The global flavored syrups market size was around USD 53.7 billion in 2021 and is anticipated to reach USD 79.4 billion by 2030, accelerating at a CAGR of 5.4% during the forecast period, 2022–2030. The market growth is attributed to the rising demand for customized flavored food and beverage items along with the wide application of flavored syrups across industries including confectionery, bakery, and pharmaceutical.
Flavored syrups are thick liquids that can be easily mixed with other liquid-based ingredients to obtain flavored foods and drinks. These highly concentrated liquids can be obtained using natural and artificial aromatic ingredients, which are widely used for the customized and personalized taste of food and beverage products. Herbs & seasoning, fruits, vanilla, coffee, and chocolate are the main types of flavors used in frozen and dairy products, bakery, and confectionery items. Moreover, flavored syrups are extensively used to enhance the taste of sour, mint, sweet, savory, and salty food items to offer a particular taste. In addition to the food & beverage industry, flavored syrups are extensively used in the pharmaceutical industry to manufacture pediatric medicines, which negates the bitter taste of the medicine formulation. As a superior alternative to granular sugar, flavored syrups are widely considered to be a better option for low-calorie ingredients for various industrial applications.
COVID-19 Impact
The market report finds that the COVID-19 pandemic had shattered the food & beverage industry, which had a drastic consequence on the global flavored syrups market. The prolonged shutdown of manufacturing units in the food & beverage sector resulted in the sharp decline in flavored syrups demand worldwide. Moreover, sudden disruption in the supply chain and the banning in sales of non-essential items across online platforms had forced manufacturers to delay or reschedule their overall production.
Temporary halt of factories across industrial sectors including bakery, confectionery, and beverage caused major hardship to flavored syrups manufacturers globally. The sudden closure of fast-food restaurants, bars, and hotels, as a result of government-imposed emergency lockdowns, further hampered the overall market revenue generation. However, the market started a significant recovery as the global corona cases declined rapidly across the globe, which ultimately led to the reopening of major sectors including confectionery, bakery, and beverage.
Market Dynamics
The research report presents a complete overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The global flavored syrups market report has up-to-date insights about market scenarios that can shape the overall market performance and output during the forecast period, 2022 to 2030.
Major Drivers: Increasing demand for personalized flavored convenience foods and drinks
The growing consumer demand for customized flavored foods and drinks and the introduction of differently flavored convenience foods are key factors contributing to the market growth. The majority of manufacturers in the food and beverage industry are constantly engaged in developing products with different flavors to attract more consumers. The market growth is further accelerating due to the growing demand for ready-to-eat products and processed foods that have sweetening and salty flavors.
Existing Restraints: High health risks of sugar syrup consumption & availability of substitute additives
Health risks associated with the high consumption of sugar syrups act as major challenges to the market growth. Several food and drink items use synthetic additives to enhance the taste and the rising consumer awareness regarding health issues regarding the use of conventional syrups pose a threat to market expansion. Moreover, the availability of other alternatives such as powdered syrups for flavored foods and drinks preparation further hinders the market.
Emerging Opportunities: Development of organic and sugar-free flavored syrups
To meet the rising demand for low-calorie syrup formulations, manufacturers are widely engaged in the development of organic and sugar-free flavored syrups. The new development of organic syrups with natural flavors and colors to reduce excessive sugar consumption is likely to offer lucrative opportunities for the global market in the coming years. The growing health-conscious population globally is a key factor for driving manufacturers to focus on organic food and beverage items.
