Global Flavored Syrups Market Report
Global Flavored Syrups Market, By Flavor (Fruit, Chocolate, Vanilla, Coffee, Herbs & Seasoning), By Taste (Sweet, Salty, Savory, Sour, Mint), By Application (Beverage, Dairy & Frozen Dessert, Confectionery, Bakery), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) Trend Analysis, Competitive Market Share & Forecast, 2021-2027
- Published Date: June 2021
- Report ID: bwc20372
- Available Format: PDF
- Page: 141
Report Overview
Global Flavored
Syrups Market Size
-
Industry
Trends & Forecast Report 2027
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.
Source:
BlueWeave Consulting
Global Flavored Syrups Market Overview:
Artificial
and natural flavorings, which are combined with water and sugar, are called
flavored syrups. The basic purpose of these flavored syrups is to increase the
organoleptic characteristics of the product. These syrups not only increase the
flavor of the product but add nutrients as well. These syrups are used in a
variety of industries, including food, drinks, baking, and confectionary.
Consumer demand for convenience meals, as well as the increasing use of
flavored syrups in numerous industries, are the primary factors driving the
need for flavored syrups market growth.
Global Flavored
Syrups Market Forecast
and Trends
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.
Restraints
High
sugar content
The primary impediment to the growth of the
flavored syrups market is the health problems caused by the increasing use of
high sugar content artificial sweeteners which can cause cardiac disorders, high
blood sugar, diabetes, and gastrointestinal disorders. Furthermore, there is a
growing concern over rising obesity as a result of excessive sugar consumption.
he use of syrups in the baking and confectionary industries leads to the
consumption of these items by children and the young population, which is not
good for their health and wellbeing. These are the factors that are impeding
the growth of the global flavored syrups market.
Impact
of COVID-19 in the industry
The COVID-19 pandemic has had extraordinary
and unanticipated consequences for communities as well as the global economy. The
outbreak of COVID-19 has affected almost every industry and the flavored syrups
market is no exception. The global flavored syrups market has witnessed a huge
decline in sales throughout the pandemic. People were only buying essential food items
because of the lockdown and the severe impact it had on their income. As a
result, the demand for flavored syrups was much lower in March and April 2020.
This trend is expected to continue till the pandemic continues to impact the
world.
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.
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.
Recent
Developments
In February 2021 – Smucker’s announced the
launch of a new cupcake-flavored “Unicorn Magic Shell” ice cream topping. This
Magic Shell topping has a wonderful white cupcake flavor with lovely pink, blue,
and purple speckles.
In February 2021, Monin, an award-winning
premium flavoring company with more than 100 years of experience, introduced the
2021 Flavor of the Year: Strawberry Rose. Monin Strawberry Rose Syrup combines
the queen of florals with ruby red strawberry to create a sophisticated bouquet
of flavors.
Competitive
Landscape
Key players in the global flavored syrups
market are Sensient Technologies Corporation, Kerry Inc., Sensory Effects, Inc,
Concord Foods, LLC, The Hershey Company, Monin, Archer Daniels Midland Company,
Starbucks Corporation, The J.M. Smucker Company, Mane, Stirling Flavors, LLC,
Malabar Food Products., W.T. Lynch Foods Limited, Midwest Syrup Company, RIO
Syrup Company, Inc., and other key manufacturers. The key players in the
flavored syrup market have been continually using the strategy of expansion as
well as investment in research and development to increase their customer base,
gain important market share worldwide, and promote their brand globally.
Scope
Attribute |
Details |
Years
Considered |
Historical data – 2017-2020 Base Year – 2020 Forecast – 2021 – 2027 |
Facts Covered |
Revenue in USD Million |
Market Coverage |
U.S, Canada, Germany, UK, France, Italy, Spain,
Brazil, Mexico, Japan, South Korea, China, India, Argentina, AUAE, South
Africa, Saudi Arabia |
Product/Service Segmentation |
By Flavor, By Taste Type,
By Application, By Region |
Key Players |
Key players for global flavored syrups market are
Sensient Technologies Corporation, Kerry Inc., Sensory Effects, Inc, Concord
Foods, LLC, The Hershey Company, Monin, Archer Daniels Midland Company,
Starbucks Corporation, The J.M. Smucker Company, Mane, Stirling Flavors, LLC,
Malabar Food Products, W.T. Lynch Foods Limited, Midwest Syrup Company, RIO
Syrup Company, Inc. and other key manufacturers. |
·
By
Flavor
o
Fruit
o
Chocolate
o
Vanilla
o
Coffee
o
Herbs & Seasoning
·
By
Taste Type
o
Sweet
o
Salty
o
Savory
o
Sour
o
Mint
·
By Application
o
Beverage
o
Dairy & Frozen Dessert
o
Confectionery
o
Bakery
·
By
Region
o
North America
o
Latin America
o
Europe
o
Asia Pacific
o
Middle East
o Africa
FAQs
1. What is the current size of the global flavored syrups market?
Answer:
Global flavored syrups market has reached USD 47.5
Billion in 2020.
