Global flavoured syrups market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Widening User Base Continues to Drive Flavoured Syrups Market Forward
The primary element driving demand for flavoured syrup is its widespread use in bread goods, alcoholic and non-alcoholic beverages, and dairy products. The flavoured syrup is used in households to flavour cakes, bread, drinks, and other foods, helping the flavoured syrups market grow. Additionally, it is employed in the pharmaceutical sector, which boosts the demand for flavoured syrup. As consumer awareness of the different health benefits of organic food and natural sweeteners increases, flavour syrup created with organic ingredients and natural sweeteners like allulose, agave nectar, and organic berries is predicted to dominate the flavoured syrups market. Flavoured syrup created with natural sweeteners is expanding due to rising diabetes and obesity rates.
An estimated 537 million adults (20-79 years old) will have diabetes in 2021. By 2030, there will be 643 million diabetics worldwide, and by 2045, there will be 783 million. In nations with low and intermediate incomes, three out of four adults are living with diabetes, which points to sustained growth of flavoured syrups market. Leading market participants have introduced new products that contain. Leading businesses are concentrating on developing new syrup flavours with improved flavour and taste. Producers are introducing flavoured syrup with organic components to meet the growing demand for organic foods and beverages. For instance, in April 2019, Torani, a major participant in the flavour sector, introduced its new "Puremade Syrups & Sauces" product line. It is a flavoured syrup with a fantastic flavour and only uses pure, natural ingredients like vanilla, raspberry, and hazelnuts.
Flavoured Syrups Market: COVID-19 Impact
COVID-19 pandemic has seen a growth in sales of conventional, nutritious, and staple foods. Demand for frozen non-vegetarian food, fruits and vegetables, eggs, pulses, wheat, and whole grains saw immense increase. However, the need for flavoured syrup in these packaged and processed food industries decreased due to the reduced sales of packaged meals, coffee, pastries, milkshakes, sweets, chocolates, cheese, and other bakery products. The production and supply chain of the products made with flavoured syrup has also been affected by the lockdown situation that has occurred in some nations. After COVID-19, the purchasing habits of consumers have permanently altered.
Growing Consumer Demand for Convenience Foods to Drive Flavoured Syrups Market Growth
The dense mixture of water and sugar known as syrup adds sweetness and flavour to various dishes, including fruit, chocolate, coffee, and vanilla-flavoured items. Due to the rising customer desire for processed or convenience foods, flavoured syrup demand is rising. Convenience meals need little to no processing and reduce the time and effort needed to prepare food. Flavoured syrups are toppings and ingredients added to convenience foods such as bakery and confectionery products, dairy products, ready-to-eat dishes, frozen desserts, and on-the-go beverages to enhance flavour and taste. Consumers are gravitating increasingly toward convenience foods due to the expansion of the food and beverage sector and the rise in income levels. These elements are stimulating flavoured syrups market for flavoured syrup.
Increasing Demand for Breakfast Food Upholds Flavoured Syrups Market
The market is experiencing an increase in the usage of flavoured syrups in breakfast meals, particularly toppings. The need for various flavoured syrups is rising due to the customer desire for sweeteners to add to breakfast items, which is expanding quickly. Customers prefer to add a few different flavoured syrups to their beverages, like coffee and milk, and flavoured syrups to breakfast foods like waffles, pancakes, and other products. The variety of tastes available in flavoured syrups has also led to a rise in customer demand for them. Additionally, a few businesses have introduced the idea of organic flavoured syrups because organic foods are becoming increasingly popular and are luring consumers concerned about their health. To draw in more customers, businesses are concentrating on developing new items that combine the idea and flavour of several breakfast dishes. For instance, in 2021, Mrs. Butterworth, a business that makes pancake syrups, teamed up with Post, a firm that produces and distributes goods, to introduce cereal-flavoured syrup. This fruity pebbles-flavoured pancake syrup was created specifically to go with waffles, porridge, and pancakes, among other things.
Potential Health Risks of Sugar Syrup Consumption Restricts Flavoured Syrups Market Expansion
The increased consumption of sugar syrups is connected with health hazards that pose significant barriers to market expansion. Numerous foods and beverages employ synthetic additives to improve flavour, and as consumers become more aware of the health risks associated with using conventional syrups, market growth is threatened. Further impeding the industry is the accessibility of substitutes, such as powdered syrups, for creating flavoured goods and beverages.
