Flavored Syrups Market

Global Flavored Syrups Market Size (2024 to 2032)

The global flavored syrups market size is predicted to be worth USD 45.72 billion in 2024 and USD 62.57 billion by 2032, rising at a CAGR of 4% between 2024 and 2032. The global syrup market is experiencing significant demand from the food and beverage industry.

Flavored syrup is a spicy or semi-liquid liquid produced through organic or synthetic sources that are used to improve the flavor of a drink or food. The use of flavored syrup depends on local trends and eating habits. The beverage industry is a crucial part of the consumption of flavored syrups and tends to focus more on concentrated syrup. The preparation of drinks, fresh fruit juices, cakes and confectionery are the primary sources of flavor syrup markets worldwide. Flavors such as vanilla, coffee, and chocolate are widely consumed worldwide.

Current Scenario of the Global Flavored Syrups Market

The demand for flavored syrups has been gradually growing in all parts of the world over the last few years, and the market is anticipated to perform well during the forecast period. Consumers tend to adopt organic flavored syrup, among which young people and children are most attracted to the adoption of this syrup. Sweet-flavored syrup is sugar-free syrup, the highest on the list of spice types, and the trend has been increasing in recent years. Also, syrup with a salty taste is consumed mainly in food compared to beverages. The global flavor syrup market is supposed to expand to a single-digit CAGR during the outlook period. Flavored Syrup makers have gone on to produce a variety of syrups as food has increased consumer preference for a variety of custom flavors. In particular, the increasing demand for flavored syrup among consumers contributes to the growth of the global flavored syrup market.

MARKET DRIVERS

The rising preference from consumers for other syrups in prepared foods is expected to spur the growth of the global flavored syrup market.

As the demand for flavored syrups in the food and beverage industry increases, the market for flavored syrups is likely to strengthen. The main activities of flavoring syrups in the food and beverage industry include soft drink concentrates, multi-flavored beverage syrups, frozen dessert topping additives for yogurt, and flavoring powders for use in food and soft drinks. The growth of the market is also driven by the growing demand for personalized flavors in the food and beverage industry. The application of flavor syrup as a flavor enhancer and sweetener has attracted growing interest among manufacturers in the industry. The beverage category contributes to the increased market demand, including a variety of liquid syrups in different flavors. The fruit-flavored syrup is widely applied to beverage products like cocktails, soda, and soft drinks, and soft drinks and dominates the world market. The pharmaceutical industry contributes to the growing market demand due

To the abundance of characteristics and the need for flavor syrup in pharmaceuticals to stimulate the appetite. The rising popularity of fruit-flavored syrups is promoting global market growth.

With consumers' increasing preference for high-fruit syrups, manufacturers have marketed a wide variety of syrups with natural ingredients. For example, the two most desirable fruit flavors include raspberry and orange. Additionally, if consumers want to try a variety of unique fruit flavors, manufacturers are encouraged to develop duo fruit syrups such as lime ginger, lime mint, and raspberry mint. The flavored syrup acts as an artificial sweetener along with taste enhancers. In addition to the sweet, flavored syrup, the flavored syrup is expanding for purposes other than beverages. The salty syrup is used to dress salads, meat recipes, confectionery, and bakery preparations. However, the demand for chocolate-flavored syrup plays a vital role in the growth of the world flavored syrup market due to consumers' preference for chocolate flavor in food.

MARKET RESTRAINTS

The health concerns associated with the usage of flavored syrups in restraining the global market growth.

The high sugar content used as an artificial sweetener in flavored syrups is a significant cause of health risks, such as high blood sugar, diabetes, and gastrointestinal disorders. The domestically produced corn syrup has proven to be a major constraint on the growth of the flavored syrup market. However, there is a growing concern about obesity due to the high consumption of sugar. In this sense, consuming fructose corn syrup (HFCS) and sucrose-containing sweet sugary drinks (SSB) is making an unhealthy diet. This may challenge the situation of the worldwide flavored syrup market.

REPORT COVERAGE

SEGMENTAL ANALYSIS          

Global Flavored Syrups Market Analysis By Flavor

The chocolate segment held the majority shares of the flavored syrup market and is expected to maintain its growth rate throughout the forecast period. This industry position is due to the growing popularity of chocolate-based products in the food and beverage section. And, that too is especially prevalent in hot and cold drinks like milkshakes, smoothies, coffee, etc. Also, this is extensively utilized in confectionery and baking items such as cakes, pancakes, pastries, and waffles. Moreover, emerging countries like India, Brazil, and Indonesia display a greater preference for chocolate-based products. Further, phenylethylamine is a chemical present in chocolate that gives an “in-love” or “feel good” feeling. In reality, the maximum amount of phenylethylamine found in chocolate among any other food. So, these nations are developing as major target industries for the flavored syrup market.

