Global Flavored Syrups Market has witnessed significant growth over the last few years and is projected to grow by USD 17,776.7 Million from 2020 to 2026 at a CAGR of 5.8%. Flavored syrups are a popular topping and ingredient in convenience foods such as ready-to-eat foods, frozen desserts, bakery products, and on-the-go beverages. An increase in the working population, rise in per capita disposable income, and hectic lifestyles are boosting the sales of convenience food products across the globe. The expansion of the foodservice industry is another driver for the growth of the market. However, rising health concerns due to sugar-based syrups are restricting the growth of the market. The global flavored syrups market is highly competitive with key industry players adopting various strategies such as product launches to strengthen their market positions. It has been forecast that improvements in the global economic scenario and the growing flavored syrups industry in emerging nations would drive market growth.
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Market Research Future recognizes Monin, Inc. (France), Amoretti (US), R. Torre & Co. (Torani) (US), Kerry Group plc (Ireland), The Hershey Company (US), Nestlé S.A. (Switzerland), VKL Seasoning Pvt. Ltd. (India), Conagra Brands, Inc. (US), Wholesome Sweeteners Inc. (US), and The J.M. Smucker Company (US) as the Key Players active in the Global Flavored Syrups Market.
Global Flavored Syrups Market has been segmented on the basis of Type, Category, Distribution Channel and Region.
Based on the distribution channel, the global Flavored Syrups Market has been classified as foodservice and food retail. The food retail segment has been further bifurcated into store-based and non-store-based. The store-based sub-segments include supermarkets & hypermarkets, convenience stores, and others. In 2020, the store-based segment accounted for the larger revenue share of the market with supermarkets & hypermarkets being the largest sub-segment. The growth of the retail sector is the major driving factor for the growth of the segment. The non-store-based segment is expected to exhibit higher CAGR during the forecast period.
By category, the market has been categorized as organic and conventional. The conventional segment garnered a larger share of the global flavored syrups market in 2020. However, the organic segment is expected to register a higher CAGR during the forecast period. The demand for organic ingredients is increasing in various application industries, especially food & beverages, which is influencing cultivators to switch to organic farming, thus, boosting the growth of the market
Geographically, the global flavored syrups market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, Asia-Pacific dominated the market, accounting for the largest market share of nearly 32% in 2020; the regional market is also expected to register the highest CAGR of 6.1% during the forecast period of 2019 to 2026.
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Key Findings of the Study
Global Flavored Syrups Market is expected to register a growth rate of 8% between 2019 and 2026. The rising consumption of convenience food is anticipated to propel the growth of the global flavored syrups market.
On the basis of category, the conventional segment is estimated to hold a larger market share during the forecast period and is projected to register a growth rate of 6%.
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