Millennials are Expected to be Most-Sought after Consumers for Flavored Syrup Market – Fact.MR Study

The unprecedented COVID-19 pandemic has affected the global economy to a great extent. Considering the food industry, one of the most important sectors of the economy, a tremendous impact has been witnessed on the entire process from the field to the consumer. The restrictions in the movement of workers, closure of food production facilities, and changes in consumer demand have put excessive pressure on the food industry.

The report offers actionable and valuable market insights of Flavored Syrup. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Flavored Syrup Market across various industries and regions.

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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Flavored Syrup market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Flavored Syrup

This newly published and insightful report sheds light on Market Insights of Flavored Syrup, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Flavored Syrup Market.

Market Snapshot

Newly-released flavored syrup industry analysis shows that global sales enjoyed year-on-year (YoY) growth of 2.9% in 2020, to total a valuation of US$ 50 Bn. Fruit flavoured syrup marked growth of 4.5% to reach US$ 20.1 Mn, while vanilla flavored syrup was up 9.1% to close in on a valuation of US$ 7.3 Bn.

flavored syrup market competition by FactMR

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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

·         By Sales Channel

    • Direct Sales of Flavored Syrup
    • Modern Trade of Flavored Syrup
    • Flavored Syrup Sold at Convenience Stores
    • Flavored Syrup Sold at Specialty Food Stores
    • Flavored Syrup Sold through Other Sales Channels

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Competition Landscape

According to market research analysis, product launches were the prominent development in the flavoured syrup market. The Hershey Company, Kerry Group, Tate & Lyle, Monin Inc., Fuerst Day Lawson, Torani, Archer Daniels Midland Company, Starbucks Coffee Company, Smucker’s, Walden Farms, Fox Syrups, and B&G Foods are prominent manufacturers of flavoured syrup.

Some of the key developments are:

  • In February 2021, Monin Inc. introduced strawberry rose flavoured syrup. Strawberry rose flavour adds a scarlet hue while it carries notes of candied strawberry and soft rose in sip and bites of the products in which it is used. It is ideal for recipes including lattes, teas, cocktails, lemonades, sparkling waters, dressings, desserts, among others.
  • In June 2021, Torani announced the launch of flavour lineup including Puremade Chocolate Hazelnut Sauce, Puremade Mangonada Syrup, and Puremade Black Sugar Syrup. Puremade Chocolate Hazelnut Sauce is the nut allergen-free sauce Inspired by the classic flavor combination commonly found in Italy. Puremade Mangonada Syrup is a mix of sweet, sour, salty, and spicy characteristics.

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.

“New flavors and ‘natural’ positioning of products are key for the success of flavored syrup manufacturers, says a Fact.MR analyst.

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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Key Question answered in the survey of Flavored Syrup market report:

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  • Restraints Shaping Market Growth
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More Valuable Insights on Flavored Syrup Market

Fact.MR, in its new report, offers an unbiased Market Analysis of Flavored Syrup, Sales and Demand of Flavored Syrup, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.

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