The flavored syrup market in Europe was valued at US$ 11,484.6 million in 2018 and is projected to reach US$ 18,513.8 million by 2027; it is expected to grow at a CAGR of 5.5% from 2019 to 2027.
The flavored syrup companies in this region are continuously enhancing the overall business processes and product portfolio to meet the rising demand from beverages, dairy & frozen desserts, confectionery, and bakery producers. Many domestic and international companies have a strong foothold in Europe. Germany is one of the largest consumers of flavored syrup, followed by Italy and France. The region mainly supports the growth of the flavored syrup market through effective food manufacturing sector and flexible trade policies. The steady growth of flavored syrup production in Europe is fuelled by constant demand for flavored syrup from retailers and an efficient supply chain. Growing consumers’ preferences for flavored food and beverages have also been contributing to the steady demand for flavored syrup. These are the few factors driving the European flavored syrup market. Factors such as rapid urbanization, high purchasing power among the customers, and rising participation of women in the workforce are driving the demand for convenience and easy to prepare food products. This factor has propelled the demand for flavored syrup products.
Fruit flavored syrups dominated the European market due to its widespread application in beverage products such as cocktails, soda and cold drinks, and soft drinks. Growing consumer preference for syrups with high fruit content has been a major factor driving the manufacturers to introduce wide varieties of syrups infused with natural ingredients.
The strong performance of the retail sector and product promotions have played a vital role in increasing the sales of flavored syrup via supermarkets and hypermarkets and convenience stores. Manufacturers are looking forward to improved penetration and the launch of better products with improved strategies and expansion of distribution networks in untapped markets. The advent of the e-commerce industry is further expected to complement the growth of the market. In Europe, consumers prefer products with clean label and organic product claims. Therefore, market leaders should focus on regulatory standards and fickle consumer choices to identify their growth pockets in the market. Europe is a manufacturing hub for a large number of flavored syrup producers and includes players such as Amoretti, Archer Daniels Midland Company, ASR Group, and Monin, Inc.
Based on application, the European flavored syrup market is segmented into beverages, dairy & frozen desserts, confectionery, bakery, and others. The beverages segment accounted for the largest market share of the European flavored syrup market in 2018. The growth of the beverages segment is mainly attributed to the growing demand for various beverages such as packed fruit juices, concentrates, fruit purees, milkshakes, flavored milk, cocktails, soda and cold drinks, and hot beverages such as tea and coffee. Moreover, growing health concern among the people along with the increasing consumer awareness through effective production promotion strategy are other factors bolstering the growth of the market. Further, shift in consumption patterns, along with rise in disposable income, and growing consumer preferences for different variety of flavors in beverages are further propelling the growth of the market.
The European flavored syrup market is further segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Germany accounted for the largest share of the European flavored syrup market in 2018; it is likely to maintain its dominance during the forecast period. The UK was considered as the fastest-growing country in the European flavored syrup market; it is likely to maintain its dominance during the forecast period. The growth of the flavored syrup market in this region is primarily attributed to the increasing consumer spending in the region, coupled with the significant demand for flavoured syrup in the past few years.
A few players present in the European flavored syrup market are Sensient Technologies Corporation; Kraft Heinz Company; ASR Group; Kerry Group; Monin, Inc.; Small Hand Foods; Sunny Sky Products, Llc.; The Hershey Company; and Archer Daniels Midland Company.
The overall European flavored syrup market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the European Flavored syrup market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in flavored syrups.