Syrups and Spreads Market

Global Syrups and Spreads Market Size (2024 to 2032)

The global syrups and spreads market size is expected to be worth US$ 39.92 billion in 2024, and it is anticipated to reach a value of US$ 65.08 billion by 2032 with an annual expansion rate (CAGR) of 6.30% between 2024 and 2032.

Syrups and spreads are used for bread and other types of solid foods such as pancakes, toast, muffins, and more. As traditional methods of adding flavor become obsolete and consumers begin to innovate and experiment for themselves, the popularity and acceptance of consumers has increased. Syrups and Spreads is a part of everyone's life, an appropriate essential dietary supplement and is universally known for providing a satisfying experience, which is why the consumption of Syrups and Spreads has historical roots in European and American cultures. Syrups and spreads generally consist of honey, jams and jellies, syrup-based spreads, nut-based spreads, and chocolate spreads, and a wide variety of flavors and textures that better appeal to consumers have recently been introduced than expected. The increasing demand for natural and healthy spreads and consumer preference for bakery products are accelerating the growth of the global market for Syrups and Spreads.

RECENT HAPPENUNGS IN THE MARKET

• On January 14, 2020, Kraft Heinz announced the MR. PEANUT returns to the Super Bowl in a new fruit adventure with Matt Walsh.
• On October 1, 2019, Hershey announced at the National Convenience Store Association in 2019 that he will introduce new knowledge and investments to increase instant sales of consumables to more than 23,500 c-store retailers.

REPORT COVERAGE

MARKET DRIVERS

Syrups and Spreads are an essential ingredient for breakfast in the leading Western countries. The main growth engine for the syrups and spreads industry is product innovation. In addition, the exhausting lifestyle of professionals working with young men is more in demand as they prefer ready-made breakfasts and people recognize the spread of jam on bread and perceive it as a slow process. Changes in consumer tastes and preferences have forced companies to actively innovate their products to remain competitive and maintain business in harsh environments. The global syrup market drives most of its growth through the widespread use of syrup in beverages, food toppings, and soft drink concentrates. The constant demand for new flavors in soft drinks and other flavored beverages is driving the global Syrups and Spreads market in real terms. The scenario is expected to remain the same in the coming years. The global market is heavily influenced by the growing popularity of syrups in beverages. The growth of the global Syrups and Spreads market is increasing significantly as the use of syrup as an additive in frozen yogurt and other desserts and various beverages increases. In the future, syrup is an organic product and comes in a variety of low-calorie formulations, so the demand for syrups will increase significantly in the coming years. In addition to this, the use of flavor enhancers and sweeteners in cocktails and mocktails is also having a positive impact on global Syrups and Spreads sales. Besides, with the growing popularity of coffee flavored syrup, this market is touted to increase in the coming years. Today, major coffee suppliers are actively focusing on introducing innovative products to persist in the specialty coffee industry. Many cafes, like Starbucks, have started offering coffee with scented syrup, such as caramel cappuccino and vanilla latte. As a result, this is having a positive impact on Syrups and Spreads sales that will continue for years to come. It is also expected to boost the Syrups and Spreads market in the near future due to the growing demand for seasonal coffee flavors, as well as unconventional coffee flavors.

The growth of the global Syrups and Spreads market is driven by increased demand for gourmet preserves and jams. Because these products are considered a luxury item and are used primarily for gift purposes. These products are gaining popularity among their family, friends, hosts, and businessmen, as they are perceived by consumers as a luxury. Additionally, increased disposable income allowed consumers to purchase gourmet jam, which contributed to the growth of the Syrups and Spreads market. Consumers' propensity for a healthy lifestyle encourages consumers to choose healthy, low-calorie spreads. Candy spreads contain artificial sweeteners and flavors that cause long-term health problems. The growing trend of healthy and nutritious eating habits among consumers is expected to be a major driver of growth in the global Syrups and Spreads market. There is a growing demand for foods high in fruit. Innovations to improve the taste and nutritional value of fruit spreads are supposed to drive growth in the global Syrups and Spreads market. The growing number of fruit Syrups and Spreads brands and increased investment by large retailers in perishable foods are likely to drive growth in the global Syrups and Spreads market size. The availability of high-quality, low-cost Syrups and Spreads from various brands is expected to drive growth in the global Syrups and Spreads business. The growing demand for syrups and spreads in the food and beverage industry is foreseen to fuel the global market. In addition to sweet syrups and spreads, savory syrups and spreads are expanding their coverage beyond beverages. The demand for chocolate syrup and spreads plays an important role in the growth of the global market for syrups and spreads, as consumers prefer chocolate flavors in their food products.

MARKET RESTRAINTS

The high sugar content of artificial sweeteners can reduce consumer interest in carbonated beverages, as it can cause some health problems, limiting the demand for syrup in the near future.

SEGMENTAL ANALYSIS

Global Syrups and Spreads Market  Analysis By product

syrup and jam spreaders occupy the majority of the syrup and spreaders market and are expected to grow at a high CAGR over the forecast period.

Global Syrups and Spreads Market  Analysis By Type

The demand for chocolate flavored syrup plays an important role in the growth of the global flavored syrup market, as consumers prefer chocolate flavors in food.

Global Syrups and Spreads Market  Analysis By  Distribution Channel

The supermarkets and hypermarkets dominate the market for syrups and spreads during the forecast period.

Global Syrups and Spreads Market  Analysis By Application

The frozen drinks and desserts will occupy the highest CAGR values, among others, during the outlook period, while others will have a good market share.

Regional Analysis

Europe had the largest share in 2020 with 45.2%. The widespread consumption in countries like Germany and the United Kingdom is very high compared to other countries in the world. The wide application of bakery and desserts, an important market in Europe, is an important factor contributing to the growth of the Syrups and Spreads market in the region. North America is the second largest market due to its preference for fast foods such as burgers and fruit-based sandwiches and desserts that use a variety of spreads such as mayonnaise, garlic butter, avocado spreads, and cheese. The Asia Pacific region is foreseen to expand at the highest annual growth rate (4.3%) in 2020. The preference for chocolate-based spreads due to flavor is an important factor driving market growth in the Syrups and Spreads market. China, Japan, and India are important countries that increase market growth by embracing Western culture and spreading natural foods. Food supply market growth is accelerating as overseas brand launches increase in developing countries such as India and China.

Key Players in the Market

Major Key Players in the Global Syrups and Spreads Market are

• Hershey's
• Nature's Nate Honey Co
• Kewpie Corp
• Sioux Honey Association
• Ferrero Group
• Tropicana
• Kraft Heinz Company
• Land O'Lakes Inc
• JM Smucker Co
• Unilever Group