Flavored Syrups Market Size

Global Flavored Syrups Market Overview

Flavored Syrups Market Size was valued at USD 40.5 Billion in 2022. The flavored syrups industry is projected to grow from USD 42.63 Billion in 2024 to USD 64.2429 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.26% during the forecast period (2024 - 2032). One of the primary market drivers influencing the growth of the flavored syrups market is the rise in demand for customized flavors in the food and beverage sector.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Flavored Syrups Market Trends

• Rising food service sector is driving the market growth

One of the biggest end users of flavored syrups is the food service sector. A substantial portion of flavored syrup sales are made at restaurants, cafés, bars, bakeries, and hotels where they are used as toppings for sweets, baked goods, pancakes, and in coffee and other beverages. Most mocktails, cocktails, and other non-alcoholic drinks have them as an ingredient. Sales of flavored syrups are increasing as people drink more cocktails and cocktails at social gatherings, business conferences, and concerts. Developing nations like China, India, and other HoReCa hotspots are seeing significant growth. Eating out is becoming increasingly common; nowadays, most people choose to do so at least four or five times every week. The primary forces propelling the expansion of the HoReCa business are the rising adoption of new cultures, awareness of international trends, desire to try new foods, and evolving lifestyles. Flavored syrup demand is primarily fueled by the rising popularity of eating out and the strong demand for beverages and sweets.

The major uses for flavoring syrup in the food and beverage sector include soft drink concentrates, frozen dessert toppings for yogurt, flavoring powders, and multi-flavor beverage syrups for food and soft drinks. The market for flavored syrups is dominated by fruit-flavored syrups, which are used extensively in beverages like soda, soft drinks, and cocktails. However, consumers' preferences for various flavored syrups, foods, and beverages, which are among the market's drivers, are about to accelerate the growth of the world's flavored syrup market.

The market's players must concentrate their R&D efforts due to the growing consumer demand for novel flavors. Consumer preferences are always changing due to shifting lifestyles, eating patterns, and a desire for diversity. Flavored syrup producers are concentrating on introducing new flavors in order to maintain their place in the worldwide market while catering to consumers' shifting preferences. Market participants have added variants to their product portfolios in response to the rising demand for novel, fruit-based flavors. For instance, local producers of flavored syrups provide distinctive variants like acerola-raspberry and blueberry-raspberry syrups created by combining fundamental flavors. Due to consumers' increasing eagerness to explore novel items, market participants can also concentrate on launching unusual and exotic flavors. The dual-fruit flavored syrups that certain regional players have introduced are lime-mint, baked apples with honey, raspberry-lemon balm with honey, lime-ginger, and raspberry-mint. Thus, driving the flavored syrups market revenue.

Flavored Syrups Market Segment Insights

Flavored Syrups Flavor Type Insights

The flavored syrups market segmentation, based on flavor type includes fruits, coffee, chocolate, vanilla, mint, nuts, caramel and blends. The fruits segment dominated the market. One of the main factors fueling the market expansion is the rising demand for flavored syrups with fruit infusions and distinctive flavors. In order to maintain their position in the international market, producers have also been concentrating on creating mixed fruit syrups and introducing novel flavors.

Flavored Syrups Category Insights

The flavored syrups market segmentation, based on category includes conventional and organic. The organic segment dominated the market. Products without any artificial additives or chemicals are referred to as organic. Organic flavoured syrups use all-natural components. Natural flavourings from plants, fruits, vegetables, and herbs are used to flavour syrups.

Flavored Syrups Distribution Channel Insights

The flavored syrups market segmentation, based on distribution channel, includes food service and food retail. The food service category generated the most income. The segment encompasses a number of different sectors, including beverages, frozen desserts, dairy products, and bakery & confectionery. Some common goods containing flavored syrups as a taste and sweetness enhancer ingredient are beverages, especially cocktails, hot and cold beverages, and soft drinks.

