The global syrup market is expected to witness significant growth over the forecast period. The increasing demand for various types of syrups from the food and beverage industry and, the pharmaceutical industry is the key factor driving the growth of this market. Also, the changing taste and flavor preferences of the consumers are expected to enhance the market growth.
Syrups are used as natural preservatives to reduce water activity and also employed in medicines for improving their taste. Most common types of syrups are made from corn, maple, and fruits. These are used in various types of beverages, candies, toppings, pancakes, and medicines. The primary products of this industry include soft drink concentrates, beverage syrups, powders for use in soft drink production, and toppings. These are not only used for adding sweetness to food products but also allow the flavor to remain on the tongue for a longer period.
The entrance of a new variety of flavored and energy drinks is changing the preference of consumers resulting in a change of market growth. However, health conscious people owing to the presence of high amount of sugar in artificial sweeteners are finding alternatives for carbonated beverages. This is estimated to hamper the demand for the market. Continuous product development for better flavored and healthy products is a major factor helping to maintain the global syrup market.
The introduction of maple syrup is estimated to help the market overcome this challenge. Maple syrup is a healthy, versatile sweetener. It is a boiled down tree sap of the sugar maple tree and is twice as sweet as regular sugar. It also has high nutritional value as it contains minerals and antioxidants to a great amount. It also provides essential nutrients such as calcium, zinc, potassium, and vitamin B2. It also improves digestion by supporting gut flora.
Syrups are also widely used by pharmaceuticals companies for manufacturing cough syrups. In 2015, Akorn Inc invented a promethazine/phenylephrine/codeine syrup which gives temporary relief from a cough and upper respiratory symptoms including common cold, nasal congestion, and allergies associated with it.
By geography, the syrup market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA. North America is projected to dominate the market owing to increasing food and beverage consumption and, a massive expansion of the pharmaceutical and FMCG sector in the U.S., and Canada. Europe is likely to show substantial increment as a result of the rapid escalation in the number of supermarkets.
Asia-Pacific is forecasted to foresee the fastest growth over the forecast period. Increasing demand for processed products, rising population base, and high disposable income level are estimated to fuel the market growth. Also, growing retail sectors in economic growth countries such as India and China are contributing to the growth of the market. Indian government's initiative to launch food parks and food processing Special Economic Zones is dedicated to boosting the F&B industry. These developments are estimated to facilitate investment in the syrup market.
The major participants in the industry are ConAgra Foods Inc., Master Herbs Inc., Akron Inc., Coca-Cola, Cedarvale Maple Syrup, Corn Refiners Association, Sonoma Syrup, Tropicana OJ, Barilla Pesto, Tate & Lyle, Archer Daniels Midland Company, Ingredion Inc., Cargill Inc., Cornish Syrup Co. and, Hershey’s Symphony.
Coca-Cola, Cornish Syrup Co., and other companies are anticipated to expand their product portfolios to increase their market share.
In October 2015, Coca-Cola has launched its 12 products across the globe, which include Sprite Cranberry (sparkling drink), Minute Maid pulpy pear (juice drinks), ready to drink coffee, ViO Bio Limo ( a new beverage made from organic fruit) and Aquarius Delight enhanced water.
The German product ViO Bio Limo is the first soft drink produced with fruits from organic farms. The beverage is based on fresh mineral water of ViO. The Coca-Cola Company in Argentina has launched a product called Aquarius Delight. The drink is naturally sweetened delicious drink with low calorie flavored water. The drink is available in different sizes so that consumers can choose according to their lifestyle and preferences.
Another company named as Cornish Syrup Co., have introduced the drinks with wide varieties of flavors which include Hazelnut, Vanilla, Salted Caramel, and other varieties, which are in the pipeline.
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Weaker consumer demand for lifestyle and wellbeing products due to social restrictions and lockdown policies shall have a negative impact on the demand patterns of cosmetic ingredients and certain categories of food additives. However, easing restrictions and public discourse about restarting economic activities in the consumer goods marketspace indicates that, the recovery of demand is imminent. The report will account for Covid19 as a key market contributor.