Sugar syrups mixed with natural or artificial flavoring agents are referred to as flavored syrups. They are gaining prominence across the globe due to the wide application scope of these concentrates as a potential flavor enhancer in various cuisines, beverages, desserts, confectioneries, and others. The major factors driving the growth of the global flavored syrups market are the increasing consumption of convenience food products and growth of the foodservice industry across the globe.
As per the National Restaurant Association, in 2019, the projected sales of the restaurant industry in the US was USD 863 billion. Similarly, the Federation of Indian Chambers of Commerce and Industry (FICCI) has stated that the foodservice industry in India is expected to register a CAGR of 10% from 2017 to 2022. The market is expected to be lucrative in the coming years owing to the launch of new flavors and rising consumer preference for natural and organic products. However, rising health concerns due to sugar-based syrups are restricting the growth of the market.
The global flavored syrups market has been segmented, based on type, into coffee, chocolate, vanilla, fruits, mint, nuts, blends, and others. The market has been divided, on the basis of category, into organic and conventional. The distribution channel segments of the market are store-based and non-store-based. The store-based segment has further been divided into supermarkets & hypermarkets, convenience stores, and others.
The global flavored syrups market has been segmented, based on region, into North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific dominated the global market for flavored syrups in 2018 and the regional market is expected to register the highest growth rate during the forecast period owing to the expansion of the foodservice industry in the region, especially in India, China, Indonesia, and Vietnam. The growth of the organized retail sector is another factor boosting the sales of flavored syrups in Asia-Pacific.
Europe accounted for the second-largest market share in 2018 due to the increasing consumption of flavored syrups in bakery products. The UK, Germany, Italy, and France are the major country-level markets contributing to the regional market growth. North America is also a prominent regional market due to the increasing consumer preference for flavored syrups as an addition to breakfast foods such as cereal and other convenience foods. In the rest of the world, South America was the largest revenue-generating regional market with high demand for flavored syrups in Brazil, Argentina, and Peru.
Product launches, mergers, expansions, and collaborations are the key strategies adopted by the global players operating in the flavored syrups market. The notable players in the global flavored syrups market are Monin, Inc. (France), Amoretti (US), R. Torre & Co. (Torani) (US), The Hershey Company (US), Kerry Group plc (Ireland), Nestl? S.A. (Switzerland), VKL Seasoning Pvt. Ltd. (India), Conagra Brands, Inc. (US), Wholesome Sweeteners Inc. (US), and The J.M. Smucker Company (US).