Flavored Syrups Market 2024 - By Size, Trends, Opportunities And Forecast To 2033

The flavored syrups market size has grown steadily in recent years. It will grow from $48.68 billion in 2023 to $50.9 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to growth in beverage industry, consumer demand for diverse flavors, increased adoption in foodservice industry, convenience in home cooking, growing awareness of global cuisines.

The flavored syrups market size is expected to see steady growth in the next few years. It will grow to $61.15 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to growing demand for low/no-sugar varieties, adoption of exotic and unusual flavors, rise in plant-based and natural sweeteners, culinary tourism influence, eco-friendly packaging solutions, focus on health and wellness. Major trends in the forecast period include diversification of flavor profiles, e-commerce and direct-to-consumer sales, customization and personalization, collaborations with food and beverage brands, innovation in mixology.

Market Overview -
Flavored syrup is a simple syrup that is flavored either naturally or artificially with the essence of fruits or plants. It is made by combining sugar and water while heating it. The sole purpose of flavoring syrup is to give various alcoholic and non-alcoholic beverages color and flavor.

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Rising Demand For Convenience Food To Drive Market Growth
The increasing consumption of convenience food products are expected to drive the flavored syrups market. Convenience foods are prepared, ready-to-eat foods frequently seen on restaurant menus or grocery shops, including frozen foods and snacks. There has been an increase in the consumption of convenience food due to changing consumption patterns and living standards. Flavored syrups are used in various convenience food products, including waffles, coffee, pancakes, tea, cake, ice cream, and other foods to add needed flavors. For instance, according to the Institute of Food Technologists, a US-based scientific society of professionals engaged in food science and food technology, the US snack sales increased 5% in the first half of 2021 compared to the same period in 2020. Additionally, sales of frozen lunch products increased by 36.4% and those of frozen meals by 26% in 2021. Therefore, the growing demand for convenience food products is propelling the growth of the flavored syrups market.

Competitive Landscape -
Major companies operating in the flavored syrups market report are Monin Inc., Sensient Technologies Corporation, The Hershey Company, Tate & Lyle plc, Kerry Group plc, Fuerst Day Lawson Ltd., Toschi Vignola srl, R. Torre & Company Inc., Concord Foods LLC, Mitr Phol Group, KF Nutri Foods International Inc., Amoretti LLC, The J.M. Smucker Company, Wholesome Sweeteners Inc., Archer Daniels Midland Company, Britvic plc, Kraft Heinz Company, Sensoryeffects Flavor Systems LLC, Sonoma Syrup Co., Cedarvale Maple Syrup Co., Torani Inc., Panos Brands LLC, Skinny Mixes LLC, Nature's Flavors Inc., Ghirardelli Chocolate Company, Wild Flavors Inc., Starbucks Coffee Company, Walden Farms Inc., H. Fox & Company, Jordan's Skinny Mixes LLC, DaVinci Gourmet LLC

Growing Preference For Organic And Natural Syrups
Major companies operating in flavored syrups market are developing innovative products such as organic syrups to gain a competitive edge in the market. Organic syrups are sweetening agents made from ingredients that are organically grown and processed in accordance with organic farming standards. These syrups are typically free from synthetic pesticides, herbicides, and genetically modified organisms (GMOs). For instance, in August 2022, Singing Dog Vanilla, a US-based organic vanilla extract manufacturing company launched Organic Vanilla Syrup made with their double-strength vanilla extract. Organic Vanilla Syrup is a premium, all-natural sweetener infused with their signature organic vanilla extract. It offers 25% more vanilla content than regular syrups, delivering a rich and full-bodied vanilla flavor. This product is non-GMO, Fair Trade Plus+, USDA Organic, and vegan, making it suitable for various dietary preferences. Produced in allergen-free facilities in the USA, it is also allergen-friendly, including being gluten-free, sesame-free, soy-free, nut-free, egg-free, palm-oil-free, and free from refined sugar. It can be useful to enhance the flavor of coffee, tea, cocktails, and other beverages.

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Key Segments -
The flavored syrups market covered in this report is segmented -
1) By Product Type: Natural, Synthetic
2) By Flavor Type: Fruit, Chocolate, Vanilla, Coffee, Herbs and Seasonings, Other Flavors
3) By Distribution Channel: Food Service, Food Retail

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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