Non-Alcoholic Concentrated Syrup Market

Non-Alcoholic Concentrated Syrup Market Research Analysis 2022 - 2027:

Non-Alcoholic Concentrated Syrup Market is expected to expand from USD 25.42 billion in 2018 to reach an extent of USD 35.41 billion, recording a CAGR of over 6.69% throughout the outlook period 2022 - 2027.

Non-alcoholic concentrated syrup is a ready to prepare beverage that comprises of fruit juice, water, and sugar or a substitute to sugars. In undiluted form, this syrup is often sweet, so it needs to be mixed with water before direct consumption. Therefore, it can be diluted in any amount that suits the consumer's taste, usually in a ratio of one part concentrated to four or five parts water. In recent years, the consumption of flavored thick syrups has increased around the world. The use of fruit by the industry to make such syrups will not only reduce fruit waste but will also add nutrition and sweetness to the drink. The Asia-Pacific market was the largest contributor to global non-alcoholic concentrated syrups market.

REPORT COVERAGE:

Recent Developments

December 2017 - A Sweden concentrated tonic syrup was introduced in the nation of the UK, which was created using original 19th century recipes with a new age twist by adding fresh squeezed citrus, juniper and agave.

Market Drivers and Restraints:

Increasing consumption of ready-to-serve beverages is one of the main factors expected to drive the global market for non-alcoholic concentrated syrups. Additionally, a growing awareness of the benefits associated with consuming concentrated syrup, as these syrups are fortified with various minerals and vitamins that are beneficial to the health system, is expected to support the growth of the global market revenue. Also, the easy availability of these syrups in various flavors and pack sizes plays an important role for the growth of the target market. The increasing demand for non-alcoholic concentrated syrup in hotels, restaurants and juice centers is another factor that is expected to boost target market growth during the forecast period. The recent trend in the market is the easy availability of these syrups at competitive prices on online sales channels. Food and beverage purchasing trend continues among e-commerce channels, positively influencing target market growth. However, the lack of adequate standards of authenticity and quality control for local non-alcoholic concentrated syrups can hamper the growth of the target market. On the other hand, the availability of soft drink alternatives can hamper the expansion of the target market.

Market Segmentation:

By Product:

On the basis of the product, the global market for non-alcohol concentrated syrups has been segmented into vegetables and fruits. Among these, fruit syrup is expected to experience the largest share in the world market. An important variable in the development of the sections is considered a large supply of easy to store fruit syrups due to hectic lifestyles. The second fastest growing category from 2019 to 2025 is expected to be herb and spice syrup due to the growing supply of crops and spices. The top companies in this section are also more focused on delivering authentic flavors and products that will further drive development.

By Distribution Channel:

On the basis of the distribution channel, the world market for non-alcoholic concentrated syrups has been segmented into Supermarkets/Hypermarkets and Online. The supermarket/hypermarket industry was a leading contributor to global business and is expected to continue to expand over the next seven years at a stable CAGR. This development is due to the accessibility of the number of products supplied by various companies so that customers can compete and choose the best products. The development of the sector also prompted the development of organized commercial industries.

Impact of covid-19 on Global Non-Alcoholic Concentrated Syrup Market

COVID-19 will continue to impact the food and beverage industry and its supply chains. After this pandemic, companies will be more careful with their operations. The practice of wearing masks while cooking and using disinfectants would be implemented, and the definition of hygiene could be changed. For instance, restaurants are reportedly even taking customers' body temperatures before they are allowed in. This is something that is already being implemented with the staff and those responsible for delivery. We anticipate higher rates for the coming months and will have to recalibrate our approach accordingly. The on-the-go model, which is already gaining ground, will become more popular in the coming months.

Regional Analysis:

The global Non-Alcoholic Concentrated Syrup market has been divided on the basis of region as North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. The Asia Pacific non-alcoholic concentrated syrup market is supposed to show substantial growth over the outlook period. This is attributed to the increasing consumption of ready-to-serve beverages at home. Also, the availability of these beverages in the online market at discounted prices is another factor that is expected to drive the growth of the target market in this region. Additionally, high disposable income and changes in consumer consumption patterns are likely to support income growth for the target market in this region. Apart from this, changing consumer preferences for healthy beverages are expected to drive the growth of the non-alcoholic concentrated syrups market during the estimated period. The North American non-alcoholic concentrated syrup market is likely to account for a significant revenue share in the target market, due to the high demand for such syrups among the young population. The Latin America and the Middle East and Africa regional markets are foreseen to witness steady growth over the conjecture period.

Leading Company

Pioma Industries Pvt had the largest share of the Global Non-Alcoholic Concentrated Syrup Market in terms of sales and revenue in 2018.

Key Players

Key players in the Global Non-Alcoholic Concentrated Syrup Market include Elvin Group, Pioma Industries Pvt. Ltd., The Coca-Cola Company, Cottee’s Pvt. Ltd., Suntory Holdings Ltd., Hindustan Unilever Ltd., Nichols Plc, Himdard Laboratory, Britvic Plc., and Monin.