Report : Flavored Syrup Market to 2027 - Global Analysis and Forecasts By Flavor (Fruit, Chocolate, Vanilla, Herbs and Seasonings, and Others); Flavor Type (Sweet, Salty & Savory, Sour, and Mint); Application (Beverages, Dairy & Frozen Desserts, Confectionery, Bakery, and Others); and Geography
The global flavored syrup market was valued at US$ 42,306.1 Mn in 2018, and it is expected to grow at a CAGR of 4.9% during the forecast period 2019–2027 to reach US$ 64,960.7 Mn by 2027.
The flavored syrup is produced with natural or artificial flavoring ingredients mixed with sugar to obtain a concentrate. The flavored syrup is used in a variety of food and beverages such as coffee, frozen desserts, pancakes, waffles, and others to increase their organoleptic properties. The Europe region is projected to grow at a faster pace over the forecast period. Factors such as an increase in disposable income with better lifestyles are the major driving factors for flavored syrup in the European region. The flavored syrup market in the Europe region is mainly driven by strong performances in countries such as Germany, France, Italy, and UK, among others. Growth is driven by increasing demand for convenience food from younger generations, mainly millennials. Further, the increased consumption of the bakery and food industry are continuously introducing new variants of flavored syrups in the market, to satisfy the growing need for convenience and ready-to-eat food among consumers, supporting the growth of the flavored syrup market. The growth of the retail network is expected to further supplement the growth of the flavored syrup market in the Europe region as the various retail channels provide easy accessibility of a variety of flavored syrup products at an affordable price, which attracts the consumer.
On the basis of application, the global flavored syrup market is categorized into beverages, dairy & frozen desserts, confectionery, bakery, and others. In 2018, the beverages segment accounted for the largest market share in the global flavored syrup market. The growth of the beverages segment is mainly attributed to the growing demand for various beverages such as packed fruit juices, concentrates, fruit purees, milkshakes, flavored milk, cocktails, soda and cold drinks, and hot beverages such as tea and coffee. Moreover, growing health concern among the people along with the increasing consumer awareness through effective production promotion strategy are another two other factors bolstering the growth of the market. Further, shift in consumption patterns along with rise in disposable income and growing consumer preferences for different variety of flavors in beverages is further propelling the growth of the market.
The global flavored syrup market by geography is segmented into five regions, including North America, Europe, Asia Pacific, Middle East and Africa, and South America. The market for global flavored syrup is dominated by North America followed by and Europe and Asia-Pacific region. Some of the key players in the global flavored syrup market are Sensient Technologies Corporation, Kraft Heinz Company, Cedarvale Maple Syrup Co, Archer Daniels Midland Company, ASR Group, Kerry Group, Monin, Inc., Small Hand Foods, Sunny Sky Products, LLC, and The Hershey Company among others.
The report segments the global flavored syrup market as follows:
Global Flavored Syrup Market – By Flavor
Global Flavored Syrup Market – By Flavor Type
Global Flavored Syrup Market – By Application
Global Flavored Syrup Market – By Geography
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