The global flavored syrup market accounted for US$ 42,306.1 Mn in 2018 and is expected to grow at a CAGR of 4.9% during the forecast period 2019 – 2027, to account for 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. Growing consumer demand for convenience foods coupled with rising application of flavored syrup in the food, beverages and pharmaceutical industries are the prominent factors boosting the flavored syrup market growth.
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 concerns among the people along with the increasing consumer awareness through effective product promotion strategy are another two other factors bolstering the growth of the market. Further, the shift in consumption patterns, along with the rise in disposable income and growing consumer preferences for different varieties of flavors in beverages, is further propelling the growth of the market.
In 2018, North America accounted for the largest share of the global flavored syrup market. The growth of the market in this region is primarily attributed to the growing demand from the fast-food chains and restaurants in countries such as the US, Canada, and Mexico. Additionally, the demand for convenience and ready to eat food products is increasing in the region due to the busy lifestyle and a higher standard of living and purchasing power among the consumers. Rising consumption of bakery and dairy products is further propelling the demand for the global flavored syrup market. Further, manufacturers such as Amoretti, Archer Daniels Midland Company, ASR Group, and Monin, Inc. have established a strong presence in the region and are aiming to capture better market share.
Some of the players present in global flavored syrup market are Archer Daniels Midland Company, ASR Group, Cedarvale Maple Syrup Co., Kerry Group, Kraft Heinz Company, Monin, Inc., Sensient Technologies Corporation, Small Hand Foods, Sunny Sky Products, Llc and The Hershey Company, among others.
The overall global flavored syrup market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the flavored syrup market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the flavored syrup market.