2. What are the major factors driving the
growth of global flavored
syrups market?
Answer: Rising demand for
varied flavors in food products, as well as the availability of product variety
in the market, are the primary factors driving the growth of the flavored
syrups market. Furthermore, the rising customer preference for convenience
foods and ready-to-eat goods is driving the growth of the flavored syrups
market.
3. Who are the key players in the global flavored syrups market?
Answer:
The key players in the global flavored syrups market are Sensient Technologies
Corporation, Kerry Inc., Sensory Effects, Inc, Concord Foods, LLC, The Hershey
Company, Monin, Archer Daniels Midland Company, Starbucks Corporation, The J.M.
Smucker Company, Mane, Stirling Flavors, LLC, Malabar Food Products., W.T.
Lynch Foods Limited, Midwest Syrup Company, RIO Syrup Company, Inc., and other
key manufacturers.
4. Which flavor type segment accounted
for the largest share in the global flavored
syrups market?
Answer:
Fruits, by flavor type, accounted for the largest share in the global flavored
syrups market.
5. Which application segment accounted
for the largest share in global flavored
syrups market?
Answer: Beverages segment is growing at a higher rate in the global flavored syrups market.
1. Research
Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research
Methodology
2.1. Qualitative Research
2.1.1. Primary
& Secondary Research
2.2. Quantitative
Research
2.3. Market Breakdown
& Data Triangulation
2.3.1. Secondary
Research
2.3.2. Primary
Research
2.4. Breakdown of
Primary Research Respondents, By Region
2.5. Assumption & Limitation
3. Executive
Summary
4. Global Flavored Syrups Market Insights
4.1. DROC Analysis
4.1.1. Growth Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. Recent Development
4.3.
Porter’s Five Forces Analysis
4.3.1. Bargaining Power of
Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Intensity of Rivalry
4.4 Value Chain Analysis
4.5 Key Strategic Developments
5. Global Flavored Syrups Market Overview
5.1. Market
Size & Forecast by Value, 2017-2027
5.1.1. By Value (USD Million)
5.2. Market
Share & Forecast
5.2.1. By Product Type
5.2.1.1. Skin Care
5.2.1.2. Hair Care
5.2.1.3. Other Product Types
5.2.2. By Distribution Channel
5.2.2.1. Specialty Stores
5.2.2.2.
Supermarkets/Hypermarkets
5.2.2.3.
Convenience Stores
5.2.2.4. Online
Retail
5.2.2.5. Other
Distribution Channels
5.2.3.
By Region
5.2.3.1. North America
5.2.3.2.
Latin America
5.2.3.3. Europe
5.2.3.4.
Asia Pacific
5.2.3.5.
Middle East
5.2.3.6.
Africa
6. North America Flavored Syrups Market
6.1. Market Size & Forecast
by Value, 2017-2027
6.1.1. By Value (USD Million)
6.2. Market Share & Forecast
6.2.1. By Product Type
6.2.2. By Distribution Channel
6.2.3. By Country
6.2.3.1. United States
6.2.3.2. Canada
7. Europe Flavored
Syrups Market
7.1. Market Size & Forecast by Value, 2017-2027
7.1.1. By Value (USD Million)
7.2. Market Share & Forecast
7.2.1. By Product Type
7.2.2. By Distribution Channel
7.2.3. By Country
7.2.3.1. Germany
7.2.3.2. Poland
7.2.3.3. Russia
7.2.3.4. Italy
7.2.3.5. France
7.2.3.6. United Kingdom
7.2.3.7. Spain
7.2.3.8. Rest of Europe
8. Asia Pacific Flavored Syrups Market
8.1. Market Size & Forecast by Value, 2017-2027
8.1.1. By Value (USD Million)
8.2. Market Share & Forecast
8.2.1. By Product Type
8.2.2. By Distribution Channel
8.2.3. By Country
8.2.3.1. China
8.2.3.2. India
8.2.3.3. Japan
8.2.3.4. Malaysia
8.2.3.5. Singapore
8.2.3.6. Rest of Asia Pacific
9. Latin America Flavored Syrups Market
9.1. Market Size & Forecast by Value, 2017-2027
9.1.1. By Value (USD Million)
9.2. Market Share & Forecast
9.2.1. By Product Type
9.2.2. By Sale Channel
9.2.3. By Country
9.2.3.1. Brazil
9.2.3.2. Mexico
9.2.3.3. Rest of Latin America
10. Middle East & Africa Flavored Syrups
Market
10.1. Market Size & Forecast by Value, 2017-2027
10.1.1. By Value (USD Million)
10.2. Market Share & Forecast
10.2.1. By Product Type
10.2.2. By Distribution Channel
10.2.3. By Country
10.2.3.1. Saudi Arabia
10.2.3.2. UAE
10.2.3.3. South Africa
10.2.3.4. Rest of Middle East
& Africa
11. Competitive Landscape
11.1. List of Key Players and Their Offerings
11.2. Market/Ranking Share Analysis
11.3. Competitive Benchmarking, By Operating Parameters
12. COVID-19 Impact
13. Company Profile (Company Overview, Financial
Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address,
and Strategic Outlook)
