The global flavored syrups market size was valued at USD 46.3 billion in 2018 and is expected to expand at a CAGR of 5.1% from 2019 to 2025. The market growth is primarily attributed to increasing demand for personalized flavors in the food and beverage industry. Application of flavored syrups as a taste enhancer and sweetener is gaining increasing traction among the manufacturers across the industry. The beverage category has been contributing to the maximum demand for the market, comprising a wide variety of liquid syrups in different flavors.
Fruit flavored syrups have been dominating the global market due to their widespread application in beverage products such as cocktails, soda and cold drinks, and soft drinks. Growing consumer preference for syrups with high fruit content has been a major factor driving the manufacturers to introduce wide varieties of syrups infused with natural ingredients. For instance, the two most preferred fruit flavors include raspberry and orange. Moreover, consumers’ willingness to try out different and unique fruit flavors is encouraging the manufacturers to develop duo-fruit syrups such as Lime-Ginger, Lime-Mint, and Raspberry-Mint, which offer a blend of sour, sweet, and bitter taste.
Moreover, the companies are developing innovative flavors in order to cater to the frequently changing taste preferences of the consumers, thereby contributing to the global market growth. For instance, The Ági fruit syrups range introduced a new category of honey-containing products with unique flavors such as baked apples with honey, raspberry-lemon balm with honey, and elder-lime with honey.
Flavored syrups are highly popular in western countries such as the U.S., Canada, U.K., Germany, and France. High production and consumption of these products in the above-mentioned countries have been contributing to the growth of the global market. These syrups are majorly consumed as a topping ingredient in pancakes, desserts, waffles, various breakfast foods, ice cream, and other ready-to-eat products. Moreover, the growing demand for chocolate-flavored syrups for cold beverages and various bakery and confectionery products is expected to drive the market in the next few years.
Beverages accounted for a share of more than 35.0% in 2018. Beverages, particularly cocktails, hot and cold beverages, and soft drinks are some of the common products that contain flavored syrups as a taste and sweetness enhancer ingredient. For instance, Starbucks uses a wide range of naturally flavored syrups such as caramel, hazelnut, and vanilla in their coffee.
The bakery and confectionery segment is expected to register the fastest CAGR of 5.6% over the forecast period. Increasing consumer preferences for products such as bread, rolls, pastries, cakes pies, cookies, crackers, and pretzels are expected to fuel the segment growth. The introduction of novel flavors, along with the increasing indulgence factors among the consumers in the APAC countries, is expected to drive the demand for the global market in the next few years.
The fruit segment held the largest share of 35.3% in 2018. Consumers’ demand for fruit-infused flavored syrups, coupled with high preference for unique tastes, is a major factor driving the market. Manufacturers have been focusing on developing combined fruit syrups and introducing innovative flavors to retain their position in the global industry.
Based on the consumer inclinations towards pure, natural, and organic products, companies are also introducing syrups infused with the fruit content. For instance, 100% natural sour cherry, apple and common sea-buckthorn, and apple and beetroot juice are some of the unique flavors blended with high fruit ingredients. Similarly, Pölöskei Drink Kft is a company that offers combined fruit flavored syrup. It blends basic flavors in its fruit syrups and also develops unique varieties such as acerola-raspberry and blueberry-raspberry syrups.
The chocolate category is expected to register the fastest CAGR of 5.7% over the forecast period. It is gaining an increasing traction in the food and beverage industry. The segment is driven by the significant application in cold and hot beverages such as milkshakes, hot and cold coffee, smoothies, and baking and confectionery products such as cakes, pastries, pancakes, and waffles. India, having a high preference for chocolate based products, is expected to be one of the target markets for chocolate syrup manufacturers, The Hershey Company in particular.
North America accounted for the largest share of 33.9% in 2018. The flavored syrups market growth is majorly attributed to consumers’ preference for flavored syrups in daily meals such as cereals, snacks, desserts, and beverages. The bakery industry is expected to witness significant growth in this region due to ample availability of high quality ingredients such as chocolates, toppings, fillings, and flavors. This, in turn, is encouraging the use of flavored syrups across the food and beverage industry.
