Syrup Market is predicted to reach USD 5.37 Billion at a CAGR of 5.20% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Syrup Market”.

Syrup Market Overview

Syrups are produced with natural or artificial raw ingredients mixed with sugar or sucrose to obtain concentration. Syrups can be used or mixed with a variety of beverages such as carbonated water, coffee, cocktails, and tea, as well as pancakes, waffles, cake, ice cream, and other foods. The wide application scope of these concentrates in various cuisines as a potential flavor enhancer has made them popular across regions. Flavored syrups are available in all types of varieties, including sugar-free, natural, organic, gluten-free, concentrated, and sweetener syrups. Moreover, syrups are a widely popular topping and ingredient in convenience foods such as ready-to-eat foods, frozen desserts, bakery products, and on-the-go beverages. Consuming convenience foods has become increasingly popular; it first emerged in the West and quickly expanded to other parts of the world. Consumers prefer convenience foods as they are easy to consume and have nutritional value, variety, and product appeal. Moreover, the growing food and beverage industry with wider scope for various applications has further boosted the growth of the product in the market. Besides, the major key players working in the syrup market are constantly developing the final product with proper innovation has also supported the overall product market growth.

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Market Synopsis

According to the MRFR analysis, the global Syrup market is projected to reach USD 5.37 Billion by 2032 at a CAGR of 5.20%.

The growing demand for various types of flavors among various end users such as hotels, restaurants, cafes, fast food outlets, and many more is likely to increase the demand for flavor. Hence, to serve the various food service sectors, the major players are coming up with a wide range of products which in turn is likely to drive its market during the forecast period. For instance, in April 2019, Torani, a pioneer in the flavor sector launched Puremade Syrups and Sauces. A new line of beautifully produced syrups and sauces, which bring exceptional flavor with pure, natural ingredients, is being added to the Torani product line. Furthermore, in August 2021, Astarta increases its product line and begins a pilot project to produce inverted sugar syrup. The firm is already in the process of being technologically reequipped. In the first part of July, a special processing line was set up at the Novoorzhytskiy sugar factory. Ukrainian beekeepers will be the primary consumers of the first batch of inverted syrup. This product can be used to feed bee colonies during the winter to help them be more productive. Additionally, it will enable beekeepers to implement contemporary technologies, boost productivity in their apiaries, and preserve their global leadership in honey production.

COVID-19 Impact on Syrup Market

There is currently a global crisis because of the COVID-19 global pandemic. The pandemic, which is impacting numerous countries all over the world, has already affected the world economy and is likely to generate turmoil and prompt a global crisis. The COVID-19 outbreak has completely upended people's lives because of the number of cases rising daily. COVID-19 has varying effects on various businesses. Following the pandemic, the economy expanded across the board. This pandemic has impacted the commodity market in numerous ways. However, various initiatives were taken by the government bodies in various regions worldwide to recover the country from post-pandemic. For instance, in May 2020, the US government invested USD 2.2 trillion economic rescue package for U.S. businesses affected the most during the pandemic, including the automotive sector.

Competitive Landscape

The global Syrup market is fragmented and consists of some organized and unorganized industry players. Manufacturers focus on boosting manufacturing capacities, regularly releasing new products, and collaborating with key stakeholders to surpass rivals. Key players include Monin, Kerry Group Plc., Torani, Dohler, Conagra Brands, Inc., 1883 Maison Routin, Andros Asia, Fabbri 1905, Amorett, and Bristol Syrups Company.

Segmentation

By Type

• Flavor: Flavor syrups include a range of syrups such as fruits, herbs & spices, coffee chocolate, vanilla, and others. Fruit-based syrups are usually made up of strawberry, raspberry, apple, orange, peach, blueberry, and many more. The wide usage of fruit-based syrups in various beverages, baking, dessert, and various other food products owing to the increasing awareness among consumers regarding the health benefits associated with the consumption is set to propel its market. Hence, the key players are coming up with a wide range of products to better serve the consumers, which in turn may fuel its market growth. For example, in January 2021, Torani based in San Francisco launched eight premium, all-natural syrups with distinctively delectable flavors. Pure cane sugar and either agave, maple, or caramelized sugar are combined to create each flavor, which is 100% natural and made without the use of preservatives. These are the first syrups in the market to be made with distinct sugar blends that let bartenders make beverages that are exactly balanced in every cup.


• Non-Flavor: Non-Flavor syrup usually contains sucrose and purified water. Moreover, non-flavor syrups are usually used in cocktails, sweetened iced tea, lemonade as well as candy making. Hence, the growing number of cocktail drinkers across the globe would eventually increase the demand for non-flavor syrups which in turn would boost its market growth. For example, according to MRFR analysis, the number of consumers who drank cocktails in the on-trade increased by 11 percent in the year 2022 as compared to 2021.

By Nature

• Organic: Organic syrups are usually made using no chemicals, pesticides, radiation, or genetic engineering, sugar and flavoring sources such as fruits, coffee, vanilla, and cocoa are grown utilizing organic agricultural methods without the use of chemical fertilizers. These resources are utilized to make flavored syrups. Moreover, the growing demand among consumers for organic food products owing to the various health benefits associated with its consumption such as improved heart condition, boost immune system, and fewer chances of food-borne illness is likely to contribute to its overall segment growth. For instance, according to MRFR analysis, 94.38 million Americans consumed organic food products in 2020, compared to 151.66 million who didn’t and 86.6 million who didn’t know or didn’t answer.