14.1. Sensient Technologies Corporation
14.2. Kerry Inc.
14.3. Sensory Effects, Inc.
14.4. Concord Foods, LLC
14.5. The Hershey Company
14.6. Monin
14.7. Archer Daniels Midland Company
14.8. Starbucks Corporation
14.9. The J.M. Smucker Company
14.10. Mane
14.11. Stirling Flavors, LLC
14.12. Malabar Food Products
14.13. W.T. Lynch Foods Limited
14.14. Midwest Syrup Company
14.15. RIO Syrup Company, Inc.
14.16.
Other Prominent Players
14. Key Strategic
Recommendations
* Financial
information of non-listed Companies will be provided as per availability
**The
segmentation and the companies are subjected to modifications based on in-depth
study during the final deliverable.
List of Figures
Fig: Global Flavored Syrups Market Segmentation
Fig: Global Flavored Syrups Market Value Chain
Analysis,
Fig: Company Market Share Analysis, 2020
Fig: Global Flavored Syrups Market Size, By Value
(USD Million), 2017-2027
Fig: Global Flavored Syrups Market Share (%), By Flavor, By Value,
2017-2027
Fig: Global Flavored Syrups Market Share (%), By Taste, By Value,
2017-2027
Fig: Global Flavored Syrups Market Share (%), By
Country, By Value, 2017-2027
Fig: North America Flavored Syrups Market Size, By
Value (USD Million), 2017-2027
Fig: North America Flavored Syrups Market Share
(%), By Flavor, By Value, 2017-2027
Fig: North America Flavored Syrups Market Share
(%), By Taste, By Value, 2017-2027
Fig: North America Flavored Syrups Market Share
(%), By Application, By Value, 2017-2027
Fig: North America Flavored Syrups Market Share
(%), By Country, By Value, 2017-2027
Fig: Europe Flavored Syrups Market Size, By Value
(USD Million), 2017-2027
Fig: Europe Flavored
Syrups Market Share (%), By Flavor, By Value, 2017-2027
Fig: Europe Flavored
Syrups Market Share (%), By Taste, By Value, 2017-2027
Fig: Europe Flavored
Syrups Market Share (%), By Application, By Value, 2017-2027
Fig: Europe Flavored Syrups Market Share (%), By
Country, By Value, 2017-2027
Fig: Asia-Pacific, Flavored Syrups Market Size, By
Value (USD Million), 2017-2027
Fig: Asia-Pacific, Flavored Syrups Market Share (%), By Flavor, By
Value, 2017-2027
Fig: Asia-Pacific, Flavored Syrups Market
Share (%), By Taste, By Value, 2017-2027
Fig: Asia-Pacific, Flavored Syrups Market
Share (%), By Application, By Value, 2017-2027
Fig: Asia-Pacific, Flavored Syrups Market
Share (%), By Country, By Value, 2017-2027
Fig: Latin America Flavored Syrups Market Size, By
Value (USD Million), 2017-2027
Fig: Latin America Flavored Syrups Market Share (%), By Flavor, By
Value, 2017-2027
Fig: Latin America Flavored Syrups Market Share
(%), By Taste, By Value, 2017-2027
Fig: Latin America Flavored Syrups Market
Share (%), By Application, By Value, 2017-2027
Fig: Latin America Flavored Syrups Market Share
(%), By Country, By Value, 2017-2027
Fig: Middle East & Africa Flavored Syrups
Market Size, By Value (USD Million), 2017-2027
Fig: Middle East & Africa Flavored Syrups
Market Share (%), By Flavor, By Value, 2017-2027
Fig: Middle East & Africa Flavored Syrups
Market Share (%), By Taste, By Value, 2017-2027
Fig: Middle East & Africa Flavored Syrups
Market Share (%), By Application, By Value, 2017-2027
Fig: Middle East & Africa Flavored Syrups Market Share (%), By Country,
By Value, 2017-2027
List of Tables
Table: Global Flavored Syrups Market Size, By Flavor, By Value (USD
Million), 2017-2027
Table: Global Flavored Syrups Market Size, By Taste,
By Value (USD Million), 2017-2027
Table: Global Flavored Syrups Market Size, By
Application, By Value (USD Million), 2017-2027
Table: Global Flavored Syrups Market Size, By Region, By Value (USD
Million), 2017-2027