Asia Pacific is expected to expand at the highest CAGR of 5.6% from 2019 to 2025. Bakery products are considered to be a product of mass consumption due to their low prices. Moreover, consumers’ willingness to consume sweet foods has led the manufacturers to introduce innovative products infused with flavored syrups. Many foreign companies have penetrated the Asian market and were successful to make quick inroads in this industry. For instance, in 2017, Hershey accounted for about 94% in India in the chocolate syrups category.
Some of the key players operating in the global market are The Hershey Company; Kerry Group; Tate & Lyle; Monin Inc.; Fuerst Day Lawson; Torani; Archer Daniels Midland Company; Starbucks Coffee Company; Smucker’s; Walden Farms (Panos Brands); Fox Syrups. The global market is highly competitive in nature owing to the presence of a large number of players. Product development is a key initiative adopted by most of the players with an aim to expand their offerings.
For instance, Starbucks has a wide range of flavored syrups such as toffee nut, peppermint mocha, cinnamon dolce, and peach. Companies are also focusing on offering sugar free syrups to cater to the health conscious segment. For instance, Monin offers sugar free syrups in various fruit flavors such as raspberry, pomegranate, and peach. Irish cream, almond, and hazelnut are some of the other sugar free syrups offered by this company.
Report Attribute |
Details |
Market size value in 2020 |
USD 50.91 billion |
Revenue forecast in 2025 |
USD 65.56 billion |
Growth Rate |
CAGR of 5.1% from 2019 to 2025 |
Base year for estimation |
2018 |
Historical data |
2015 - 2017 |
Forecast period |
2019 - 2025 |
Quantitative units |
Revenue in USD million/billion and CAGR from 2019 to 2025 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Type, application, region |
Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country scope |
U.S.; U.K.; Germany; India; China; Brazil |
Key companies profiled |
The Hershey Company; Kerry Group; Tate & Lyle; Monin Inc.; Fuerst Day Lawson; Torani; Archer Daniels Midland Company; Starbucks Coffee Company; Smucker’s; Walden Farms (Panos Brands); Fox Syrups |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country; regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global flavored syrups market report on the basis of type, application, and region:
Type Outlook (Revenue, USD Million, 2015 - 2025)
Fruit
Chocolate
Vanilla
Others
Application Outlook (Revenue, USD Million, 2015 - 2025)
Bakery & Confectionery
Beverages
Dairy & Frozen Desserts
Others
Regional Outlook (Revenue, USD Million, 2015 - 2025)
North America
The U.S.
Europe
The U.K.
Germany
Asia Pacific
China
India
Central & South America
Brazil
Middle East & Africa
b. The global flavored syrups market size was estimated at USD 48.51 billion in 2019 and is expected to reach USD 50.91 billion in 2020.
b. The global flavored syrups market is expected to grow at a compound annual growth rate of 5.1% from 2019 to 2025 to reach USD 65.56 billion by 2025.
b. North America dominated the flavored syrups market with a share of 33.9% in 2019. This is attributed to consumers’ preference for flavored syrups in daily meals such as cereals, snacks, desserts, and beverages in the U.S. and Canada.
b. Some key players operating in the flavored syrups market include The Hershey Company; Kerry Group; Tate & Lyle; Monin Inc.; Fuerst Day Lawson; Torani; Archer Daniels Midland Company; Starbucks Coffee Company; Smucker’s; Walden Farms (Panos Brands) and Fox Syrups.
b. Key factors that are driving the market growth include increasing demand for personalized flavors in the food & beverage industry and growing consumer preferences for syrups with high fruit content.
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Amidst the global pandemic crisis and the indefinite lockdown across nations, the consumer food & beverage industry first witnessed high demand for household staples, healthy food items, and consumables with longer shelf lives. The demand for frozen food products, fruits & vegetables, eggs, flour, and whole grains, among others, witnessed a considerable increase during the early stages of the crisis. Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. The companies are focusing more on altering their supply chains in order to reinforce their online presence and delivery measures, in an attempt to adapt to the present business environment. The changes in consumer buying behavior and the dynamic shifts towards online and D2C distribution channels may have serious implications on the near future growth of the industry. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.
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