Global Syrup Market: Overview
The global market for syrups derives much of its growth from the widespread usage of syrups in beverages, food toppings, and soft drink concentrates. The continual demand for new flavors in soft drinks and other flavored beverages is driving this market substantially. The scenario is expected to remain so over the forthcoming years. However, the declining interest of consumers in carbonated beverages, owing to high sugar content in artificial sweeteners, leading to several health issues, may limit the demand for syrups to some extent in the near future.
This research study on the global market for syrups attempts to offer a comprehensive market assessment, taking its current and historical performance in consideration. The future condition of this market has also been predicted by studying the market’s growth prospects and trends in this report.
Global Syrup Market: Trends and Opportunities
The global market for syrups is highly influenced by the rising popularity of syrups in beverages. The increasing usage of syrups as additives in frozen yogurts and other desserts and in several beverages is adding significantly to the growth of this market. Apart from this, their augmenting utilization in cocktails and mocktails as a taste enhancer and sweetener is also reflecting positively on their sales across the world. Going forward, the demand for syrups is likely to augment substantially over the next few years as syrups are organic products and are available in a wide range of low-calorie formulations.
Furthermore, the rising popularity of coffee flavoring syrups is projected to boost this market remarkably in the forthcoming years. Currently, the leading coffee vendors are aggressively focusing on introducing innovative products in a bid to sustain in the specialty coffee industry. A number of cafés, such as Starbucks, have begun to offer coffee with flavored syrups, such as caramel cappuccino and vanilla latte. This, as a result, is having a positive impact on the sales of syrups, which is likely to continue over the next few years. Moreover, the growing demand for seasonal as well as unconventional coffee flavors is also expected to drive this market in the near future.
Global Syrup Market: Geographical Analysis
The global market for syrup is spread across Europe, North America, Asia Pacific, and the Rest of the World that includes Latin America and the Middle East and Africa. Thanks to the growing preference of consumers for functional food, convenience food, and alternative sugar sources, North America has been dominating this market with a majority share. Researchers predict this regional market to continue at the top over the next few years. Asia Pacific and Europe are also expected to witness a healthy rise in the demand for syrups in the forthcoming years.
Companies Mentioned in the Research Report
The global market for syrups is characterized by the presence of a large pool of big and small vendor and demonstrates a highly competitive and fragmented structure. Product differentiation, pricing of the products, quality, service, innovation, brand reputation, and distribution channel are the key parameter over which the leading players, such as Hershey, Aunt Jemima, Sonoma Syrup, Tropicana Slim, and The Kraft Heinz Co., compete in this market.
Other prominent participants functioning in this market are Amoretti Premium, Starbucks, American Garden, DaVinci Gourmet, Hungry Jack, Hidden Springs Maple, Log Cabin, Nature’s Way, Mrs. Butterworth's, Monin, and Torani.