Table: North America Flavored Syrups Market Size, By Flavor, By Value
(USD Million), 2017-2027
Table: North America Flavored Syrups Market Size,
By Taste, By Value (USD Million), 2017-2027
Table: North America Flavored Syrups Market Size,
By Application, By Value (USD Million), 2017-2027
Table: North America Flavored Syrups Market Size, By Country, By Value
(USD Million), 2017-2027
Table: Europe Flavored Syrups Market Size, By Flavor, By Value (USD
Million), 2017-2027
Table: Europe Flavored Syrups Market Size, By Taste,
By Value (USD Million), 2017-2027
Table: Europe Flavored Syrups Market Size, By
Application, By Value (USD Million), 2017-2027
Table: Europe Flavored Syrups Market Size, By Country, By Value (USD
Million), 2017-2027
Table: The Asia-Pacific Flavored Syrups Market Size,
By Flavor, By Value (USD Million), 2017-2027
Table: The Asia-Pacific Flavored Syrups Market Size,
By Taste, By Value (USD Million), 2017-2027
Table: The Asia-Pacific Flavored Syrups Market
Size, By Application, By Value (USD Million), 2017-2027
Table: The Asia-Pacific Flavored Syrups Market Size, By Country, By
Value (USD Million), 2017-2027
Table: Latin America Flavored Syrups Market Size, By Flavor, By Value
(USD Million), 2017-2027
Table: Latin America Flavored Syrups Market Size,
By Taste, By Value (USD Million), 2017-2027
Table: Latin America Flavored Syrups Market Size,
By Application, By Value (USD Million), 2017-2027
Table: Latin America Flavored Syrups Market Size, By Country, By Value
(USD Million), 2017-2027
Table: The Middle-East & Africa Flavored Syrups Market Size, By Flavor,
By Value (USD Million), 2017-2027
Table: The Middle-East & Africa Flavored Syrups
Market Size, By Taste, By Value (USD Million), 2017-2027
Table: The Middle-East & Africa Flavored Syrups
Market Size, By Application, By Value (USD Million), 2017-2027
Table: The Middle-East & Africa Flavored Syrups
Market Size, By Country, By Value (USD Million), 2017-2027
Table: Sensient
Technologies Corporation Financial Analysis
Table: Sensient Technologies Corporation Business Overview
Table: Kerry Inc, Financial Analysis
Table: Kerry Inc, Business Overview
Table: Sensory Effects, Inc Financial Analysis
Table: Sensory
Effects, Inc Business Overview
Table: Concord
Foods, LLC Financial Analysis
Table: Concord
Foods, LLC Business Overview
Table: The
Hershey Company, Financial Analysis
Table: The
Hershey Company, Business Overview
Table: Monin Financial Analysis
Table: Monin Business Overview
Table: Archer Daniels Midland Company Financial Analysis
Table: Archer Daniels Midland Company Business Overview
Table: Starbucks
Corporation Financial Analysis
Table: Starbucks
Corporation Business Overview
Table: The
J.M. Smucker Company Financial Analysis
Table: The
J.M. Smucker Company Business Overview
Table: Mane
Financial Analysis
Table: Mane Business Overview
Table: Stirling
Flavors Financial Analysis
Table: Stirling
Flavors LLC Business Overview
Table: Malabar
Food Products Financial Analysis
Table: Malabar
Food Products Business Overview
Table: W.T.
Lynch Foods Limited Financial Analysis
Table: W.T.
Lynch Foods Limited Business Overview
Table: Midwest
Syrup Company Financial Analysis
Table: Midwest
Syrup Company Business Overview
Table: RIO
Syrup Company, Inc. Financial Analysis
Table: RIO
Syrup Company, Inc. Business Overview
Market Segmentation
·
By
Flavor
o
Fruit
o
Chocolate
o
Vanilla
o
Coffee
o
Herbs & Seasoning
·
By
Taste Type
o
Sweet
o
Salty
o
Savory
o
Sour
o
Mint
·
By Application
o
Beverage
o
Dairy & Frozen Dessert
o
Confectionery
o
Bakery
·
By
Region
o
North America
o
Latin America
o
Europe
o
Asia Pacific
o
Middle East
o
Africa
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