Figure 1: Flavored Syrups Market, by Distribution Channel, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Flavored Syrups Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American flavored syrups market will dominate this market due to the widespread use of fruit syrups in the United States and Canada and the growing preference of consumers for flavored syrups in everyday foods such as snacks, cereals, beverages, and desserts. Due to the abundance of high-quality toppings, chocolates, flavors, and fillings in this area, the bakery business is predicted to have tremendous expansion.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: FLAVORED SYRUPS MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe flavored syrups market accounts for the second-largest market share. The growth of the European flavored syrups market is being driven by the rising use of flavored syrups in bakery goods. Additionally, these syrups are used to flavor coffee and tea with a range of flavors. The world's biggest per capita coffee consumption is in Europe, which contributes to the region's high sales of flavored syrups. Further, the German flavored syrups market held the largest market share, and the UK flavored syrups market was the fastest growing market in the European region

The Asia-Pacific Flavored syrups Market is expected to grow at the fastest CAGR from 2023 to 2032. This is a result of the Asia Pacific region's rising economic standards, expansion of dining options, and widespread consumption of dairy and ice cream. Moreover, China’s flavored syrups market held the largest market share, and the Indian flavored syrups market was the fastest growing market in the Asia-Pacific region.

Flavored Syrups Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the flavored syrups market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, flavored syrups industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the flavored syrups industry to benefit clients and increase the market sector. In recent years, the flavored syrups industry has offered some of the most significant advantages to market. Major players in the flavored syrups market attempting to increase market demand by investing in research and development operations include The J.M. Smucker Company (US), Wholesome Sweeteners Inc. (US), Conagra Brands, Inc. (US), VKL Seasoning Pvt. Ltd. (India), Nestlé S.A. (Switzerland), The Hershey Company (US), Kerry Group plc (Ireland), R. Torre & Co. (Torani) (US), Amoretti (US), and Monin, Inc. (France).

Conagra Brands, Inc. produces and sells packaged foods to institutions, restaurants, and retail customers. The business sells dinners, meals, sides, snacks, milled grain ingredients, dried veggies and seasonings, mixes and flavors, as well as speciality potatoes. Conagra Brands serve customers in the US. In October 2021, the US-based packaged goods company Pinnacle goods, Inc., with its headquarters in Parsippany, New Jersey, was successfully acquired by Conagra Brands, Inc. Conagra Brands, Inc. was able to broaden its selection of frozen and shelf-stable goods because to this acquisition.

The French company Monin manufactures and markets syrups, liqueurs, and fruit purees largely for commercial use (in hotels, restaurants, bars, etc.). Monin, Inc make product flavorings. The business sells syrups, raspberry fruit puree, dark chocolate sauce, sweeteners, gourmet sauces, drink concentrates, bottled display racks, bottle pumps and pourers, and samplers. In the USA, Monin conducts business. Various fruit flavors, including raspberry, pomegranate, and peach, are available in sugar-free syrups from Monin. The other sugar-free syrups this company provides are hazelnut, almond, and irish cream.

Key Companies in the flavored syrups market include

• The J.M. Smucker Company (US)


• Wholesome Sweeteners Inc. (US)


• Conagra Brands, Inc. (US)


• VKL Seasoning Pvt. Ltd. (India)


• Nestlé S.A. (Switzerland)


• The Hershey Company (US)


• Kerry Group plc (Ireland)


• Torre & Co. (Torani) (US)


• Amoretti (US)


• Monin, Inc. (France)

Flavored Syrups Industry Developments

November 2022: With the flavours Strawberry, Pineapple and Mango, MONIN unveiled Le Crush de MONIN, a collection of fresh products. Due to MONIN, flavor options are now more varied for pastry chefs, bartenders, baristas, ice cream producers, and home mixologists.

June 2022: First Day Lawson Ltd. bought Quest Ingredients Ltd., a taste and botanical extracts manufacturer. The main objectives of FDL's acquisition strategy are increased primary markets and customer bases in Europe and the US.

December 2020: Sweet Green Fields, a supplier of stevia, was fully acquired by Tate & Lyle. Tate & Lyle would enhance its stevia solution and capabilities through this acquisition by fusing its supply chain and research and development operations to boost stevia product innovation.

Flavored Syrups Market Segmentation

Flavored Syrups Flavor Type Outlook (USD Billion, 2018-2032)

• Fruits


• Coffee


• Chocolate


• Vanilla


• Mint


• Nuts


• Caramel


• Blends

Flavored Syrups Category Outlook (USD Billion, 2018-2032)

• Conventional


• Organic

Flavored Syrups Distribution Channel Outlook (USD Billion, 2018-2032)

• Food Service


• Food Retail

Flavored Syrups Regional Outlook (USD Billion, 2018-2032)

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America