The Global Flavoured Syrups Market was worth $40.65 billion in 2016 and estimated to be growing at a CAGR of 3.70%, to reach $48.75 billion by 2021. There is a rising demand for syrups as a sweetening agent in the food and beverage industry, due to huge ingestion of processed foodstuff and a profuse yearning for items that have high sugar levels. Syrup is a dense mix of water and sugar generally flavoured or medicinal, or the accumulated juice of a fruit or plant.
Syrups are mostly used in the food and beverage and the pharmaceutical industries. Most regular types of syrups are chocolate, coffee, vanilla, fruit, maple, and Palm. Syrups are utilised for not only enhancing sweetness in food items but they are also used as natural preservative to decrease water activity.
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The growth of the Flavoured Syrups market is majorly driven by factors such as growing consumer demand for a range of flavours in food products, custom-made flavour choices, and increasing user predilection towards convenience & ready-to-eat foods. The high growth potential in developing markets and untouched regions offers new prospects for the market players. The key restraint of the syrup market is the high sugar level in synthetic sweeteners which lead to health problems. Another restrictive factor for the market is the competition from sweet spreads and non-traditional sweet frostings, such as jams, preserves and chocolate spreads, which are grabbing up a big part of the breakfast spread market and posing firm competition to the syrups.
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The Global Flavoured Syrups market is segmented based on flavour, flavour type, and application. The market for Flavoured Syrups, on the basis of flavour, is classified into Chocolate, Coffee, Herbs & Seasonings, Vanilla, Fruit, Maple, Malt, Palm, and Others. On the basis of flavour type, the global Flavoured Syrups market is segmented into Salty, Sour, Mint, Savoury, Sweet. On the basis of Application, the global Flavoured Syrups market is segmented into Dairy & Frozen Desserts, Bakery, Confectionery, Beverage, and Others. Fruit syrups lead the global market share owing to their extensive usage in beverages such as soft drinks, trailed by maple syrup with its extensive practice in the North American region. Chocolate syrup has the highest CAGR due to rising user interest in chocolate as a topping. Under the applications segment, Dairy & frozen desserts has the highest CAGR because of its use in milkshakes, frappes, flavoured milk, whipped creams, and others.
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The market has also been geographically segmented into North America, Europe, Asia-Pacific and the Rest of the World. The North America region was the largest market for Flavoured Syrups followed by Europe, due to the high rate of production and intake of syrups in the region. The developing markets of Asia-Pacific most importantly India and China, account for the high growth rate due to growing disposable incomes, and the popularity of western food trends among the middle class.
The major companies dominating the Flavoured Syrups market are Hershey, Tate & Lyle, Kraft Heinz Company, Monin Inc., Kerry Group Plc., Sonoma Syrup, Cedarvale Maple Syrup, and Sensient Technologies Corporation.
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