Fruit Flavours Remain Favoured Among Consumers in Flavoured Syrups Market
Based on flavour, the flavoured syrups market is segmented into fruit, chocolate, vanilla, coffee, herbs & seasonings and others (nuts, floral, and confectionery). The fruit category dominated the market over the forecast period because of the growing demand for various food products with fruit flavours. To appeal to customers who desire customized tastes, various food items, including confectionery and pastry products like cupcakes, cakes, and toasts, are created with various fruit additives, including apple, strawberry, lemon, litchi, orange, and pomegranate. Many other beverage products, such as flavoured salts, come in various fruit tastes to appeal to consumers who prefer non-alcoholic beverages or drinks with lower alcohol content. Additionally, many pediatric medications are offered as fruit-flavoured syrups so babies and children can readily consume them without experiencing an unpleasant taste. On the other hand, due to the extensive use of chocolate in several applications across sectors, it is predicted that the chocolate segment will hold a significant market over the projection period. Many dairy and confectionery products contain chocolate flavours, including ice cream, cakes, frozen desserts, bakery goods, and several beverages. The majority of consumers who often consume sugar-free flavoured syrups and naturally flavoured syrups choose items with a chocolate flavour.
Sweet Flavoures Dominant in Flavoured Syrups Market in Line with Growing Demand for Confectionery F&B Products
Based on application, the flavoured syrups market is segmented into sweet, salty, sour, savory and mint. The sweet category held the largest market share in 2021 and is anticipated to increase significantly over the next several years because there is a developing market for candy, food, and drink items. Several confectionery goods, including cakes, ice cream, pastries, and cocktail drinks, are prepared using sweet syrup ingredients such as brown sugar, honey, and white sugar. On the other hand, due to the widespread use of savory flavours in various food and beverage products, the savory category is anticipated to hold a significant market share in the upcoming years. Syrups with savory flavours are widely used in products like meat recipes and salad dressings. They are also frequently used in baking goods like cupcakes and pancakes. Herbs and spices are frequently utilized in the production of savory culinary products.
North America Reigns Supreme in Flavoured Syrups Market with Rocekting Sales of Frozen and Dairy Desserts
Over the forecast period, it is anticipated that the North American flavoured syrups market will account for the largest revenue share because more frozen and dairy desserts and convenience foods are being consumed. Due to their busy schedules and rising customer demand for a wide range of flavours in food products, consumers are increasingly favoring frozen bakery goods and ready-to-make products, which will continue to fuel the expansion of the flavoured syrups market in the years to come. Additionally, the expansion of the confectionery and bakery industries, the rise in disposable income, the rise in consumer preference for convenience and ready-to-eat products, and other factors all contribute favorably to the growth of the flavoured syrups market in North America over the forecast period. When testing out new cuisines, millennials are among the most adventurous clients. For instance, the chance of customers from the millennial, Gen Z, and boomer generations visiting restaurants at least once a week in the US is 80%, 70%, and 67%, respectively.
The Asia Pacific flavoured syrups market is anticipated to experience stable revenue growth throughout the forecast period because of the growing population's expanding spending on flavoured food and drink goods. With a huge population with various eating preferences, the Asia Pacific region's staple foods and beverages, including tea, frequently feature sweet flavours. Further driving the area’s expansion are rising disposable incomes, an expanding working population, and rising expenditure on cosnvenience foods by a sizable section of the local population. The widespread use of dairy goods, beverages, and ice creams are principally responsible for the rise of the Asia Pacific area. Additionally, China is expected to grow significantly in the flavoured syrups market during the forecast period.
Global Flavoured Syrups Market: Competitive Landscape
In June 2021, the launch of the Puremade Mangonada Syrup, Puremade Black Sugar Syrup, and Puremade Chocolate Hazelnut Sauce was announced by Torani. The nut-free sauce is called Puremade Chocolate Hazelnut Sauce. Inspired by the traditional Italian flavour combo. Puremade Mangonada Syrup combines elements of sourness, sweetness, saltiness, and heat. Similarly, in February 2021, strawberry rose syrup was introduced by Monin Inc. The strawberry rose flavour gives the products it is added to a scarlet tint and imparts flavours of candied strawberry and soft rose in the sip and bite. It is perfect for recipes for drinks like lattes, tea, sparkling waters, sauces, cocktails, lemonades, and desserts, among others.
A few of the players in the flavoured syrups market include Sensient Technologies Corporation, Monin Inc., Kerry Group plc, The Hershey Company, Tate & Lyle, R. Torre & Company, Fuerst Day Lawson, Sensory Effects, Concord Foods, NutriFood, Mitr Phol Group, and Toschi Vignola.
Regional Classification of the Global Flavoured Syrups Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Flavoured Syrups Market
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