According to a new analysis issued by Fact.MR, a market research and competitive intelligence company, the global flavored syrup market is estimated to reach a size of over US$ 5 billion by 2021, and is expected to grow at a CAGR of around 5% from 2021 to 2031. Because of its large metropolitan population, North America dominates the consumption of flavored syrup.
Because of the growing need for unique flavours in food and beverages, overall demand for flavored syrup has increased significantly in recent years. While rising soda, cocktail, and bakery product consumption is driving demand for flavored syrup in households, increased specialised bakery and confectionery product demand is driving demand in food processing.
Flavored Syrup Market: Key Takeaways
- Over the forecast period, South Asia is expected to have significant growth, with a CAGR of over 9%.
- North America, with a market share of roughly 34% in 2020, was followed by Europe.
- North America and Europe together will account for more than 60% of worldwide demand for flavored syrup in 2020. About the next ten years, the European market is estimated to offer over US$ 3.9 billion in absolute dollar opportunity.
- Fruit-flavored syrup is expected to have the biggest revenue share of 38 percent in 2020, while vanilla-flavored syrup is expected to rise at the fastest rate.
- Revenue from dairy product makers is predicted to increase by 60 BPS in terms of end use.
According to a Fact.MR analysis, “new flavours and ‘natural’ positioning of products are important for the success of flavored syrup makers.”
Winning Approach
Consumers are increasingly gravitating toward sugar-free products, implying that sugar-free components are more likely to acquire traction at the expense of high-sugar ones. Sugar-free variations have already begun to appear in the portfolios of several flavored syrup makers, and it is quite expected that the sugar-free category will account for around one-third of demand in the future years.
How is Growing Consumers Interest in Homemade Cuisines Triggering Demand of Flavored Syrup?
There has been a significant growth in consumer interest in cooking in recent years. A boom in consumer interest in making creative foods at home has been fueled by several TV channels as well as social media streaming channels dedicated to cooking.
This has increased demand for a variety of ingredients, which are mostly acquired by food and beverage companies, hotels, and restaurants. Flavored syrup is one of the food additives that has gained popularity among consumers.
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