Flavored Syrup Market
Flavored Syrup Market Share & Trends Analysis, By Flavor (Fruit Flavored Syrup, Chocolate Flavored Syrup, Others), By End-Use (Household Consumption of Flavored Syrup, Flavored Syrup for Bakery and Confectionery, Others), By Sales Channel & By Region Forecast, 2021-2031
Newly-released flavored syrup industry analysis shows that global sales enjoyed year-on-year (YoY) growth of 2.9% in 2020, to total a valuation of US$ 50 Bn. Fruit flavoured syrup marked growth of 4.5% to reach US$ 20.1 Mn, while vanilla flavored syrup was up 9.1% to close in on a valuation of US$ 7.3 Bn.
Key Points Covered in Flavored Syrup Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- COVID-19 Impact on Flavored syrup and How to Navigate
- Recommendation on Key Winning Strategies
Revenue Analysis of Flavored Syrup from 2016 to 2020 Compared to Demand Outlook for 2021 to 2031
As per the flavored syrup industry research by Fact.MR - a market research and competitive intelligence provider, historically, from 2016 to 2020, market value increased at around 4% CAGR, wherein, countries such as the U.S., Canada, China, Japan, and Germany held significant share in the global market.
With surge in urbanization and out of home food expenditure of consumers, the market for flavored syrup is forecast to expand at a moderate CAGR of close to 5% over the coming 10 years.
- The flavored syrup market saw soaring growth in 2020 with worldwide revenue up 1.8% year-over-year. Fact.MR estimates that flavored syrup revenue will grow 1.6X from 2021 to 2031, reaching nearly US$ 84.5 Bn in 2031, with a ten-year compound annual growth rate (CAGR) of 5%.
- As per Fact.MR’s flavored syrup market insights, global market revenue totaled US$ 50 Bn for 2020.
- Demand for vanilla flavored syrup will accelerate at the highest pace.
- Demand of flavored syrup for household consumption is projected to accelerate at highest pace among applications, at a projected CAGR of 6.3%,
- Top 5 providers of flavored syrup held 27% market share in 2020.
- Flavored syrup demand was impacted by COVID-19, and year-on-year growth in 2020 was around 2.4% down as compared to previous estimates.
How is Growing Consumers Interest in Homemade Cuisines Triggering Demand of Flavored Syrup?
In recent years, there has been considerable increase in consumer interest towards cooking. Several TV channels as well as social media streaming channels designated to cooking have led to a surge in consumer interest towards cooking innovative dishes at home.
This has triggered demand for several ingredients at household levels, which are mostly purchased by food & beverage processors and hotels and restaurant businesses. Flavored syrup is amongst such food ingredients that have garnered traction from household consumers.
Besides, the fact that home-made cuisines can be entirely customized to suit the needs of people who are allergic to certain ingredients, or want a specific nutrient balance, is further encouraging them to cook cuisines at home. This is consequently driving demand for flavoured syrup.
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Will Surge in Urbanization in Developing Regions Lead to Spurt in Food Ingredient Demand?
According to The United Nations, urban share in Asian countries is expected to grow from 44% in 2010 to 56% by 2030. Constant surge in urbanization in developing countries has drastically transformed the consumption pattern of people.
Owing to this, more numbers of international cuisines are being observed to feature at different occasions as a part of celebration or weekend hangouts. This has also led the noticeable expansion of hotels and restaurant chains to flourish in tier-1 and tier-2 cities in developing countries.
All these transformations have imparted a positive impact on the entire supply chain. Flavored syrup has also garnered significant attention from restaurants and hotels in developing countries.
Over the forecast period, when a significant number of eateries are expected to transform into the Western model, demand of flavored syrup is expected to grow at least 1.5X from 2021 to 2031.
Why are Millennials Most-sought after Consumers for Flavored Syrup Suppliers?
Millennials are amongst the most experimental customers when it comes to trying new cuisines. In the U.S., for instance, customers’ likelihood of visiting restaurants at least once a week of different generations are 80%, 70%, and 67% for millennials, GenZ, and boomers, respectively.
Furthermore, with their high purchasing power, millennials are also open to spend more on just regular cuisines. While they purchase flavoured syrup for making household cuisines, they also spend heavily on their restaurant bills where flavoured syrup is being used.
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Which Region Offers the Largest Opportunity for Sales of Flavored Syrup?
North America is expected to account for over 30% of flavored syrup demand throughout the analysis period. In 2020, North American flavored syrup demand grew 2% year-on-year, bucking initial scepticism about how the market would perform during a global pandemic. Across North America, total demand for flavored syrup reached US$ 17 Bn in 2020.
What Allows the U.S. to Hold a Significant Market Share of Flavored Syrup?
Consumers in the U.S. consume significant volume of coffee, pancakes, waffles, cake, ice cream, and flavoured milk that use flavoured syrup. The U.S. demand for flavoured milk has surpassed 2 Bn liters in 2020, while coffee consumption was nearly 1.6 Bn kgs.
