Flavoured Syrups Market Application, by Type, Consumption, Key Driven, Regional Revenue, Forecast
Flavoured Syrups Market Scope
The flavoured syrups market is expected to grow at a CAGR of 5.10% and USD 54.92 Billion during the forecast period
Growth Drivers and Challenges
Flavoured syrups are popular given their organic nature, extensively used for imparting sweetness to food products and improve their taste. Some of the common food products in which flavoured syrups are used include cold drinks, cocktails, and several other beverages.
With the rapidly booming dairy industry across the globe, consumption of milkshakes, flavoured milk, whipped cream, yogurts, smoothies, and frappes has surged exponentially among consumers. This is the result of the heightened focus on a healthy lifestyle, which will facilitate further growth of the flavoured syrup market. The frozen desserts segment can expect to attain a prime position in the worldwide market in subsequent years. Singapore, China, Australia, and New Zealand are the top consumers of soft drinks, dairy products, and ice cream, making Asia Pacific one of the most profitable flavoured syrups markets.
A vast range of low-calorie syrups are currently sold in the market, which helps consumers maintain their health. Availability of various personalized flavours adds to the appeal of flavoured syrups as well. Surging preference for natural and organic products worldwide should provide lucrative business opportunities to the vendors in the years to come.
Eminent Vendors
The favoured syrup key market players are Monin, Inc. (France), VKL Seasoning Pvt. Ltd (India), The Hershey Company (Ireland), Kerry Group plc (US), R. Torre & Co. (Torani) (US), The J.M. Smucker Company (US), Nestlé S.A. (Switzerland), Amoretti (US), Conagra Brands, Inc. (US), and many more.
Segmental Review
Flavoured syrups market types available in the global industry are Blends, fruits {Orange Apple, Strawberry, Blueberry, and more}, Mint, Chocolate, Caramel, Coffee, Nuts, Vanilla, and others.
The major categories discussed in the study are organic as well as conventional.
Distribution channels selling flavoured syrups include food retail as well as foodservice.
Regional Insight
Asia Pacific owns maximum portion of the worldwide flavoured syrups market, which accounts for 33.81% as recorded in 2019. As the global leader, the APAC market will be observing robust growth at a rate of 6.0% over the following years, with China reckoned to be the top performer. The escalating number of restaurants, bakeries, coffee shops, and cafes in the country, paired with the rising economic standards would also bolster the market value. Consumers in the region are showing great interest in exploring new recipes that involve the use of flavoured syrups, especially chocolate syrup. The rapidly surging trend of dining out and the eagerness to consume new recipes will further elevate the market share in the approaching years.
North America, with the US in the lead, has a massive number of cafés, restaurants, and bars, which pushes the demand for flavoured syrups. These are majorly used in cocktails, coffee, desserts, mocktails, and tea, in the region. Another growth enhancing factor can be the heightened awareness level among consumers about the varieties available in the market. The US market size will be burgeoning rapidly in the years ahead, thanks to the rising sales of dairy, several bakery products along with chocolates.
Recent News
December 2021
Death & Co, a popular New York City bar, has released a range of cocktails that contain spirits, in partnership with The Craft Spirits Cooperative. The first three products will be Ranger Buck (ginger syrup, birch, amaro, and Woody Creek Bourbon), Moonsail Fizz (vanilla syrup, red bitter liqueur, Bimini Gin, lime, and passion fruit), along with Aurora Highball (mint syrup, pear brandy, Woody Creek Vodka, green tea, and sake).
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