The global flavored syrups market was worth USD 47.5 Billion in 2020 and is further projected to reach USD 65.9 Billion by 2027, at a CAGR of 4.9% during 2021-2027 (forecast period). The basic reasons contributing to the demand of flavored syrups market are rising demand for different flavors in food products and availability of product variety in the market. Also, the shifting preference of consumers towards convenience foods and ready-to-eat products is driving the flavored syrups market growth. The global flavored syrup market is expected to expand throughout the forecast period, owing to customers' increasing preference for artificial or natural flavor enhancers in convenience foods.
Growth Drivers
Increasing consumer demand for convenience foods
The rising consumer preference towards processed and convenience foods is increasing the demand for flavored syrups market. Foods that require minimal or no processing and usually requires less time and energy in making called convenience foods. Flavored syrups are used to enhance the taste and flavor of convenience foods such as bread and confectionery products, desserts, and dairy products. The increase in the income levels of consumers and the growth of the food and beverages industry are the factors, which are boosting the flavored syrups market.
Increased applications in breakfast
Another key reason driving the growth of the flavored syrups market is the use of these syrups in breakfast items. The number of working women has increased globally; consequently, their daily lifestyle has become too hectic, leaving little time for making sophisticated morning meals. Consumers therefore, prefer these syrups to add flavors to easy-to-make and ready-to-eat breakfast products as they have less time in the morning. These syrups are being used as a topping in breakfast items, which is raising consumer demand and pushing the market for flavored syrups.
Global Flavored Syrups Market: By Flavor
Based on flavor type, the global flavored syrups market is categorized into Fruit, Chocolate, Vanilla, Coffee, and Herbs & Seasoning. Fruit flavored syrups segment held the largest market share in 2020 followed by the chocolate flavored syrups, segment which is expected to grow at the highest CAGR in the coming years. Fruit-flavored syrups are extensively using in bakery and confectionery products, including desserts, ice creams. Fruit syrups add a distinctive flavor to a variety of drinks and mocktails. Consumers prefer chocolate-flavored syrups after fruit syrup due to its use in a wide variety of food products, such as cold beverages, hot beverages, toppings on ice cream, waffles, and cakes.
Sample Copy of the Report :https://www.blueweaveconsulting.com/global-flavored-syrups-market-report/report-sample
Global Flavored Syrups Market: By Taste Type
Based on taste type, the global flavored syrups market is categorized into Sweet, Salty, Savory, Sour and Mint. The sweet form has accounted for the largest market share in 2020. This form is increasingly used in various desserts, shakes, bakery products, and ice creams. However, the savory form is also projected to increase at the highest CAGR during the forecast period as it is increasingly used in beverages. Also, savory flavor is increasingly being used in meat dishes, salad dressings, and in the preparation of cupcakes and pancakes in bakery items, among other applications that are not confined to beverages. Savory flavored syrups, such as spicy and herb, are increasingly being used in food applications, influencing demand in this market.
Global Flavored Syrups Market: By Application
Based on application, the global flavored syrups market is segmented into Beverage, Dairy & Frozen Dessert, Confectionery, and Bakery. The beverage segment accounted for the largest share in the market in 2020 and is still growing progressively. Syrups are mostly used in the preparation of cold beverages such as flavored sodas, mochas, and iced tea. These are also used for preparing customized cocktails and mocktails. The use of flavored syrups in hot beverages such as tea and coffee is becoming increasingly popular. This aids in giving flavor variants to consumers in order to satisfy their likes and preferences.
Global Flavored Syrups Market – Regional Insights
Based on region, the global flavored syrups market is divided into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among these regions, North America accounted for the largest share in 2020 due to the high demand of consumers for convenience and ready-to-eat food. The Asia Pacific is also likely to witness the fastest growth rates due to the rising demand for new and advanced products in the food and beverage industry. The rate of progress is also influenced by the growing number of new products developed and launched in the food and beverage business. Additionally, improved government regulations in the food and beverage sector in emerging economies such as China and India will also drive the expansion of the global flavored syrups market.
About us:
Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off.