Flavored Syrup Market - Growth Powered with Latest Development Scenario & Influencing Trends
Global syrup market is witnessing a significant demand generated by the food and beverage industry. Consumers' increasing preference for different and personalized flavors in food has driven the syrup manufacturers to produce a wide range of flavored syrups. Flavored syrups contain artificial or natural flavorings mixed along with sugar and water.
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Increasing demand of flavored syrups especially among the consumers contributes to the growth of global syrup market. Flavored syrup market witnesses a high market demand owing to dairy and frozen product applications wherein flavored syrup serves as a taste enhancer and a sweetener. Thus, the global flavored syrup market is expected to grow during the forecast period owing to consumers' growing preference for artificial or natural taste enhancer in convenience foods.
Flavored Syrup Market: Market Dynamics
Growing demand for flavored syrups by the food and beverage industry is expected to boost the global flavored syrup market. Flavored syrup's primary activities in food and beverage industry include the production of soft drink concentrates, beverage syrups in different flavors, an additive for frozen desserts topping for yogurt, flavored powder for use in food and soft drinks. Flavored syrup serves as an artificial sweetener along with a taste enhancer agent. Apart from sweet flavored syrup, the savory flavored syrup is expanding its applications beyond beverages. Savory flavored syrups are used in salad dressing, meat recipes, preparation of confectionery and bakery items. However, the demand for chocolate flavored syrup plays a major role in the growth of the global flavored syrup market owing to the consumers' taste preferences for chocolate flavor in their foods. Besides, the food and beverage industry being one of the drivers for flavored syrup market, consumers' preferences for different flavored syrup in convenience foods are also expected to boost up the global flavored syrup market growth. Pharmaceutical industry too contributes to the growing demand for flavored syrup market owing to its requirement of flavored syrup in medicines to make it flavorsome and appetizing.
However, the major restraint faced by global flavored syrup market is the presence of high sugar content used as an artificial sweetener is a major cause for health hazards such as high blood sugar, diabetes, and stomach upsets. Domestically produced corn syrup proves to be a major restraint for the flavored syrup market to grow.
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Flavored Syrup Market: Regional Outlook
Regional coverage for flavored syrup market includes North America, Latin America, Europe, Asia- Pacific and China (APAC) and the Middle East and Africa (MEA). North America and Europe dominated the flavored syrup market owing to the increased consumption of convenience foods and dairy and frozen desserts. However, APAC region is expected to dominate the flavored syrup market attributed to the large scale consumption of dairy products, ice creams, and beverages. APAC offers a potential opportunity for the flavored syrup market to grow during the forecast period. China accounts for one of the leading countries for flavored syrup market.
Flavored Syrup Market: Market Players
The key players in the flavored syrup market include The Hershey's Company , Kerry Group, Tate & Lyle, Monin Inc., Concord Foods, Guangzhou Zhengliang and others.
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