Latin America Flavoured Syrups Market was worth $4.78 billion in 2022 and estimated to be growing at a CAGR of 3.20%, to reach $5.60 billion by 2028. There is a mounting demand for syrups as a sweetening agent in the food and beverage industry, due to huge intake of processed foodstuff and profuse craving for items that have high sugar levels.
The syrup industry’s key activities consist of manufacture of beverage syrups, toppings, and powders which are further used in soft drink production. Arrival of new drink products will assist in altering the predilection of customers, thereby shifting the growth of syrup market.
The growth of the Latin America Flavoured Syrups market is majorly driven by factors such as growing consumer demand for a range of flavours in food products and increasing user predilection towards convenience & ready-to-eat foods. The key restraint of the syrup market is the high sugar level in synthetic sweeteners which lead to health problems. Furthermore, excess sugar intake is associated with metabolic dysfunction, liver damage, and obesity, which are driving the health conscious users away from sugary syrups.
The Latin America Flavoured Syrups market is segmented based on flavour, flavour type, and application. The market for Flavoured Syrups, on the basis of flavour, is classified into Chocolate, Coffee, Herbs & Seasonings, Vanilla, Fruit, Maple, Malt, Palm, and Others. On the basis of flavour type, the Flavoured Syrups market is segmented into Salty, Sour, Mint, Savoury, Sweet. On the basis of Application, the Flavoured Syrups market is segmented into Dairy & Frozen Desserts, Bakery, Confectionery, Beverage, and Others. Fruit syrups lead the market share owing to their extensive usage in beverages such as soft drinks, trailed by maple syrup. Chocolate syrup has the highest CAGR due to rising user interest in chocolate as a topping. Under the applications segment, Dairy & frozen desserts has the highest CAGR because of its use in milkshakes, frappes, flavoured milk, whipped creams, and others.
Geographically the Latin America Flavoured Syrups Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. The Latin America market is one of the fastest growing markets for Flavoured Syrups. South America is a developing market with huge potential and sturdy growth rates. Brazil accounts for the largest market share in the region with more than 35% of the market and is expected to lead the market in this region during the forecast period.
Key Players in the Market:
Major Key Players in the Latin America Flavoured Syrups Market are
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