Scope of the Report
The report on the global flavored syrups market includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Flavored Syrups Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2021
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Historic Data
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2019–2020
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Forecast Period
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2022–2030
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Segmentation
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Flavors (Herbs & Seasoning, Fruits, Vanilla, Coffee, Chocolate, and Others), Flavor Types (Sour, Mint, Sweet, Savory, and Salty), Categories (Organic and Conventional), and Applications (Beverage, Confectionery, Dairy & Frozen Dessert, Medicines, Bakery, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Archer Daniels Midland Company; The Hershey Company; FDL Ltd; Concord Foods, LLC; Amoretti; The J.M. Smucker Company; Nestlé S.A.; RIO Syrup Company Inc.; Sensient Technologies Corporation; Kerry Group plc; Starbucks Coffee Company; R. Torre & Company, Inc.; Monin Inc.; Wholesome Sweeteners, Inc.; Conagra Brands Inc.; VKL Seasoning Pvt. Ltd.; Tate & Lyle; NutriFoods; Toschi Vignola s.r.l.; and WT Lynch Foods Limited
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Market Segment Insights
Fruits segment to expand at a significant growth rate
Based on flavors, the global flavored syrups market is divided into herbs & seasoning, fruits, vanilla, coffee, chocolate, and others.
The fruit segment constituted a sizeable market share in 2021 and is expected to expand at a significant growth rate during the projected period owing to the rising consumer demand for different types of fruit flavored food products. A range of food items including confectionery and bakery products such as cupcakes, cakes, and toasts are prepared with various fruit additives to attract consumers preferring personalized tastes including apple, strawberry, lemon, orange, litchi, and pomegranate. Different beverage items including flavored salts have a wide range of fruits flavors to attract customers preferring non-alcohol drinks or beverages with less alcohol content. Additionally, a large portion of pediatric medicines are available in fruit flavored syrups to make infants and kids easily consume these syrups without experiencing bitter taste.
The chocolate segment is anticipated to hold a major share during the forecast period due to the extensive use of chocolate in various applications across industries. Chocolate flavors are widely used in various confectionery and dairy products such as ice creams, cakes, frozen desserts, bakery items, and several beverages. Chocolate flavor products are largely preferred by consumers who usually consume sugar-free flavored syrups and natural flavored syrups.
Increasing consumer demand for sweet products boosts the sweet segment
In terms of flavor types, the global market is segmented into sour, mint, sweet, savory, and salty.
The sweet form held a dominant market size in 2021 and is projected to exhibit a considerable CAGR during the forecast period due to the growing demand for confectionery food and beverages products. Sweet syrup components including brown sugar, honey, and white sugar are extensively used to prepare several confectionery items such as cakes, ice cream, pastries, and cocktail drinks. On the other hand, the savory segment is expected to account for a large market share in the coming years owing to the wide application of savory flavors in various food and beverage products. Savory flavored syrups have extensively applications in products including meat recipes and salad dressings as well as are largely used in the preparation of bakery items such as cupcakes and pancakes. Spicy and herb are widely used in the manufacturing of savory food products.
Rising health-conscious population drives the organic segment
On the basis of categories, the global flavored syrups market is bifurcated into organic and conventional.
The organic segment is a fast-growing product category that has enormous growth potential during the forecast period owing to the increasing demand for organic and natural food additives for various health concerns. The rising development of new aromatic natural syrups from key manufacturers and the increasing expansion of organic flavored syrups applications in bakery and confectionary products play a crucial role in the overall market expansion. Moreover, the wide usage of natural syrups in the preparation of personalized flavored beverages further contributes to segment growth.
The conventional segment held a major market share in 2021 and is projected to exhibit a robust market growth during the forecast period owing to the wide availability of different synthetic additives to prepare customized flavored foods and drinks. The growing investment in R&D programs to minimize sugar content in conventional flavored additives is likely to accelerate the segment expansion in the coming years.
Beverages segment to register a considerable CAGR
On the basis of applications, the global market is segregated into beverage, confectionery, dairy & frozen dessert, medicines, bakery, and others.
