Flavoured Syrups Market Outlook
Market Research Future's newest report on the global flavored syrups market predicts consistent growth for the market. Used extensively in a wide variety of FB applications, flavored syrups presently can be found in almost every imaginable flavor. Consumer demand for flavored syrup has grown considerably due to innovative food and beverage trends which use novel flavors in their products. For instance, Starbucks often has innovative flavored drinks such as pumpkin spice and Irish cream that inspire consumers and result in demand for the same.
Available both naturally and artificially flavored, these syrups are in high demand due to their concentrated flavor and flexibility of use. They can be added to bakery products, beverages, frozen desserts, and others. Used extensively to make flavored lattes, cakes, and as toppings for waffles and pancakes, the demand for popular flavors and classic flavors has grown exponentially due to the growing demand for the above-mentioned food items. A rapidly growing population with rising disposable incomes has resulted in increased demand for trendy food items. Flavored syrups are also used in cocktails, packed juices and along with novel home carbonation machines so that consumers can create their own sodas. Product promotions and increasing innovations in flavors are expected to offer opportunities for growth. Moreover, the demand for healthier syrups sweetened with sugar alternatives, and containing fewer artificial ingredients will likely impact the market positively in the coming years.
COVID-19 Analysis
The study showed that the Flavoured Syrups Market is expected to grow at a CAGR of over 9.7% during the forecast period. Flavored syrups are mainly used in various beverages like coffee, tea, and cocktails. Flavors are important in personalizing the taste of drinks and making them tastier. The growth can also be attributed to the increasing demand for healthy beverages due to changing lifestyle choices among consumers. However, there is also an increase in awareness about more nutritional drinks among consumers. Health drinks found a place in almost every household during the COVID-19 pandemic. With the health drinks market rising, the Flavoured Syrups Market was in high demand as well.
Market Segmentation
The global market for is segmented based on product type, flavor, application, flavor type, and region. By product type, the market is segmented into natural and synthetic syrups. Synthetically produced syrups account for the most significant share of the market due to the low cost of production associated with them combined with the easy availability of the same.
By flavor, the market is segmented into chocolate, vanilla, herbs spices, coffee, fruits, maple, and others. Among these, the chocolate flavor segment dominates the market due to high consumer preference.
By application, the market is segmented into dairy frozen desserts, beverages, confectionery bakery products, and others. Bakery confectionery account for the largest share due to the extensive use of flavored syrups market outlook to achieve various flavored baked items. Meanwhile, the dairy frozen desserts segment is expected to witness the highest growth rate.
By flavor type, the market is segmented into sweet, savory, sour, and others. The sale of sweet syrups is expected to drive the market significantly and accounts for the largest segment.
Key Players
Prominent players in the market which use various leading market strategies and are included in MRFR’s competitive analysis are Kerry Group Plc., Sensient Technologies Corporation, Concord Foods Inc., Monin, Inc., Wild Flavors, Inc., The Hershey Company, and Tate Lyle Plc.
Regional Analysis
North America accounts for the majority share of the global market due to the increased demand for flavor additives from the developed countries in the region. The presence of a massive and highly competitive FB sector is expected to drive the demand for innovative flavored syrups. There is a high production volume of flavored syrups which is a key contributor to the region’s leadership position. Europe with its comparable growth pattern and high disposable income is another leader in the global flavored syrups market. The biggest importers of flavored syrups include the U.S, the U.K, Germany, China, and Canada.
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