Another segment growing rapidly is fruit. The market is expanding due to the growing demand for fruit-flavoured syrups. This is influencing the customers to choose unique tastes. Also, producers are emphasising on creating mixed fruit syrups and introducing original flavours. For example, apple, beetroot, sour cherry, etc.

Global Flavored Syrups Market Analysis By Flavor Type

The sweet segment is the dominant category of the flavored syrup market. The segment growth is propelled by the changing customer behavior and the need for a unique taste experience. Moreover, people are looking for new flavors, from tropical fruits to creative spice blends, which is boosting the demand for new and varied profiles. Besides this, the increased popularity of cafe culture and mixing patterns of customized drinks with different syrups are influencing the segment’s progress. Furthermore, the easy and comfortable availability of these items also contributes to the rising application.

Global Flavored Syrups Market Analysis By Application

The beverage segment generates a significant portion of revenue for the flavored syrups market. The increased consumption of custom-flavored drinks coupled with widespread accessibility in nearby shops are driving the growth of the segment. Nowadays, customers have several choices available, which makes the market highly competitive, with every year a new competitor entering emerging countries. For example, carbonated and cold beverages, cocktails, and soft drinks. Apart from this, the market poses a huge potential because of buyer’s inclination for sweetened drinks. Also, flavors like chocolate, vanilla, malt, caramel, fruit, and coffee are extremely popular.

REGIONAL ANALYSIS

North America had the largest share of 33.9 percent in 2023. The growth of the regional market is primarily due to people’s habit of consuming flavored syrups in regular meals such as cereals, snacks, desserts, and drinks. Also, the extensive usage of fruit syrups and the convenient and sufficient availability of high-quality ingredients such as chocolate, toppings, shells, and spices are fuelling its demand. This encourages the use of scented syrups throughout the food and beverage industry. Moreover, another factor assisting the expansion of flavored syrups is the rising bakery industry in the region. And, statistics wise around 2800 commercial bakeries earned over 36 billion dollars in 2021. As of 2024, the bakery industry stands at a market cap of 50 billion dollars along with the presence of more than 6000 companies and suppliers. In this, the demand for specialty baked items is rising sharply among the people, which is expected to drive the flavored syrup market.

The Asia Pacific region is anticipated to grow at a higher CAGR during the forecast period. People’s inclination towards sweetener and sugary products like hot chocolate and related items, cakes, pastries, and others, coupled with increasing Western influence in food and beverages, are propelling the market share of flavored syrups in the region. However, the APAC is also home to a significant amount of diabetic patients which restricts the flavored syrups containing sugar. China and India account for around 50 percent of the diabetic patients in the region, and the entire Asia Pacific holds 60 percent of the world.

Europe flavored syrups market is expected to rise throughout the projection period. This can be attributed to the growing demand for food and beverages in France, Italy, and Germany, which is due to their busy lifestyles and easy accessibility. In addition, the area is further witnessing a surge in the consumption of confectionery, bakery, dairy and frozen items. And, among all the nations in the region, Germany is the biggest marketplace for flavored syrups. France and Italy are the next.

KEY PLAYERS IN THE GLOBAL FLAVORED SYRUPS MARKET

Hershey, Tate & Lyle, Kraft Heinz Company, Monin Inc., Kerry Group Plc., Sonoma Syrup, Cedarvale Maple Syrup, and VSBO are some of the notable companies in the global flavored syrups market.

RECENT HAPPENINGS IN THE MARKET

• In January 2024, the Australian Patent Office gave the decision supporting the allulose syrup patent application in favour of Tate & Lyle’s PLC. This was the last decision among the number of decisions regarding this. Previously, various companies questioned its allulose syrup claim. This will further strengthen its market position in allulose creation.
• In January 2024, Dunkin and Mrs. Butterworth partnered to introduce the brand-new glazed donut flavoured pancake syrup. This was mainly prepared by the culinary staff of the Dunkin which revealed the taste of the item is sweet vanilla notes of a glazed donut. It was made accessible through retailers, convenience stores and online platforms at an estimated cost of 4.19 dollars from January 2024.
• In May 2023, Kraft Heinz Co. introduced the Heinz Remix which is a digital sauce dispenser along with the facility of personal modifications as per needs. This will help them to create their sauce.

DETAILED SEGMENTATION OF GLOBAL FLAVORED SYRUPS MARKET INCLUDED IN THIS REPORT   

This research report on the global flavored syrups market has been segmented and sub-segmented based on flavor, flavor type, application, & region.   

By Flavor

• Chocolate
• Coffee
• Herbs & Seasonings
• Vanilla
• Fruit
• Maple
• Malt
• Palm
• Others

By Flavor Type

• Salty
• Sour
• Mint
• Savoury
• Sweet

By Application

• Dairy & Frozen Desserts
• Bakery
• Confectionery
• Beverage
• Others

By Region 

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa