The global flavored syrups market size is expected to reach US$ 79.2 Bn by the end of 2029. According to a study by Future Market Insights (FMI), the market will show a steady rise at 5% CAGR between 2019 and 2029. According to the report, consumers with a busy schedule are often inclined to choose a clothing product because of good taste and less consumption time is likely to drive the clothing market, thereby increasing demand for flavored syrups. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
It includes in-depth insights into the flavored syrups market. Some of these are:
- The estimated value of the market was at US$ 48.6 Bn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- During the forecast period, the fruit-flavored syrup segment represented the largest share of the market for flavored syrups.
- Strong growth in the Asia Pacific market led by India, Japan South Korea and China flavored syrup market.
- Rising demand for convenience and ready-to-eat goods would also drive market growth.
- The availability of syrups in powder form also serves as a demand catalyst for better preparation.
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“The increasing demand for processed foods and the comfort will boost the market. Furthermore, the market is likely to benefit from the rising application in various non-vegetarian recipes will stoke growth. With considerable changes in consumer taste and preferences, the market players can expect scales to tip in their favour in the coming years,” said a lead analyst at FMI.
Downfall in Demand due to Lockdown Caused by COVID-19 will Impact Growth
Market growth in North America is largely due to the increasing demand from fast-food chains and restaurants in countries like the US, Canada and Mexico. In addition, demand for convenience and ready to eat food items is growing in the area due to the busy lifestyle and a higher standard of consumer living and purchasing power. Rising bakery and dairy consumption is further increasing demand on the global market for flavored syrup.
The spread of the novel COVID-19 coronavirus disease has significantly affected global markets. These are extremely unpredictable times, with countries all over the world experiencing the pandemic’s destabilizing consequences. In businesses and governments, decision-makers are struggling to grasp the emerging threats that we face and to decide what course of action needs to be taken. No organization is resistant to the health-crisis problems and there are understandable worries about the harm to the global economy. This latest pandemic obviously has serious consequences for the world.
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Who is Winning?
Few of the major competitors currently working in the global flavored syrups market are Sensient Technologies Corporation, Kerry Inc., SensoryEffects, Inc, Concord Foods, LLC, The Hershey Company, MONIN, Archer Daniels Midland Company, Starbucks Corporation, The J.M. Smucker Company, MANE, Stirling Flavors, LLC, Malabar Food Products., W.T. Lynch Foods Limited, Midwest Syrup Company, RIO Syrup Company, Inc. among others. The players use various strategies to increase their footprints in this industry, such as new product releases, extensions, alliances, joint ventures, collaborations, acquisitions and others.
Product launch and promotion of new products the media, promotions and advertising are widely adopted by companies to broaden their presence around the world, which further affects the size of the market. The players on the flavored syrup market are adopting the expansion strategy and investment in research and development to increase the consumer base and gain substantial market share worldwide, which also helps players to retain their brand identity globally.
Get Valuable Insights into Flavoured Syrups Market
Future Market Insights, in its new report, presents an unbiased analysis of the global flavored syrups market, covering historical demand data and forecast figures for the period between 2019 and 2029. The study divulges compelling insights into growth witnessed in the market. The global flavored syrups market based on application has been segmented into beverages, dairy & frozen desserts, confectionery, bakery, and others. On the basis of flavour-type, market can be segmented as sweet, savoury, sour, others. Regionally, the market can be segmented into North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA.