitive analysis are Kerry Group Plc., Sensient Technologies Corporation, Concord Foods Inc., Monin, Inc., Wild Flavors, Inc., The Hershey Company, and Tate & Lyle Plc.
Latest Industry News
Artisinal Maple Syrup Company, Runamok Maple has launched a jasmine tea-infused maple syrup. The U.S based company has 12 other maple syrup flavors.
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