Market Research Future Published a Half Cooked Research Report on the Global Flavored Syrups Market, which is estimated to grow at a CAGR 4.3% during the forecast period 2017-2023
Rising sale of flavored syrups is driven majorly by its diverse application and high demand from various sectors of food industries. Flavored syrups are extensively used in production of bakery and confectionery products, which include chocolate, cakes, muffins, and others. Increasing demand for on-the-go convenience food products is projected to fuel up the market demand for flavored syrups as a key additive in the products. They are used to enhance the overall property of the food and to add more value to the final product. The production and consumption of flavored syrups is high in North America and is projected to increase at a positive growth rate in various countries of Asia Pacific and Europe over the given forecast period.
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The global flavored syrups market share is expected to grow at a higher growth rate supported by the rising awareness about flavored syrup’s benefits and its fair shelf-life. Product promotions through sources such as magazines and internet among the population also has a positive impact on this market. Increasing demand for natural and organic food ingredients is also influencing the growth of flavored syrups market, positively. Increasing disposable income is fueling up the market demand for flavored syrups on the global level.
All these factors contribute to the calculated CAGR of 4.3% of flavored syrups market during 2017-2023.
The demand for naturally flavored syrups is growing at a significant rate based on rising consumers’ awareness about health effects caused by the synthetic flavors. Although, synthetically flavored syrups holds a lion’s share in the market owning to low production cost, herbs and spices flavored syrups is anticipated to grow at the highest rate during the forecast period owning to changing consumers food perception and demands. Furthermore, the demand for flavored syrups in confectionary & bakery products is estimated to have a high growth based on rising demand for chocolate and bakery products from the developed countries.
Based on the flavor-type, sale of sweet flavored syrups accounts for a significant share among the various other flavor-type.
The major key players in the Flavored Syrups Market are
- The Hershey Company (U.S.)
- Kerry Group Plc. (Ireland)
- Sensient Technologies Corporation (U.S.)
- Tate & Lyle plc. (U.K.)
- Monin, Inc. (U.S.)
- Concord Foods Inc. (U.S.)
- Wild Flavors, Inc. (U.S.)
Flavored syrups manufacturers across various regions are following the strategy of geographical expansion and acquisitions to penetrate the global market and to meet the growing demand for the product. Furthermore, key players are investing more in R & D sector to improve their existing products line and to enhance the quality of the product. These major factors are propelling the demand for flavored syrups as a potential flavoring agent. In the North America, the U.S. dominates flavored syrups market and exports the product to various other countries, which include the Canada, Mexico, Korea, the Netherlands, China, and others.
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The global flavored syrups market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). North America holds a major market share followed by Europe. High demand for flavored syrups owing to increasing demand for flavored food and beverages from the developed countries of these regions is contributing to the positive growth of the flavored syrups market. The U.S., the U.K., Germany, China, and Canada are the major importers of flavored syrups. Economic growth and developed trading channels are also driving the growth of the market in these countries.
Global Flavoured Syrups Market is segmented by product-type, flavour, application, flavour-type, and region