The global market for flavored syrups market is currently valued at USD 57,230.9 million in 2024, is projected to ascend to USD 81,200.0 million by 2034, growing at a CAGR of 4.00% during the forecast period. This remarkable growth is driven by a myriad of factors, ranging from increasing consumer preferences for diverse flavors to the expansion of the beverage industry and innovations in product formulations.
Coffee-Flavored Syrups
Coffee-flavored syrups lead the market with a 13% share, driven by the global coffee culture and the versatility of these syrups in various applications.
Increasing Consumer Preferences for Diverse and Unique Flavors
Consumers are increasingly seeking variety and unique taste experiences in their food and beverages. This shift is propelling the demand for flavored syrups, which offer an easy way to customize and enhance flavors in drinks and dishes.
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Popularity of Specialty Coffee and Tea Beverages
The growing trend of specialty beverages, including flavored lattes, iced coffees, and artisanal teas, is a significant driver. The convenience and customization offered by flavored syrups make them a popular choice among cafes, restaurants, and at-home baristas.
Expansion of the Beverage Industry
The global beverage industry, encompassing both alcoholic and non-alcoholic drinks, is expanding. Flavored syrups are integral to this growth, providing the means to create a wide variety of drink options that cater to diverse consumer tastes.
Innovation in Flavored Syrups
Continuous innovation by manufacturers in developing new flavors and formulations, including those with natural and organic ingredients and reduced sugar content, is fueling market growth. This innovation aligns with the health-conscious trends observed globally.
Flavored syrups find their applications in a wide range of industries. The demand for artificial syrups in the food and beverage industry is attributed to their ability to precisely replicate and maintain specific flavor profiles, ensuring a consistent taste in their products. Flavored syrups are also gaining popularity due to their consistent flavor profiles, cost-effectiveness, and versatility in applications.
One of the major contributors to the flavored syrup market is the foodservice sector. Flavored syrups are highly sought-after in restaurants, bars, cafes, etc., to make signature cocktails and non-alcoholic beverages. In the bakery industry as well, flavored syrups are used in the production of cakes, pastries, pancakes, smoothies, croissants, etc.
“As the world is pushing toward a healthier lifestyle, there is an excellent demand for nutritional beverages and shakes. Natural flavored syrups form an essential component of these food items. Key players in the industry must market their products accordingly to bring a substantial amount of health-conscious consumers to the market,” – Nandini Roy Choudhury, Client Partner at Future Market Insights
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Key Takeaways from the Market Study:
- The U.S. market, with a CAGR of 4.50%, is bolstered by the trend of crafted beverages and customizable drinks.
- Synthetic syrups account for a market share of 34.00% in 2024.
- Coffee-flavored syrups are expected to hold 13.00% of the market in 2024.
- The flavored syrup market in Germany is predicted to grow at a CAGR of 6.50% through 2034.
- The flavored syrup market in China is predicted to rise at a 5.50% CAGR through 2034.
- The flavored syrup market in the United States has the potential to increase at a 4.50% CAGR through 2034.
- The Australian flavored syrup market is predicted to rise by 3.40% CAGR through 2034.
- The flavored syrup market in Japan is predicted to grow at a CAGR of 4.00% through 2034.
Key Companies in the Market
- The Hershey Company
- Monin
- Torani
- DaVinci Gourmet
- Fuerst Day Lawson (FDL)
- Kerry Group
- Sensient Technologies Corporation
- Concord Foods
- Mocafe
- Amoretti
- Ghirardelli Chocolate Company
- Tate & Lyle PLC
- Jordan’s Skinny Mixes
- Sweetbird
- 1883 Maison Routin
- Nestlé S.A.
- Walden Farms
- Jordan’s Skinny Syrups
- Sunny Sky Products
- R. Torre & Company (Monin)
Competitive Landscape:
- The global flavored syrup market is highly concentrated, with major players like Monin Inc., Sensient Technologies, The Hershey Company, Tate & Lyle, and Kerry Group dominating the market share.
- Key companies are actively producing sugar-free syrups in response to growing health-conscious consumer preferences, aiming to reduce overall sugar intake in their products.
- International players are capitalizing on the demand for natural food additives by manufacturing organically flavored syrups due to consumers’ increasing preference for natural and organic ingredients in their food and beverages.
Recent Developments:
- In March 2023, Torani, a century-old flavor industry leader, introduced Torani Kettle Corn Syrup, combining sweet and salty notes for a familiar yet pleasantly unexpected addition to its extensive syrup line.
- Jordan’s Skinny Mixes debuted a zero-calorie, naturally sweetened Pumpkin Spice syrup in August 2023, crafted with natural ingredients for an elevated beverage experience.
- IHOP and Kraft Heinz partnered to release a pancake-inspired coffee line with Signature Blend, Chocolate Chip, and Buttery Syrup flavors, expanding the iconic restaurant chain’s consumer packaged goods.
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Market Segmentation:
By Flavor:
- Fruit
- Chocolate
- Vanilla
- Coffee
- Herbs & Seasonings
By Application:
- Beverages
- Diary & Frozen Desserts
- Confectionery
- Bakery
By Flavor Type:
- Sweet
- Salty
- Sour
- Savory
- Mint
By Product type:
- Natural
- Synthetic
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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