Press release
The global Syrup Market, valued at US$ 48.76 Bn in 2023, is projected to grow at a 4.15% CAGR from 2024 to 2030, reaching nearly US$ 64.81 Bn.
Syrup Market
The global flavored syrup market is on an upward trajectory, projected to grow from USD 48.76billion in 2023 to USD 64.81 billion by 2030, at a steady CAGR of 4.15% during the forecast period (2024-2030). Fueled by evolving consumer preferences, increased demand for processed food, and innovations in the food & beverage industry, flavored syrups are becoming a staple across commercial and household applications globally.
► Competitive Landscape
Leading players such as The Hershey Company, The Kraft Heinz Company, Kerry Group, Tate & Lyle, Torani, and Monin Inc. are actively shaping the flavored syrup landscape. These companies are embracing partnerships, product innovations, and acquisitions to bolster their market share.
In June 2022, Fuerst Day Lawson acquired Quest Ingredients Ltd., a UK-based botanical extracts company, to enhance its product portfolio in Europe and the U.S.
In May 2022, Kerry Group inaugurated Africa's largest taste manufacturing facility in South Africa, expanding its footprint and capacity in the Middle East and African regions.
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► Syrup Market Regional Insights
Flavor Innovation Growth in the United States
North America, particularly the U.S., dominates the global syrup market owing to the widespread adoption of syrups in daily meals, snacks, and beverages. The bakery and confectionery sectors are key drivers, with increasing integration of flavored syrups in desserts and coffee-based drinks.
Consolidation and Updation in the U.S. Market
Major U.S.-based players such as Torani, The J.M. Smucker Company, and Skinny Mixes are actively engaged in product development and digital marketing to meet the growing online demand via B2C and B2B channels. The U.S. market is also witnessing consolidation through acquisitions and e-commerce penetration.
Asia Pacific: Sweet Opportunities in a Rapidly Expanding Market
The Asia Pacific region is projected to be the fastest-growing syrup market due to affordability and high consumption of baked goods and beverages. Countries like China, India, and Japan are witnessing surging demand for fruit- and chocolate-flavored syrups, particularly among millennials.
Middle East and Africa: New Growth Frontiers
The MEA region is emerging as a promising market, supported by growing urbanization and western dietary influence. In South Africa and GCC nations, flavored syrups are increasingly used in hotels, cafés, and restaurants for mocktails and desserts.
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► Mergers, Acquisitions, and Key Recent Developments
Consolidation in the European Market
M&A activities, such as the acquisition of Quest Ingredients Ltd. by Fuerst Day Lawson, signal a move toward consolidation and broader product innovation tailored to local tastes in the European market.
► Syrup Market Segmentation
by nature
Natural Syrup
Artificial Syrup
The two segments of the global syrup market are artificial/flavored syrup and natural syrup. The global syrup market is anticipated to increase at a faster rate during the forecast period, with the Natural Syrup segment holding the biggest market share of 4.15% in 2023. Natural syrup has drawn a lot of interest due to growing health concerns about sugar intake and questions over the safety of various non-calorie artificial syrups and sweeteners. Therefore, during the forecast period, this key aspect will propel the growth of natural syrup in the worldwide syrup market.
by Ingredients
Vitamin and Minerals
Malt and Chocolates
Botanical and Harbal Extracts
Fruit and Vegetable Extracts
Tea and Coffee extract
Spices and Condiments
Sweetners
Vitamins and Minerals, Botanical & Herbal Extracts, Malt & Chocolate, Fruit & Vegetable Extracts, Tea & Coffee Extracts, Spices & Condiments, and Sweeteners are the segments that make up the worldwide syrup market. With 4.15% of the market in 2022, the Fruit & Vegetable Extracts category was the largest. The global syrup market is expanding due to rising health consciousness and consumer need for portable products.
by Packaging Type
Pouches
PET Bottles
Glass Bottles
by Application
Drink and Beverages
Dairy Products
Bakery and Confectionary Products
Others
For deeper market insights, peruse the summary of the research report:
https://www.maximizemarketresearch.com/market-report/global-syrup-market/10817/
► Syrup Market Market Key Players
1. Monin
2. ConAgra Foods Inc.
3. Master Herbs Inc.
4. Akron Inc.
5. Coca-Cola
6. Cedarvale Maple Syrup
7. Corn Refiners Association
8. Sonoma Syrup
9. Tropicana OJ
10.Barilla Pesto
11.Tate & Lyle
12.Archer Daniels Midland Company
13.Ingredion Inc.
14.Cargill Inc.
15.Cornish Syrup Co.
16.Hershey's Symphony.
17.H. J. Heinz Company Brands LLC
18.The Quaker Oats Company
19.DaVinci Gourmet
20.Hungry Jack
21.Hidden Springs Maple
22.Mrs. Butterworth's
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