The global flavored syrup market size was valued at USD 51.24 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 3.6% from 2022 to 2030. This growth of the market is attributed to the rise in the demand for customized flavors in the food and beverage sector. Another factor driving the market is rising consumer preference for ready-to-eat and convenience foods. COVID-19 has had a moderate impact on the demand for flavored syrups. The sales of flavored syrups in hotels and restaurants witnessed a decline due to restrictions on consumer movement and outdoor eating. However, the demand for household consumption remained relatively stable in 2020 as the work-from-home culture urged consumers to make various food dishes at home and acquire new ingredients, such as flavored syrups. This factor fueled the growth of the market during the pandemic. The global market is expected to return to pre-lockdown levels as lockdowns ease and people return to hotels and restaurants, thus boosting demand in the sector during the forecast period.
Fruit-flavored syrups have been dominating the global market due to their widespread application in beverage products such as cocktails, cold drinks, soft drinks, and soda. Moreover, the rising consumer inclination towards syrups with high fruit content has been a most important factor accelerating the manufacturers to introduce a wide range of syrups infused with natural ingredients is expected to accelerate the market growth. For instance, the two most preferred fruit flavors include raspberry and orange. Moreover, consumers’ willingness to try out different and unique fruit flavors is inspiring the manufacturers to produce duo-fruit syrups such as Lime-Mint, Raspberry-Mint, and Lime-Ginger, which provides a blend of the sweet, sour, and bitter taste.
Moreover, manufacturers are developing and innovating various flavors in order to cater to the frequently changing taste preferences of consumers, thereby contributing to global market growth. For instance, the Ági fruit syrups range introduced a new product category containing honey with unique flavors such as baked apples with honey, elder-lime with honey, and raspberry-lemon balm with honey.
Moreover, the increasing popularity of flavored syrups in western countries such as the U.S., Germany, the U.K., France, and Canada is fueling growth. In addition to this, rising production and consumption of these products in the above-mentioned countries have been contributing to global market growth. These syrups are majorly consumed as a topping ingredient in desserts, pancakes, various breakfast foods, waffles, ready-to-eat products, and ice cream. Furthermore, the increasing consumption of chocolate-flavored syrups for various bakery, cold beverages, and confectionery products is expected to accelerate the market growth over the forecast period.
The B2B distribution channel segment held the largest share of over 80.0% in 2021. The segment includes various industries such as bakery and confectionery, beverages, dairy, and frozen desserts. 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 its coffee.
The B2C segment will register the fastest CAGR of 4.2% from 2022 to 2030. This can be attributed to the rising demand for flavored syrups across the globe. Moreover, the increase in sales of flavored syrups mostly through company-owned websites and other e-commerce platforms is expected to accelerate the growth of this segment over the forecast period. The introduction of novel flavors, along with the increasing indulgence among consumers in the APAC countries, is expected to drive the market demand in the next few years.
The fruit segment accounted for the largest share of over 35.0% in 2021. The increasing demand for fruit-infused flavored syrups along with unique tastes is a major factor accelerating the market growth. Moreover, producers have been focusing on developing combined fruit syrups and launching innovative flavors to hold their position in the global industry. Based on consumer inclinations toward pure, natural, and organic products, companies are also introducing syrups infused with fruit content. For instance, common sea-buckthorn, apple, 100% natural sour cherry, and beetroot juice are some of the unique flavors mixed with high-fruit ingredients.
The chocolate segment is expected to register the fastest growth rate of 4.4% from 2022 to 2030. The rising popularity of chocolate syrup in the food and beverage industry is driving the market. The segment is driven by the significant application in cold and hot beverages such as hot and cold coffee, milkshakes, smoothies, and baking and confectionery products such as pastries, cakes, waffles, and pancakes. Developing economies such as India and China have a high preference for chocolate-based products and are expected to be among the target markets for chocolate syrup manufacturers.
North America emerged as the largest regional market with a revenue share of over 30.0% in 2021 owing to the high acceptance of fruit syrups in the U.S. and Canada and rising consumers’ preference for flavored syrups in daily meals such as snacks, cereals, beverages, and desserts. The bakery industry is expected to witness significant growth in this region due to the ample availability of high-quality ingredients such as toppings, chocolates, flavors, and fillings. 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 4.4% from 2022 to 2030. Bakery products and beverages are widely consumed due to their low prices. Furthermore, consumers’ inclination toward consuming sweet foods has led producers to introduce innovative products infused with various flavored syrups such as fruits and chocolate. Many foreign companies have penetrated the Asian market and were successful to make quick inroads in this industry.
Both large and small players are introducing innovative products and expanding their portfolios in order to appeal to consumers. For instance, Starbucks has a wide range of flavored syrups such as toffee nuts, 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. Some prominent players in the global flavored syrup market include:
The Hershey Company
The Kraft Heinz Company
Kerry Group
Tate & Lyle
Toschi Vignola s.r.l.
Monin Inc.
Fuerst Day Lawson
Torani
The J.M. Smucker Company
Panos Brands
Amoretti
Skinny Mixes
Nature's Flavors, Inc.
Sonoma Syrup Co.
Report Attribute |
Details |
Market size value in 2022 |
USD 52.68 billion |
Revenue forecast in 2030 |
USD 70.16 billion |
Growth rate |
CAGR of 3.6% from 2022 to 2030 |
Base year for estimation |
2021 |
Historical data |
2017 - 2020 |
Forecast period |
2022 - 2030 |
Quantitative units |
Revenue in USD million/billion and CAGR from 2022 to 2030 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, distribution channel, region |
Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country scope |
U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Spain; China; India, Japan; South Korea; Indonesia; Brazil; South Africa |
Key companies profiled |
The Hershey Company; The Kraft Heinz Company; Kerry Group; Tate & Lyle; Toschi Vignola s.r.l.; Monin Inc.; Fuerst Day Lawson; Torani; The J.M. Smucker Company; Panos Brands; Amoretti; Skinny Mixes; Nature's Flavors, Inc.; Sonoma Syrup Co |
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 and opportunities in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global flavored syrups market report on the basis of product, distribution channel, and region:
Product Outlook (Revenue, USD Million, 2017 - 2030)
Fruit
Chocolate
Vanilla
Coffee
Others
Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
B2B
B2C
Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Italy
Spain
Asia Pacific
China
India
Japan
South Korea
Indonesia
Central & South America
Brazil
Middle East & Africa
South Africa
b. The global flavored syrups market size was estimated at USD 51.24 billion in 2021 and is expected to reach USD 52.68 billion in 2022.
b. The global flavored syrups market is expected to grow at a compound annual growth rate of 3.6% from 2022 to 2030 to reach USD 70.16 billion by 2030.
b. North America dominated the flavored syrups market with a share of 34.03% in 2021. 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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