Syrups Global Market Report 2024

The syrups market size has grown strongly in recent years. It will grow from $36.69 billion in 2023 to $38.73 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to conventional beverage consumption, a restricted range of flavor options, seasonal demand patterns, ingredient sourcing considerations, and culinary applications.

The syrups market size is expected to see strong growth in the next few years. It will grow to $50.24 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period can be attributed to several factors, including diverse flavor innovation, advancements in mixology and culinary creativity, the popularity of convenience and ready-to-use products, a focus on sustainability and natural ingredients, and the globalization of flavors. These elements collectively contribute to the positive growth outlook during the projected timeframe.

The increasing demand for ready-to-eat food products is anticipated to drive the syrup market in the future. Ready-to-eat (RTE) food refers to a category of food items that are precooked, often packaged, and made available for consumption without further preparation. Syrups play a crucial role in enhancing the taste and extending the shelf life of ready-to-eat food products, contributing to the rising demand for syrups. For example, a June 2021 survey conducted by the Nuffield Department of Population Health at the University of Oxford, using data from foodDB by Eating Better, revealed that three out of ten adults in the UK consume chilled ready meals at least once every week, constituting 86% of the population. Consequently, the increasing preference for ready-to-eat food products is a key factor propelling the syrup market.

The expanding food and beverage industry is also expected to drive the syrup market in the future. The food and beverage industry encompasses the production and distribution of consumable goods designed for human consumption. Syrups find applications as flavoring, sweetening, or enhancing agents in various products within the food and beverage sector, including beverages, baked goods, confectioneries, and processed foods. As an illustration, a July 2022 report from the Food and Drink Federation, a UK-based organization representing and advising food and drink manufacturers, highlighted the substantial contribution of £30 billion ($38.31 billion) to the UK economy by the country's food and beverage manufacturing sector. With a turnover exceeding £112 billion ($143.02 billion), this sector accounts for 20% of the total manufacturing output in the UK, establishing itself as the largest manufacturing sector in the country. Hence, the growth of the food and beverage industry is a significant driver for the syrup market.

Product innovations stand out as a prominent trend gaining traction in the syrups market. Leading companies in the industry are actively engaged in developing inventive solutions to bolster their market positions. An illustrative example is Singing Dog Vanilla, a US-based organic syrup manufacturer, which introduced the Organic Vanilla Syrup in August 2022. This product is uniquely crafted with a signature double-strength vanilla extract, promising a pure and complex flavor for tea, lattes, and various beverages. Notably, it maintains a balanced vanilla taste without excessive sweetness from corn syrup. This organic syrup, enriched with 25% more vanilla than other counterparts, is particularly well-suited for coffee applications.

Major companies in the syrups market are directing their focus towards advanced solutions, including technology-driven platforms, to meet evolving consumer demands and enhance operational efficiency. Technology-driven platforms encompass digital systems or frameworks that leverage advanced technological solutions to facilitate, manage, or enhance various services, interactions, or transactions within a specific industry context. An instance of this is seen in the innovative distribution platform launched by Canadian Maple Co., a Canada-based high-quality maple syrup provider, in November 2023. This platform aims to revolutionize global maple syrup distribution by ensuring quality, authenticity, and efficiency at every stage, with a dedicated focus on exporting the renowned maple syrup from Canada.

In May 2022, Valeo Foods Group, an Ireland-based international food company, completed the acquisition of Les Industries Bernard & Fils Ltd. for an undisclosed amount. Through this strategic move, Valeo Foods Group intends to combine resources with Bernard, strengthening its presence in the maple syrup category and expanding its global footprint, particularly in mainland Europe. Les Industries Bernard & Fils Ltd. is a Canada-based company known for producing pure maple syrup.

Major companies operating in the syrups market report are Archer-Daniels-Midland Company, Nestle SA, The Kraft Heinz Company, Conagra Brands Inc., The Hershey Company, The J M Smucker Company, Ingredion Inc., The Quaker Oats Company, B&G Foods Inc., Tate & Lyle PLC, Hungry Jack's Pty. Ltd., Sensient Technologies Corporation, LYLES GOLDEN SYRUP ASR Group, Amoretti, MONIN, DaVinci Gourmet, Cedarvale Maple Syrup Company, Panos Brands LLC, Botticelli Foods LLC, Butternut Mountain Farm, Concord Foods LLC, Coombs Family Farms, Sonoma Syrup Co., Tropicana Products Inc., Brookfield Maple Products, Maple Valley Cooperative, Runamok Maple, Hidden Springs Maple, Cornish Syrup Co., Crown Maple Syrup, Mountain Maple Products, Shady Maple Farms, The Maple Treat Corporation.

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

Syrups are available in types such as chocolate syrup, maple syrup, high-fructose corn syrup, rice syrup, malt syrup, tapioca syrup, and fruit syrup. Chocolate syrup, for instance, is a concentrated chocolate solution used as a dessert sauce or topping. Various packaging types, including pouches, PET bottles, and glass bottles, are used for distribution through supermarkets, hypermarkets, convenience stores, online platforms, and more, primarily for beverages, dairy products, bakery and confectionery items.

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

The syrups market consists of sales of nut-flavored syrups, dessert-flavored syrups and herb and spice-flavored 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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