How is Growing Consumers Interest in Homemade Cuisines Triggering Demand of Flavored Syrup

As per a new report published by Fact.MR – a market research and competitive intelligence provider, the global flavored syrup market is anticipated to exceed a valuation of around US$ 5 Bn by 2021, and is expected to expand at an impressive CAGR of around 5% over the forecast period of 2021 to 2031. North America dominates the consumption of flavored syrup owing to its huge urban population.

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Overall demand for flavored syrup has witnessed significant growth in the past few years due to growing demand for customized flavors in food & beverages. While household demand for flavoured syrup is being triggered by growing consumption of soda, cocktails, and bakery products, its demand in food processing is being driven by expanding specialty bakery and confectionery products demand.

Constant surge in urbanization has prompted customers to try food ingredients at home. On the other hand, expansion of the food services sector and rising culture of having breakfast outside the house have elevated demand for ingredients such as flavored syrup.

To put it in simple terms, consumer trends worldwide suggest that consumers now tend to take their regular meals outside of home due to their hectic schedules, whereas, out of passion for cooking, they are preparing innovative cuisines at home. Transformation in consumer habits in both scenarios are proving beneficial for flavoured syrup manufacturers.

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Key Takeaways from Market Study

  • South Asia is estimated to witness major growth over the forecast period, accounting for over 9% CAGR.
  • In 2020, North America held the highest market share of around 34%, followed by Europe.
  • In 2020, North America and Europe together accounted for over 60% of global demand for flavored syrup. The European market is expected to offer over US$ 3.9 Bn absolute dollar opportunity over the next ten years.
  • Fruit flavoured syrup commanded highest revenue share of 38% in 2020, while the market for vanilla flavoured syrup is estimated to witness the fastest growth.
  • In terms of end use, revenue through dairy product manufacturers is expected to grow by 60 BPS.

Market Segments Covered in Flavored Syrup Industry Analysis

By Flavor

  • Fruit Flavored Syrup
  • Chocolate Flavored Syrup
  • Vanilla Flavored Syrup
  • Other Flavor Syrups

By End Use

  • Household Consumption of Flavored Syrup
  • Flavored Syrup for Bakery and Confectionery
  • Flavored Syrup for HoReCa
  • Flavored Syrup for Dairy Product Manufacturers
  • Flavored Syrup Other Applications

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Winning Strategy

Consumers are constantly drifting towards sugar-free products, which indicates ingredients labelled sugar-free are likely to gain string foothold at the cost of high-sugar ingredients. Some manufacturers of flavored syrup have already started to populate their portfolio with sugar-free variants, and it is highly likely that over the coming years, around one-third of demand will come from the sugar-free category.

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