Syrup Market Size, Share, Growth & Trends Forecast
IMARC Group, a leading market research company, has recently released a report titled “Syrup Market Report by Flavor (Vanilla, Strawberry, Chocolate, Mint, and Others), Application (Beverages, Dairy and Frozen Desserts, Confectionaries, Bakery Products, and Others), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Sales, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the global syrup market trends, share, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global syrup market size reached US$ 3.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4.7 Billion by 2032, exhibiting a growth rate (CAGR) of 3.8% during 2024-2032.
Global Syrup Market Trends:
The growing popularity of ethnic and exotic flavors, which cater to adventurous consumers seeking new taste experiences, and the increased use of syrups in non-traditional applications such as pharmaceutical formulations and health supplements are contributing to the market growth.
Apart from this, the rising trend of personalized nutrition and customization, where consumers seek tailored flavors and nutritional benefits, and the increasing incorporation of syrups in plant-based and vegan food products to enhance taste, aligning with dietary preferences and lifestyle choices, is providing an impetus to the market growth.
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Factors Affecting the Growth of the Syrup Industry:
· Increasing consumer preference for natural and organic products:
As health awareness rises globally, consumers are becoming more cautious about the ingredients in their food and beverages (F&B). There is a growing demand for natural and organic syrups made without artificial additives, preservatives, or high fructose corn syrup. This shift towards healthier options is propelled by the broader wellness trend, where consumers actively seek products that align with a healthy lifestyle. Organic and natural syrups, such as those derived from agave, honey, and maple, are perceived as healthier alternatives to traditional sugar and artificial sweeteners.
As a result, manufacturers are increasingly focusing on introducing and promoting natural and organic syrup products to cater to this evolving consumer demand, thus strengthening the market growth.
· Expanding application scope of syrups in the F&B industry:
Syrups are versatile ingredients used across various products, including beverages, desserts, dairy products, and baked goods. In the beverage industry, syrups are essential for flavoring and sweetening soft drinks, cocktails, and specialty coffee drinks. The growing trend of artisanal and craft beverages has led to increased usage of flavored syrups to create unique and appealing drink profiles.
Additionally, the bakery and confectionery sectors heavily rely on syrups for their texture, flavor, and moisture-retaining properties, making them indispensable ingredients. The dairy industry also uses syrups to enhance the taste and appeal of products like yogurt, ice cream, and flavored milk. The wide range of applications and the constant innovation in product offerings, as manufacturers continue to explore new uses and formulations, are aiding the market expansion.
· Rising demand for convenience foods:
In a fast-paced lifestyle, consumers seek quick and easy meal solutions that do not compromise on taste or quality. Syrups provide an easy way to add flavor and sweetness to various dishes and beverages, making them popular among busy consumers. Ready-to-eat (RTE) and ready-to-drink (RTD) products, which often contain syrups for flavor enhancement, are experiencing significant growth. This trend is particularly evident in urban areas where the demand for convenience foods is high due to busy lifestyles and increasing disposable incomes.
Moreover, the food service industry, including restaurants, cafes, and fast-food chains, relies heavily on syrups to create a wide variety of menu items efficiently, thereby supporting the market demand.
Syrup Market Report Segmentation:
By Flavor:
· Vanilla
· Strawberry
· Chocolate
· Mint
· Others
Based on flavor, the market is segmented into vanilla, strawberry, chocolate, mint, and others.
By Application:
· Beverages
· Dairy and Frozen Desserts
· Confectionaries
· Bakery Products
· Others
Based on the application, the market is classified into beverages, dairy and frozen desserts, confectionaries, bakery products, and others.
By Distribution Channel:
· Supermarkets and Hypermarkets
· Convenience Stores
· Online Sales
· Others
Based on distribution channels, the market is bifurcated into supermarkets and hypermarkets, convenience stores, online sales, and others.
Regional Insights:
· North America
· Asia Pacific
· Europe
· Latin America
· Middle East and Africa
Based on the region, the market is segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
Competitive Landscape with Key Players:
The competitive landscape of the syrup market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
· Amoretti
· Conagra Brands Inc.
· Concord Food LLC
· The Kraft Heinz Company
· Nature’s Way Brands
· LLC
· NutriFood
· PepsiCo Inc.
· Sonoma Syrup Co.
· The Hershey Company
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Key Highlights of the Report:
· Market Performance (2018-2023)
· Market Outlook (2024-2032)
· Market Trends
· Market Drivers and Success Factors
· Impact of COVID-19
· Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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