Global Flavored Syrup Market Size, Share & Industry Trends Analysis Report By Product (Fruit, Chocolate, Vanilla, Coffee, and Others), By Distribution Channel (B2B and B2C), By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Flavored Syrup Market
Market Report Description
The Global Flavored Syrup Market size is expected to reach $61.5 billion by 2028, rising at a market growth of 3.7% CAGR during the forecast period.
To create a concentration, natural or artificial flavoring chemicals are combined with sugar or sucrose to create flavored syrups. Flavored syrups can be combined with several meals and drinks, including pancakes, waffles, cake, ice cream, carbonated water, coffee, cocktails, and tea. These concentrates are well-liked throughout the world due to the broad range of cuisines in which they can be used as possible flavor enhancers.
There are many flavors of flavored syrups, including concentrated, sugar-free, organic, natural, gluten-free, and sweetened without sugar. The increase in demand for personalized flavors in the food and beverage industry is credited with driving this market expansion. The market is also being driven by consumers' increasing preference for convenience and ready-to-eat foods.
Additionally, the growing customer preference for syrups with a high fruit content has been a significant driver for manufacturers to release a variety of syrups infused with natural components, which is anticipated to hasten market growth. For instance, orange and raspberry are the two most popular fruit tastes.
Additionally, the producers of duo-fruit syrups like Lime-Mint, Lime-Ginger, and Raspberry-Mint, which offer a blend of sour, sweet, and bitter tastes, are being inspired by consumers' eagerness to experiment with new and unusual fruit flavors.
Additionally, producers are creating and introducing new tastes to meet consumers' constantly shifting palate preferences, helping to expand the global market. For example, a new product category comprising honey with distinctive flavors, like elder lime with honey, baked apples with honey, and raspberry-lemon balm with honey, was introduced by a few regional players.
COVID-19 Impact Analysis
The impact of COVID-19 on demand for flavored syrups has been marginal. Due to limits on customer movement and eating outside, flavored syrup sales in hotels and restaurants have decreased. However, while the work-from-home culture encouraged people to prepare various meals at home and buy novel components, like flavored syrups, the demand for domestic consumption remained essentially unchanged in 2020. During the pandemic, this element boosted the market's expansion. Moreover, with the leniency in lockdowns, people have started visiting hotels and restaurants. As a result, the global market is anticipated to return to pre-lockdown levels, boosting industry demand throughout the projection period.
Market Growth Factors
Expansion of the Food Services Sector
The food service sector is one of the most prominent end customer categories of flavored syrups. A substantial portion of flavored syrup sales are made at cafés, restaurants, bakeries, bars, and hotels, where they are used as toppings for sweets, baked goods, pancakes, coffee, and other beverages. In addition, most mocktails, cocktails, and other non-alcoholic drinks have them as ingredients. Sales of flavored syrups are increasing as people drink more cocktails and mocktails at social gatherings, business conferences, and concerts.
Demand for Novel Flavors
The market's players need to put more of a focus on R&D operations due to the growing demand for new tastes. Consumer preferences are constantly changing as a result of changing lifestyles, eating habits, and a desire for diversity. Manufacturers of flavored syrup are concentrating on rolling out new flavors to maintain their place in the worldwide market while catering to consumers' shifting preferences. Market companies have begun adding new flavors and fruit-based combinations to their product lineups in response to the rising demand for these flavors.
Market Restraining Factors
Increasing Health Issues
In the current market environment, sugar syrup is used as a base component in producing most flavored syrups. Consuming sugar-based flavored syrups in large quantities increases calorie intake, which causes many health problems like diabetes, obesity, and heart troubles. The American Heart Association recommends that men and women consume no more than 150 calories daily, respectively, while women should consume no more than 100 calories daily.
Based on Product, the market is divided into Fruit, Chocolate, Vanilla, Coffee, and Others. In 2021, the segment that accounted for the largest share was fruit. One of the key factors propelling the market expansion is the rising demand for flavoured syrups with fruit infusions and distinctive flavours. Producers have also been concentrating on creating mixed fruit syrups and introducing novel flavors to maintain their position in the international market.
Distribution Channel Outlook
Based on distribution channel, the market is categorized into B2B and B2C segments. The fastest CAGR will be seen in the B2C market. This is due to the increased demand for flavored syrups around the world. Moreover, throughout the projection period, this segment's growth is anticipated to be accelerated by the rise in flavored syrup sales, which are primarily conducted via company-owned websites and other e-commerce platforms.
|Market size value in 2021||USD 48 Billion|
|Market size forecast in 2028||USD 61.5 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 3.7% from 2022 to 2028|
|Number of Pages||148|
|Number of Tables||270|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Product, Distribution Channel, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on the geography, the market is categorized into North America, Europe, Asia Pacific, and LAMEA. Due to the widespread use of fruit syrups in the United States and Canada and the expanding popularity of flavored syrups in everyday foods such as snacks, beverages, cereals, and desserts, North America surpassed all other regions in terms of revenue in 2021. In addition, due to the abundance of high-quality toppings, chocolates, tastes, and fillings in this area, the bakery business is predicted to experience tremendous expansion.