Their increasing consumption of these products is expected to boost demand for flavoured syrup in the country. Flavoured syrup sales in the U.S. are estimated to reach a valuation of US$ 13 Bn in 2021.
How Can China be a Potential Market for Flavored Syrup Manufacturers?
It is estimated that the market in China is will witness an absolute dollar opportunity of US$ 4.4 Bn during 2021 – 2031.
With surge in urbanization, Chinese dietary habits have also been changing. Their consumption of bakery products and beverages such as coffee and milkshake has increased significantly. This has led to a considerable spurt in the demand for related ingredients, including flavoured syrup.
Why are Fruit Flavored Syrups Highly Demanded across the World?
Demand for fruit-infused flavoured drinks has been constantly rising. Consumer perception of “natural” associated with fruit flavors is the key reason for its high market share. Fruit flavored syrup accounted for over 38% share of total demand in 2020.
Why Does HoReCa Continue to be a Key Revenue Generator for Flavored Syrup Producers?
Food processing businesses procure food flavors in different formats, however; syrup format flavors are mostly suitable for the hotel, restaurant, and catering (HoReCa) sector, owing to their ready-to-prepare nature. Flavored syrup revenue through HoReCa is expected to surpass US$ 36 Bn by 2031.
Which Sales Channel of Flavored Syrup Holds Most Revenue Potential?
The global market for flavoured syrup generated highest revenue through direct sales in 2020, with over 30% share. Direct sales have been the key procurement mode for bakery and confectionery and dairy product manufacturers.
How Has COVID-19 Impacted Revenue Generation from Flavored Syrup?
COVID-19 has significantly impacted demand for flavored syrup. Especially flavoured syrup sales by HoReCa sector suffered the highest jolt owing to restrictions on outdoor eating and consumer movements.
During 2020, demand through household consumption remained largely stable as the work from home culture encouraged consumers to prepare dishes at home and procure new ingredients, including flavoured syrup.
According to market research analysis, product launches were the prominent development in the flavoured syrup market. The Hershey Company, Kerry Group, Tate & Lyle, Monin Inc., Fuerst Day Lawson, Torani, Archer Daniels Midland Company, Starbucks Coffee Company, Smucker’s, Walden Farms, Fox Syrups, and B&G Foods are prominent manufacturers of flavoured syrup.
Some of the key developments are:
- In February 2021, Monin Inc. introduced strawberry rose flavoured syrup. Strawberry rose flavour adds a scarlet hue while it carries notes of candied strawberry and soft rose in sip and bites of the products in which it is used. It is ideal for recipes including lattes, teas, cocktails, lemonades, sparkling waters, dressings, desserts, among others.
- In June 2021, Torani announced the launch of flavour lineup including Puremade Chocolate Hazelnut Sauce, Puremade Mangonada Syrup, and Puremade Black Sugar Syrup. Puremade Chocolate Hazelnut Sauce is the nut allergen-free sauce Inspired by the classic flavor combination commonly found in Italy. Puremade Mangonada Syrup is a mix of sweet, sour, salty, and spicy characteristics.
Similarly, recent developments related to companies offering flavored syrup have been tracked by the team at Fact.MR, which are available in the full report.
Flavored Syrup Market Report Scope
Historical Data Available for
|Tons for Volume and US$ Mn for Value|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Market Segments Covered in Flavored Syrup Industry Analysis
- Fruit Flavored Syrup
- Chocolate Flavored Syrup
- Vanilla Flavored Syrup
- Other Flavor Syrups
By End Use
- Household Consumption of Flavored Syrup
- Flavored Syrup for Bakery and Confectionery
- Flavored Syrup for HoReCa
- Flavored Syrup for Dairy Product Manufacturers
- Flavored Syrup Other Applications
By Sales Channel
- Direct Sales of Flavored Syrup
- Modern Trade of Flavored Syrup
- Flavored Syrup Sold at Convenience Stores
- Flavored Syrup Sold at Specialty Food Stores
- Flavored Syrup Sold through Other Sales Channels
- FAQs -
The global flavored syrup market is worth more than US$ 5 Bn at present.
Sales of flavored syrup are projected to increase at a CAGR of around 5% during 2021 – 2031.
Value sales of flavored syrup increased at a CAGR of around 4% during 2016 – 2020.
Manufacturers’ focus towards offering sugar-free flavored syrup has been one of the prominent trends in the market.
Surge in urbanization coupled with growing footprint of HoReCa have been the key demand drivers for flavored syrup.
Top 5 manufacturers of flavored syrup account for around 27% share in the market.
Top 5 countries driving demand for flavored syrup are the U.S., Canada, Germany, U.K., China, and Japan.
North America accounted for over 30% of global flavored syrup demand in 2020.
The European market for flavored syrup is projected to expand at a CAGR of 2.6% during 2021 – 2031.
The United States, U.K., and Ireland are key producers of flavored syrup.
The market in South Korea and Japan will expand at over 6% CAGR, with both countries together accounting for 60% share in the East Asian market.
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