There has been a considerable interest been witnessed in the past towards cooking among consumers. In fact, several channels as well as social media streaming channels designated to cooking have led to a surge in consumer interest towards cooking innovative dishes at home. This ahs also boosted the demand for several ingredients at household levels. Flavored syrup has gained traction from household consumers in the past few years.
Surge in urbanization along with out of home food expenditure of consumers is expected to contribute to the growth of the market. Due to surge in urbanization, dietary habits have also been changing.
Consumer’s consumption of bakery products and beverages such as coffee and milkshake has increased significantly. This has finally led to surge in demand for related ingredients, including flavored syrup.
Also, COVID-19 has significantly impacted demand for flavored syrup. Especially flavored syrup sales by HoReCa sector have suffered the highest jolt owing to major restrictions on outdoors eating and consumer movements. Moreover during 2020, demand through household consumption was intact as surge in work from home culture was witnessed. This had encouraged consumers to prepare dishes at home and procure new ingredients.
Surge in urbanization boosting the growth of the market
Constant surge in urbanization in developing countries has led to drastic transformation in the consumption pattern of people. Moreover, multiple number of international cuisines are being served at various different occasions as a part of celebration.
These transformations have led to a positive impact on the supply chain. Moreover, flavored syrup has also gained traction due to substantial attention from restaurants and hotels in developing countries.
Millennial amongst the most experimental customers
Millennial are considered as the most relevant customers when it comes to exploring and trying new cuisines In the US, around 80% of millennial visit restaurants at least once a week. Moreover, with high purchasing power, millennial are also open to spend more on regular cuisines. Also, they spend heavily on their restaurant bills where flavored syrups are used.
Product launches are the prominent key strategies followed by key players
Key suppliers of flavored syrup are adopting various strategies such as product launches to establish their market share. Some of the key developments in the market are:
- In June 2021, Torani announced the launch of flavor 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, In February 2021, Monin Inc. had introduced a new flavor that adds a scarlet hue while it carries notes of candied strawberry and soft rose. Moreover, it is ideal for various recipes such as teas, cocktails, lemonades, sparkling waters, dressings, and desserts, among others.
North America is expected to hold a significant market share of the market
Consumers in the US consume substantial volume of waffle, cake, coffee, ice cream, and flavored milk. Flavored syrups are commonly used in these products.
Moreover, the US demand for flavored milk has crossed 2 Bn Litres, in the meanwhile, coffee consumption has been way too higher too.
North America is expected to account for around 30% of the global flavored syrups market. Also, food-processing businesses in the region are also focusing on procurement of food flavors in different formats.