Flavored Syrups Global Market Report 2024

The global flavored syrups market has grown steadily in recent years. It will grow from $48.68 billion in 2023 to $50.9 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. Historical growth can be attributed to the expansion of the beverage industry, the rising consumer demand for diverse flavors, increased adoption within the foodservice industry, the convenience associated with home cooking, and the growing awareness and appreciation of global cuisines.

The global flavored syrups market is expected to see steady growth in the next few years. It will grow to $61.15 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The anticipated growth in the forecast period is fueled by the increasing demand for low/no-sugar varieties, the adoption of unique and exotic flavors, the rise in popularity of plant-based and natural sweeteners, the influence of culinary tourism, the adoption of eco-friendly packaging solutions, and a heightened focus on health and wellness. Major trends expected during this period encompass the diversification of flavor profiles, the growth of e-commerce and direct-to-consumer sales, efforts towards customization and personalization, collaborations between mixologists and food/beverage brands, and ongoing innovation in mixology techniques within the industry.

The burgeoning consumption of convenience food products, readily available and popular among consumers due to changing consumption patterns and improved living standards, is a significant driver for the flavored syrups market. These syrups find extensive use in various convenience foods such as waffles, coffee, pancakes, tea, cakes, and ice cream, adding essential flavors. For example, the Institute of Food Technologists noted a 5% increase in US snack sales in the first half of 2021 compared to 2020, with frozen lunch products and meals also experiencing significant growth rates of 36.4% and 26%, respectively. Hence, the amplified demand for convenience foods is propelling the growth of the flavored syrups market.

The rising consumer demand for new and distinctive flavors is a significant factor propelling the flavored syrups market. Consumer interest in unique taste experiences drives product innovation and diverse flavor profiles, encouraging customization and culinary exploration. For instance, approximately 80% of coffee enthusiasts, as reported by Simpsons Beverage Supply Co Ltd., personalize their beverages, often utilizing flavored coffee syrups. This surge in demand for new and unique flavors is a key driver stimulating the growth of the flavored syrups market.

Major players in the flavored syrups market are innovating by introducing organic syrups, crafted from organically grown ingredients and processed in line with organic farming standards. These syrups are devoid of synthetic pesticides, herbicides, and GMOs, catering to the growing consumer preference for natural and sustainable products. For instance, Singing Dog Vanilla unveiled its Organic Vanilla Syrup, crafted with double-strength organic vanilla extract, providing a rich and natural vanilla flavor. This non-GMO, Fair Trade Plus+, USDA Organic, and allergen-friendly syrup is suitable for various dietary preferences, enhancing the flavor of beverages like coffee, tea, and cocktails.

To maintain their competitive edge, major companies in the flavored syrups market are introducing novel flavors such as Puremade Chocolate Hazelnut Sauce, Puremade Mangonada Syrup, and Puremade Black Sugar Syrup. These products, devoid of GMOs and emphasizing clean ingredients, aim to elevate beverages and culinary creations. For instance, Torani introduced three new flavors, each offering unique taste experiences the chocolate hazelnut sauce, notable for its nut-free yet rich and nutty taste the mangonada syrup, combining sweet, sour, salty, and spicy flavors inspired by a Mexican summertime treat; and the black sugar syrup, providing a caramelized flavor derived from raw sugar cane. These innovative flavor introductions aim to sustain and enhance market position by catering to evolving consumer preferences.

In August 2021, Absinthia’s Bottled Spirit, a prominent US-based beverage company, successfully acquired Nickel Dime Syrups. The financial specifics of the acquisition were not disclosed. This strategic move aims to broaden Absinthia’s Bottled Spirit's offerings by diversifying its portfolio into flavored syrups. Nickel Dime Syrups, also based in the US, specializes in crafting small-batch custom cocktail syrups. Through this acquisition, Absinthia’s Bottled Spirit gains access to Nickel Dime Syrups' expertise and unique product line, enhancing its capabilities in the flavored syrup market segment. This strategic alignment allows Absinthia’s Bottled Spirit to strengthen its position in catering to consumer preferences and expanding its product range, potentially offering innovative options to its clientele within the beverage industry.

Major companies operating in the flavored syrups market report are Monin Inc., Sensient Technologies Corporation, The Hershey Company, Tate & Lyle PLC, Kerry Group PLC, Fuerst Day Lawson Ltd., Toschi Vignola srl, R. Torre & Company Inc., Concord Foods LLC, Mitr Phol Group, KF Nutri Foods International Inc., Amoretti LLC, The J.M. Smucker Company, Wholesome Sweeteners Inc., Archer Daniels Midland Company, Britvic PLC, Kraft Heinz Company, Sensoryeffects Flavor Systems LLC, Sonoma Syrup Co., Cedarvale Maple Syrup Co., Torani Inc., Panos Brands LLC, Skinny Mixes LLC, Nature's Flavors Inc., Ghirardelli Chocolate Company, Wild Flavors Inc., Starbucks Coffee Company, Walden Farms Inc., H. Fox & Company, Jordan's Skinny Mixes LLC, and DaVinci Gourmet LLC.

North America was the largest region in the flavored syrups market share In 2023. The regions covered in the flavored syrups market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the flavored syrups market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary distinctions among flavored syrups lie between natural and synthetic variations. Natural flavored syrups are meticulously crafted without any artificial additives, colors, sweeteners, or preservatives, prioritizing premium-quality ingredients. Maple syrup, raw honey, coconut or palm sugar, and maple sugar are among the natural syrups renowned for both their health benefits and their ability to impart sweetness to dishes. These syrups come in a diverse array of flavors, ranging from fruit-infused to chocolate, vanilla, coffee, herbal, and other aromatic variations. They are typically available through food service and food retail channels.

This report provides flavored syrups market statistics, including flavored syrups industry global market size, regional shares, competitors with a flavored syrups market share, detailed flavored syrups market segments, market trends and opportunities, and any further data you may need to thrive in the flavored syrups industry. These flavored syrups market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The flavored syrups market consists of sales of salty, sweet, sour and savory syrups. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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