The beverages segment constituted a considerable market share in 2021 and is projected to register a considerable CAGR during the forecast period owing to the growing demand for personalized flavored beverages globally. Flavored syrups are widely used in the preparation of personalized soft drinks and customized drinks including mocktails and cocktails. The increasing expansion of restaurants, hotels, and pubs across the globe results in the massive sales of customized beverage products. Moreover, the rising demand for cold beverages such as flavored sodas, iced tea, and mochas, as well as hot beverage items such as coffee (lattes) and tea to enhance their tastes and fulfill consumers’ taste preferences. The growing use of flavored syrups in a range of cold and hot beverage items presents a major factor driving the segment.
Asia Pacific to dominate the market
In terms of regions, the global flavored syrups market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
Asia Pacific accounted for a key market share in 2021 and is expected to dominate the market during the projected period owing to the rising spending on flavored food and beverage products by increasing size of the regional population. Asia Pacific has a large pool of population having diverse eating habits and sweet flavors are widely included in their staple food items as well as beverages including tea. Moreover, the increasing disposable incomes, the growing working population, and the rising spending on convenience food products from a large portion of the regional population further push the regional market expansion.
North America constituted a considerable market share in 2021 and the market size in the region is anticipated to expand significantly during the forecast period owing to the increasing consumer demand for organic flavored foods and drinks. The presence of key global players and a large pool of health-conscious population in North America present another major driver for the regional market expansion. Moreover, the rising consumption of processed foods, flavored soft drinks, and organic chocolates among youth population in the region further propel the market in North America.
Segments
The global flavored syrups market has been segmented on the basis of
Flavors
- Herbs & Seasoning
- Fruits
- Vanilla
- Coffee
- Chocolate
- Others
Flavor Types
- Sour
- Mint
- Sweet
- Savory
- Salty
Categories
Applications
- Beverage
- Confectionery
- Dairy & Frozen Dessert
- Medicines
- Bakery
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Archer Daniels Midland Company
- The Hershey Company
- FDL Ltd
- Concord Foods, LLC
- Amoretti
- The J.M. Smucker Company
- Nestlé S.A.
- RIO Syrup Company Inc.
- Sensient Technologies Corporation
- Kerry Group plc
- Starbucks Coffee Company
- R. Torre & Company, Inc.
- Monin Inc.
- Wholesome Sweeteners, Inc.
- Conagra Brands Inc.
- VKL Seasoning Pvt. Ltd.
- Tate & Lyle
- NutriFoods
- Toschi Vignola s.r.l.
- WT Lynch Foods Limited
Competitive Landscape
Key players competing in the global flavored syrups market are Archer Daniels Midland Company; The Hershey Company; FDL Ltd; Concord Foods, LLC; Amoretti; The J.M. Smucker Company; Nestlé S.A.; RIO Syrup Company Inc.; Sensient Technologies Corporation; Kerry Group plc; Starbucks Coffee Company; R. Torre & Company, Inc.; Monin Inc.; Wholesome Sweeteners, Inc.; Conagra Brands Inc.; VKL Seasoning Pvt. Ltd.; Tate & Lyle; NutriFoods; Toschi Vignola s.r.l.; and WT Lynch Foods Limited.
The report finds that the global flavored syrups market is in intense competition owing to the rising participation from a large number of small as well as big market players. Some of these major companies have adopted a series of business development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production capacity expansion to expand their consumer base and enhance their market share. For instance,
- On May 2, 2022, a US-based leading food product supplier and manufacturer, Concord Foods, LLC announced that it would soon launch its four new organic fresh seasoning and smoothie mixes for the summer season. The four mix flavors were namely organic salsa seasoning, organic guacamole seasoning, organic strawberry banana smoothie mixes, and organic banana smoothie, which was likely to get introduced to the market in June 2022.
- On March 15, 2022, an Ireland-based major public food company, Kerry Group plc inaugurated its newly upgraded food manufacturing facilities in Rome, a city in Georgia, the US. The company invested USD 137 million for the development of these new facilities to create Kerry’s largest-ever capital investment expansion and its biggest investment in the US.
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