Syrup Market Analysis

Global Syrup Market Overview

The Syrup Market Size was valued at USD 3.24 billion in 2022. The Syrup industry is projected to grow from USD 3.39 Billion in 2023 to USD 5.37 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.20% during the forecast period (2023 - 2032). The wide usage of syrup in various applications such as food and beverages are expected to fuel its market growth during the forecast period.

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

Syrup Market Trends

• The Growing Food and Beverage Industry Coupled with the Wide Usage of Syrups In It

The growing food and beverage industry coupled with the wide usage of flavored syrups such as fruits, coffee, vanilla in candies, desserts, baked goods, and many more is likely to fuel its market growth. Flavored syrups can be added to or combined with other meals such as ice cream, cake, coffee, pancakes, waffles, tea, and fizzy beverages. For instance, according to IBEF, India's food and beverage business is currently valued at USD 40.3 billion and is anticipated to increase by 18% by 2018 to reach USD 66.3 billion. Furthermore, the recent government investment to expand the food sector is likely to increase the demand for syrups which in turn would boost its market growth. For instance, in its "Make in India" initiative, the Indian government has given the food processing industry top priority and encourages investment there. To develop the food processing supply chain, the government has also developed 134 cold chain projects and 18 mega food parks. These initiatives will likely help companies that process food. Additionally, the food processing sector is on a strong growth trajectory because of recent government measures, such as the USD 1.35 billion scheme announced by Mrs. Nirmala Sitharaman, the finance minister, to support this industry.

Syrup Market Segment Insights

Syrup Type Insights

The Syrup Market segmentation, based on type, includes flavor and non-flavor. The flavor segment held the majority share in 2022 contributing to around 66% in respect to the Syrup Market revenue. Flavor Syrup is a dense thick liquid that is usually obtained by boiling water, dissolved sugar, and naturally extracted juices of fruits or plants. Moreover, flavored syrup is usually used for adding both color and flavor to a wide range of alcoholic and non-alcoholic beverages ranging from coconut to roasted marshmallow, orange raspberry to mint lime, and many more.

Syrup Nature Insights

The Syrup Market data has been bifurcated by nature into organic and conventional. The organic segment dominated the market in 2022 and is projected to be the fastest-growing segment during the forecast period, 2023-2032. However, conventional syrups also held a significant share in the syrups market which are usually manufactured using chemical fertilizers. Moreover, conventional syrups are widely gaining popularity in China and India owing to the growing preferences of consumers for various flavors of beverages with innovative packaging.

Figure 2: Syrup Market, by Nature, 2022 & 2032 (USD Billion)

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

Syrup Food Service Insights

Based on food service, the global Syrup industry has been segmented into hotels, restaurants, cafes, fast food outlets, and others. The cafes held the largest segment share in 2022. Cafes are usually a type of restaurant that serves coffee, tea, bakery products, and sometimes sandwiches and light meals. The growing coffee consumption across various regions of the world is likely to contribute to its overall segment growth. For instance, according to private consumer polling conducted by the National Coffee Association, coffee consumption in the United States has increased to a two-decade high as people brew up new post-COVID routines.

Syrup Regional Insights

By Region, the syrup market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World. The Asia-Pacific Syrup market accounted for USD 1.80 billion in 2022 and is expected to exhibit a 5.45% CAGR during the study period. Asia-Pacific is the most populated region in the world, consisting of some of the major economies, including China, and India is growing rapidly because of the food & beverage consumption in the market. The various expansion policies that have been adopted by major players in the region are expected to drive the demand for syrups in the upcoming years. The key players continue to enhance the business to meet the rising consumption of confectionary, beverages, bakery, and so on products.

Further, the major countries studied are The U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, China, Japan, India, Australia & New Zealand, and Brazil.

Figure 3: SYRUP MARKET SHARE BY REGION 2022 & 2032 (USD Billion)

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

Europe's Syrup market accounts for the second-largest market share in 2022. Europe continues to hold a significant share in the syrup market, owing to the presence of major players in the region coupled with the various strategies adopted by them to strengthen its foothold in the market. In Germany, the demand for syrup is growing, followed by Netherlands and France. Further, the Rest of Europe Syrup market held the largest market share, and the Western Europe Syrup market was the fastest-growing market in the Europe region.

The North America Market is expected to grow at a CAGR of 4.80% from 2023 to 2032. The syrup companies in North America continue to enhance their business processes and product portfolio as the preference for syrups in daily meals like snacks, cereals, beverages, and so on rises among consumers. The growing number of hotels, restaurants, and cafes is leading to the growing demand in the bakery and dairy dessert industry, and sugar-free syrups are inclined towards the bakery and dessert products which results in the increasing demand for syrups. Moreover, the US Syrup market held the largest market share, and the Mexico Syrup market was the occupied the second largest market share  in the North America region.

Syrup Key Market Players & Competitive Insights

Major market participants are spending a lot of money on R&D to increase the range of their products, which will drive the Syrup market's future expansion. Market participants are also launching new goods, concluding contracts, purchasing companies, raising funds, and collaborating with other organizations to increase their global reach. To grow and survive in a more cutthroat and competitive market climate, Syrup's business competitors must provide affordable products.

One of the primary business strategies adopted by manufacturers in the global syrup industry to benefit clients and expand the syrup market sector is to manufacture locally to reduce operating costs. In recent years, syrup has provided enormous benefits to its consumers.

Key Companies in the Syrup market include.

• Monin


• Kerry Group Plc


• Torani


• Dohler


• Conagra Brands, Inc


• 1883 Maison Routin


• Andros Asia


• Fabbri 1905


• Amoretti


• Bristol Syrups Company

Syrup Industry Developments

March 2022: YO launched YO Sugarfree fruit syrups. Austria, IBD, Germany, and Hungary worked closely together to make YO SUGARFREE a reality. The well-liked YO flavors Raspberry, Raspberry-Lemon, and Elderflower also entice consumers without sugar owing to their robust flavors and low caloric content—only 2 kcal per 100 ml of ready-to-drink beverage. Yo Sugarfree is a fruity, full-flavored beverage with fewer calories.

December 2021: Mrs. Butterworth’s launched cereal-flavored pancake syrup. This Fruity Pebbles Flavoured Pancake Syrup was created specially to go with waffles, porridge, and pancakes. It tastes like Fruity Pebbles cereal.

Syrup Market Segmentation

Syrup Type Outlook

• Flavor
  
  
  
  • Fruits
  
  
  • Herbs & Spices
  
  
  • Coffee
  
  
  • Chocolate
  
  
  • Vanilla
  
  
  • Others
  
  
  
  


• Non-Flavor
  
  
  
  • Invert Sugar
  
  
  • Liquid Syrup
  
  
  
  

Syrup Nature Outlook

• Organic


• Conventional

Syrup Food Service Outlook

• Hotel


• Restaurants


• Cafes


• Fast Food Outlets


• Others

Syrup Regional Outlook

• North America
  
  
  
  • US
  
  
  • Mexico
  
  
  • Rest of North America
  
  
  
  


• Europe
  
  
  
  • Western Europe
    
    
    
    • Russia
    
    
    • Rest of Europe
    
    
    
    
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • India
  
  
  • Rest of Asia-Pacific
  
  
  
  


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