The Flavoured Syrups Market size is forecast to reach $53.6 billion by 2026, growing at a CAGR of 4.5% during the forecast period 2021-2026. Syrups are the dense blend of sugar and water that adds taste and sweetness to the foods such as chocolate, coffee, fruits, and vanilla flavoured among others. Flavoured syrups are semi liquid or spicy liquid that is produced through synthetic or organic sources to improve the flavor of a drink or a food. Beverage industry tends to focus more on the concentrated syrups as sugar substitutes. Carbonated and water soothes the stomach ache and heart burn. Some of the natural flavors include hazelnut and marshmallow Syrup that is a decadent addition cocoas and unique cocktails. Increasing inclination of the consumers towards the organic flavoured syrups, increasing demand for convenience foods, and increasing adoption of flavoured syrups are the major factors driving the growth of the market. Increasing consumer demand for a variety of flavors in food products and increasing demand for personalized flavor options is set to further enhance the overall market developments of the Flavoured Syrups Market for the period 2021-2026.
Flavoured Syrups Market Analysis – By Flavor
Fruit held the largest share in the Flavoured Syrup Market in 2020 and is estimated to grow at a CAGR 5.2% during the forecast period 2021-2026. This is owing to the increasing inclination of the consumers towards the natural, pure, and organic products. There is a demand for fruit infused flavored syrups along with the high preference for unique tastes. Increasing application in hot and cold beverages such as hot coffee, cold coffee, milkshakes, smoothies, baking, and confectionery is also increasing the growth of the segment. Fruit are estimated to register the higher CAGR over the period 2021-2026.
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Flavoured Syrups Market Analysis – By Applications
Beverages held the largest share in the Flavoured Syrup Market in 2020 and is estimated to grow at a CAGR 5.5% during the forecast period 2021-2026. Beverages such as cocktails hot & cold beverages, and soft drinks are the common products that contain flavored syrups. It acts as a sweetness enhancer and taste ingredients. Key manufacturers use wide range of flavored syrups that are natural such as hazelnut, caramel, and vanilla in their products. There is also an increase in demand of flavored syrups in bakery & confectionery owing to the increasing preference of roll, pastries, cakes, cookies, and pretzels. Beverages are estimated to register the higher CAGR over the period 2021-2026.
Flavoured Syrups Market Analysis – By Geography
North America dominated the Flavoured Syrups Market with a major share of 35.2% in 2020. This is owing to the increasing initiatives of government to enhance consumer knowledge towards new products that contains natural flavored syrups, and increasing demand for new & unique taste. Increasing preference for flavored syrups in cereals, snacks, beverages, and desserts along with the huge availability of the high quality ingredients that includes chocolates, fillings, flavors, and toppings are also increasing the growth of the market in this region
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increasing demand of sweet foods and presence of wide number of key manufacturers.
Flavoured Syrups Market Drivers
Increasing Demand for Flavoured Syrups by Food and Beverage Industry
Increasing demand for flavoured syrups by food and beverage industry is increasing the growth of the Flavoured Syrups Market. Flavoring syrups in food and beverage industry includes soft drinks concentrates, flavoring powders, frozen dessert topping additives for yogurts, and multiflavoured beverage syrups. Fruit flavored syrups is used in beverage products includes soda, soft drinks, and cocktails. There is an increasing preference for different flavored syrup inconvenience is also increasing the growth of the market. Thus, increasing the growth of the Flavoured Syrups Market during the forecast period 2021-2026.
Increasing Demand for High-Fruit Syrups
Increasing demand for high fruit syrups is increasing the growth of the Flavoured Syrups Market. This is owing to the increasing demand for the raspberry and orange. Consumers are inclining towards the variety of unique fruit flavors. The increasing demand for high fruit syrups is also encouraging the manufacturers to develop duo fruit syrups such as lime mint, lime ginger, and raspberry mint. High fruit syrups are also used as an artificial sweetener in the food & beverage industry along with the taste enhances. Thus, increasing the growth of the Flavoured Syrups Market during the forecast period 2021-2026.
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Flavoured Syrups Market Challenges
Presence of High Sugar Content and Availability of Substitute Products
Some of the factors that are set to impede the growth of the Flavoured Syrups Market are presence of high sugar content and availability of substitute products. High sugar content is used as an artificial sweetener. It causes health issues that includes stomach ache, diabetes, and high blood sugar among others.
Flavoured Syrups Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Flavoured Syrups Market. In 2020, the Flavoured Syrups Market share is consolidated by the top ten players present in the market. The Flavoured Syrups Market, top 10 companies are The Hershey Company, Sensient Technologies Corporation, Fuerst Day Lawson, Starbucks Coffee Company, and Wild Flavors Inc. among others.
Key Takeaways
North America dominated the Flavoured Syrups Market in 2020 owing to the increasing demand for convenience food and increasing awareness regarding health benefits of flavored syrups. The Flavoured Syrups Market scope for different regions will be provided in the final report.
Increasing demand for food additives and increasing consumer inclination towards healthy diets are likely to aid the market growth of the Flavoured Syrups Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Flavoured Syrups Market report.
Presence of high sugar content and availability of substitute products is poised to create hurdles for the Flavoured Syrups Market.
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