As per a new report published by Fact.MR – a market research and competitive intelligence provider, the global flavored syrup market is anticipated to exceed a valuation of around US$ 5 Bn by 2021, and is expected to expand at an impressive CAGR of around 5% over the forecast period of 2021 to 2031. North America dominates the consumption of flavored syrup owing to its huge urban population.
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Overall demand for flavored syrup has witnessed significant growth in the past few years due to growing demand for customized flavors in food & beverages. While household demand for flavoured syrup is being triggered by growing consumption of soda, cocktails, and bakery products, its demand in food processing is being driven by expanding specialty bakery and confectionery products demand.
Constant surge in urbanization has prompted customers to try food ingredients at home. On the other hand, expansion of the food services sector and rising culture of having breakfast outside the house have elevated demand for ingredients such as flavored syrup.
To put it in simple terms, consumer trends worldwide suggest that consumers now tend to take their regular meals outside of home due to their hectic schedules, whereas, out of passion for cooking, they are preparing innovative cuisines at home. Transformation in consumer habits in both scenarios are proving beneficial for flavoured syrup manufacturers.
Key Takeaways from Market Study
- South Asia is estimated to witness major growth over the forecast period, accounting for over 9% CAGR.
- In 2020, North America held the highest market share of around 34%, followed by Europe.
- In 2020, North America and Europe together accounted for over 60% of global demand for flavored syrup. The European market is expected to offer over US$ 3.9 Bn absolute dollar opportunity over the next ten years.
- Fruit flavoured syrup commanded highest revenue share of 38% in 2020, while the market for vanilla flavoured syrup is estimated to witness the fastest growth.
- In terms of end use, revenue through dairy product manufacturers is expected to grow by 60 BPS.
“New flavors and ‘natural’ positioning of products are key for the success of flavored syrup manufacturers, says a Fact.MR analyst.
Market Segments Covered in Flavored Syrup Industry Analysis
- By Flavor
- Fruit Flavored Syrup
- Chocolate Flavored Syrup
- Vanilla Flavored Syrup
- Other Flavor Syrups
- By End Use
- Household Consumption of Flavored Syrup
- Flavored Syrup for Bakery and Confectionery
- Flavored Syrup for HoReCa
- Flavored Syrup for Dairy Product Manufacturers
- Flavored Syrup Other Applications
- By Sales Channel
- Direct Sales of Flavored Syrup
- Modern Trade of Flavored Syrup
- Flavored Syrup Sold at Convenience Stores
- Flavored Syrup Sold at Specialty Food Stores
- Flavored Syrup Sold through Other Sales Channels
Competition Landscape
According to market research analysis, product launches were the prominent development in the flavoured syrup market. The Hershey Company, Kerry Group, Tate & Lyle, Monin Inc., Fuerst Day Lawson, Torani, Archer Daniels Midland Company, Starbucks Coffee Company, Smucker’s, Walden Farms, Fox Syrups, and B&G Foods are prominent manufacturers of flavoured syrup.
Some of the key developments are:
- In February 2021, Monin Inc. introduced strawberry rose flavoured syrup. Strawberry rose flavour adds a scarlet hue while it carries notes of candied strawberry and soft rose in sip and bites of the products in which it is used. It is ideal for recipes including lattes, teas, cocktails, lemonades, sparkling waters, dressings, desserts, among others.
- In June 2021, Torani announced the launch of flavour lineup including Puremade Chocolate Hazelnut Sauce, Puremade Mangonada Syrup, and Puremade Black Sugar Syrup. Puremade Chocolate Hazelnut Sauce is the nut allergen-free sauce Inspired by the classic flavor combination commonly found in Italy. Puremade Mangonada Syrup is a mix of sweet, sour, salty, and spicy characteristics.
Similarly, recent developments related to companies offering flavored syrup have been tracked by the team at Fact.MR, which are available in the full report.