Free Valuable Insights: Global Flavored Syrup Market size to reach USD 61.5 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Hershey Company (Hershey Trust Company), The Kraft Heinz Company, Kerry Group PLC, Tate & Lyle PLC, Toschi Vignola s.r.l., MONIN, Fuerst Day Lawson Ltd., R. Torre & Co., Nature's Flavors, Inc., and Sonoma Syrup Co.
Strategies deployed in Flavored Syrup Market Report Coverage
- Nov-2022: MONIN released Le Crush de MONIN, a new product line with three flavors: Strawberry, Pineapple, and Mango. The addition of flavors in MONIN's suite delivers more options for pastry chefs, bartenders, baristas, ice cream makers, and at-home mixologists.
- Jun-2022: Fuerst Day Lawson Ltd. took over Quest Ingredients Ltd., a manufacturer of flavor and botanical extract. This acquisition is part of FDL’s strategy to broaden its core markets and customers in Europe and the United States region.
- May-2022: Kerry opened a new manufacturing facility in KwaZulu-Natal, South Africa. The facility will help in the production of sustainable nutrition solutions which would be consumed around the African Continent.
- Nov-2021: Hershey India Pvt Ltd., a part of The Hershey Company unveiled the ‘Better-For-You’ variant for its premium chocolate Hershey’s Kisses. The product consists of 30% less sugar packed within a recyclable pack delivering consumers a choice that is ‘better for you and better-for-environment as well.
- Jan-2021: Tate & Lyle announced the launch of REZISTA MAX thickening starches and BRIOGEL gelling starches, a tapioca-based thickening, and gelling starches offering. The product would help food manufacturers provide better products considering improved mouthfeel, process tolerance, and texture.
- Dec-2020: Tate & Lyle completed the acquisition of Sweet Green Fields, a supplier of Stevia. Through this acquisition, Tate & Lyle would enhance its stevia solution and abilities by building a combined supply chain along with research and development efforts to increase the innovation of stevia products.
- Apr-2019: Torani announced the launch of Puremade and Sauces, consisting of real, simple ingredients with no artificial flavors, colors, or preservatives. The company is broadening its portfolio by adding a new series of expertly crafted syrups and sauces, providing amazing flavor with clean, natural ingredients.
- Aug-2018: Kraft Heinz partnered with The Hershey Company, a chocolate manufacturing Company. Under this partnership, companies would launch Hershey’s Milk Chocolate and Reese’s Peanut Butter Cup Dairy Whipped Toppings to offer various flavors to the vanilla dairy whipped topping segment.
Scope of the Study
Market Segments Covered in the Report:
By Distribution Channel
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- The Hershey Company (Hershey Trust Company)
- The Kraft Heinz Company
- Kerry Group PLC
- Tate & Lyle PLC
- Toschi Vignola s.r.l.
- Fuerst Day Lawson Ltd.
- R. Torre & Co.
- Nature's Flavors, Inc.
- Sonoma Syrup Co.
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What would be the size of the Flavored Syrup Market by 2028?
The Flavored Syrup Market size is projected to reach USD 61.5 billion by 2028.
What are the key driving factors and challenges in the Flavored Syrup Market?
Expansion Of The Food Services Sector are driving the market in coming years, however, Increasing Health Issues restraints the growth of the market.
What are the major top companies in the competitive landscape?
The Hershey Company (Hershey Trust Company), The Kraft Heinz Company, Kerry Group PLC, Tate & Lyle PLC, Toschi Vignola s.r.l., MONIN, Fuerst Day Lawson Ltd., R. Torre & Co., Nature's Flavors, Inc., and Sonoma Syrup Co.
At what CAGR is the Flavored Syrup Market estimate to grow in the forecast period?
The expected CAGR of the Flavored Syrup Market is 3.7% from 2022 to 2028.
Which segment shows a high revenue share of the Flavored Syrup Market in 2021?
The B2B segment acquired maximum revenue share in the Global Flavored Syrup Market by Distribution Channel in 2021 thereby, achieving a market value of $49.1 billion by 2028.
Which region dominated the Flavored Syrup Market in 2021?
The North America market dominated the Global Flavored Syrup Market by Region in 2021; thereby, achieving a market value of $21.0 billion by 2028.