• Offline: According to PepsiCo India”s Bottling partner Varun Beverage Ltd, the Indian soft drink market is expected to grow in the upcoming years, as annual per-capita bottle consumption is expected to reach around 84 by 2021 owing to various growth factors such as growing middle class, rising affordability, and urbanization coupled with continued innovations towards product packaging and sizing.

By Food Service

• Hotel: The growing usage of various types of syrups such as flavored syrup including chocolate, vanilla, invert sugar, and liquid syrup in various food items in hotels is expected to fuel its market growth during the forecast period. Hence, the growing construction of hotels across the world is expected to increase the demand for syrups to better serve its guests in the upcoming years. For instance, according to Lodging Econometrics' Q1 2022 Construction Pipeline Trend Report for the United States, the total pipeline of new hotel construction in the United States at the end of the first quarter of 2022 was 5,090 projects and 606,302 rooms, up 2% in terms of projects but down 3% in terms of rooms. There were 961 projects and 128 784 rooms under construction in the first quarter of 2022, a decrease of 27% and 28%, respectively, for projects and rooms.


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• Restaurants: A restaurant is usually a place where meals are prepared and served to customers. Moreover, restaurants are using flavored syrups more frequently to improve the flavors of drinks like mocktails, coffee, baked goods, and dairy items. An increasing number of customers are choosing to eat in, which is fueling the rise of restaurants owing to rising disposable incomes and increased urbanization. Besides this, the growing tourism sector is likely to increase the demand for various types of food and beverages ultimately requiring various types of syrups which in turn would fuel its market growth.


• Cafes: A cafe is a small eatery that specializes in caffeinated beverages such as tea, espresso, cappuccinos, and drip coffee. Typically, the menu is uncomplicated and offers a variety of sandwiches, pastries, and other baked products that patrons can order at the counter and take to their tables. In recent years, the idea has evolved from simply being coffee shops to providing a variety of drinks and associated goods such as flavoured lattes, bulk coffee beans, brewing supplies, insulated coffee tumblers, and more.


• Fast Food Outlets: A fast-food outlet is a particular kind of restaurant that specializes in fast-food fare and offers nothing in the way of table service. Fast food is frequently "meat-sweet" in nature, served from a small menu, prepared in bulk and kept hot, finished and packaged to order, and typically available for takeout, though sitting may be allowed. The growing popularity of fast food among the younger generation has increased the demand for fast food outlet which would eventually require syrups which in turn would fuel its market growth. For example, according to The Centers for Disease Control and Prevention, the average American household spends about 10% of their income on fast food, while the average American spends USD 1,200 per year on just that.


• Others: Other segments include bars, pubs, and bakery shops. The growing demand among consumers for various flavors of alcohol with innovative and attractive packaging is likely to contribute to its overall segment growth. For instance, according to MRFR analysis, 60% of U.S. adults consumed alcoholic beverages, down from 65% as reported in 2019. Additionally, the average number of beverages ingested over the previous seven days dropped. In seven days in 2019, consumers who were 18 years of age and older consumed, on average, 4.0 drinks. In 2021, this average decreased to 3.6 drinks. Alcohol consumption was higher among men (63%), compared to women (57%).

By Region

• North America: North America is also leading in organic syrups these syrups have entered the markets and gained traction with consumers, as consumers are becoming more health-conscious demanding products that have organic and natural ingredients in the product and provide nutrition to them. So, the key player has started working on organic syrups and started introducing more organic and natural ingredients in syrups as this is an opportunity for the player and can drive growth during the forecast period. For instance, in August singing dog expanded its product portfolio by launching organic vanilla syrup. This syrup is used in cafes, restaurants, bakeries, and so on across the US. The company has also claimed that vanilla organic syrup is the pure flavor for coffees, teas, and other beverages.


• Europe: The steady growth of flavored syrups development in Europe is fuelled by the constantly growing demand for syrups from retailers and the continued growing demand of consumers of flavored food & beverages has also been a steady demand for flavored syrups. For instance, in February 2021 Coca-Cola tested new soda syrup in Germany, and the company launched Fanta orange, Sprite, and Mezzo Mix soda syrups, these syrups were made available online and at selected retailers’ outlets. In February 2022 Daysie launched a product line of simple syrups, that includes Madagascar vanilla, coconut almond, salted caramel, and a trio for coffee. These syrups contain natural ingredients and are made without any preservatives.


• Asia-Pacific: The key players continue to enhance the business to meet the rising consumption of confectionary, beverages, bakery, and so on products. China has a high demand for syrups, followed by India. Companies are developing new innovative flavors to accommodate the consumers’ changing taste preferences, thus continuing the market growth. Companies are also expanding their product portfolio line. For instance, in July 2021 Dabur entered in syrups category with Dabur honey taste flavored honey, they launched two flavors i.e., strawberry and chocolate, the company also claimed that their syrups are enriched with Vitamin D and have no added artificial preservatives. Furthermore, consumers’ inclination towards sweet foods has led players to introduce new innovative products infused with a variety of flavors.


• Rest of the World: The rest of the World including the region of South America, the Middle East, and Africa, will witness moderate growth in the syrup market in the coming years. Furthermore, the major company operating is going under various acquisitions and launching new products which are resulting in growth in the syrup market. For Instance, in November 2020 Bateel launched a new range of organic syrups which are healthy and include vanilla, passion fruit, cardamom, and classic. The company never compromises with the quality of its products, with this range of organic syrups the company has entered healthy snacks, desserts, and breakfast toppings markets.