The global flavored syrups market is expected to reach USD
65.6 billion by 2025, registering a 5.1% CAGR over the forecasted period, from
2019 to 2025. Rapidly increasing demand for customized flavor
food products in the food and beverage
industry has majorly driven the growth of this market. The flavored syrup is
used as a sweetener and taste enhancer in the food and beverage industry which
is expected to gain traction among manufactures. The growth of the market is
primarily attributed to increasing demand for customized flavor syrups among
consumers.
Moreover, consumers are
willing to experiment with unique and new fruit flavors. This is a key factor
which encouraging the market players to develop fruit syrups such as lime-mint,
raspberry-mint, lime ginger that offers a combination of bitter, sour and sweet
taste in a single dish. In addition, many companies are coming up with
innovative flavored syrups to cater to rapidly changing consumer demands. For
example, The Ági fruit syrups introduced honey-infused flavored syrup such as
raspberry-lemon balm with honey, elder-lime with honey, and baked apples with
honey.
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Impact of COVID-19
The outbreak of COVID-19
has impacted food and beverage industry worldwide. Governments across the globe
has shut down restaurants, bakery, and cafes, which has decreased the demand
for flavoured syrups. In addition, there has been supply chain disruption
during lockdown. This has also hampered the market growth.
On the other hand, due to
movement restrictions by government, people had tried several dessert and beverages
recipes at home which has augment the demand for flavoured syrups. Moreover,
post lockdown, governments across the countries have permitted to reopen cafes
and restaurants, thereby surging the market growth during this pandemic
situation.
Among types, the fruit
category accounted for the largest market share of more than 35.0%, in 2018.
Increasing consumer demand for fruit-based flavored syrups along with the high
preference for a new and unique taste, thereby is expected to drive the segment
growth over the forecast period. Furthermore, consumers are shifting towards
organic and natural ingredients, as they are refraining to taste artificial
flavors. This factor is encouraging the market players to develop flavored
syrups containing natural ingredients., For instance, Pölöskei Drink Kft
company offers combined fruit flavor syrups. It blends basic flavors in fruit
syrups to develop unique variety such as acerola-raspberry and
blueberry-raspberry. Coffee, hazelnut, and caramel flavors are also gaining
popularity in the beverage industry. For example, Starbuck introduced a wide
range of natural flavored syrups including coffee, vanilla, hazelnut, and
caramel.
The bakery and
confectionery category is anticipated to grow with a CAGR of more than 5.0% from
2019 to 2025. Rising consumer preference for rolls, pastries, cookies, and
crackers is projected to augment the market growth over the forecast period.
Beverage held the largest market share of 35.0%, in 2018. Beverage such as cold
beverage, soft drinks, and cocktails are common products that contain flavored
syrups as a sweetener and taste enhancer.
Asia Pacific is projected
to grow at the highest CAGR of more than 5.0% over the forecast period.
Consumers willing to taste unique flavored syrups led the market players to
come up with innovative food products that are infused with flavored syrup.
Asia Pacific is projected to grow at the highest CAGR of more than 5.0% over
the forecast period. Consumers willing to taste unique flavoured syrups led the
market players to introduce innovative food products which is infused with
flavored syrups.
Further key findings from
the report suggest:
• The global flavored
syrups market is projected to grow at a CAGR of 5.1% over the forecast period
and reach a value of around USD 65.6 billion by 2025
• Among types, chocolate
category is projected to grow at a CAGR of more than 5.5% from 2019 to 2025.
• In 2018, beverage accounted
for largest market share of over 35.0%, in application segment.
• Asia Pacific is
anticipated to register the fastest CAGR of more than 5.5% during the forecast
period owing to the increasing consumption in China and India.
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