Market highlights
Market growth is primarily due to the growing demand in the food and beverage industry for customised flavors. The use of flavored syrups as a taste enhancer and sweetener by producers throughout the industry is gaining growing momentum. The group of drinks has led to maximum consumer demand, containing a wide range of liquid syrups in various flavors.
The demand for flavored syrups belonging to its diverse food and beverage application has been spurred by a change in the global food consumption trend. Improving economic conditions and growing recognition of customers through product promotions also play an important role in the growth of this industry. The development of the Flavored syrups industry is being promoted by strong demand for bakery and confectionery food items along with balanced beverages. Manufacturers' growing emphasis on food developments is also adding value to numerous globally manufactured flavored syrups. In fueling the market share of flavored syrups in the global market, technical innovation has helped.
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In order to satisfy the rising market demand for natural food additives, main players have a greater tendency to manufacture organically flavored syrups. In addition, this has contributed to higher retail revenue. Growing the population of working women and increasing intake of ready-to-eat snack snacks have also boosted global sales of flavored syrups.
Segmental Analysis
Flavored syrups have been segmented on the basis of a natural, synthetic commodity form. Synthetically flavored syrups are found to hold a large share due to low processing costs and simple accessibility.
Flavored syrups, including cocoa, vanilla, maple, herbs & spices, coffee, fruits, among others have been segmented depending on taste. Of these segments, the market is dominated by chocolate flavored syrup accompanied by vanilla.
Based on the submission, which consists of confectionary & baking products, dairy & frozen sweets, drinks, among others, flavored syrups were segmented. on the basis of the high demand for bakery and confectionery products in the world, the use of flavored syrups in confectionary & bakery products holds a large share.
Flavored syrups, which include sweet, savoury, salty, among others have been segmented depending on flavor form. The selling of sweet flavored syrups is assessed as dominating the market based on high industrial demand for sweetened food products.
Regional Overview
The global flavored syrups industry is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW).
North America, led by Europe, accounts for the largest market share. The strong demand from the countries of these regions for food additives and flavors affects the high production rate of flavored syrups. The flavored syrup market is expected to produce strong sales during the forecast period due to economic innovations and changing food consumption trends. In addition, urbanisation and growing disposable income would help the selling of flavored syrups over the same time across the regions.
At the maximum CAGR, Asia Pacific is expected to grow over the review period. Owing to their low costs, bakery goods are known to be a result of mass consumption. In addition, the ability of consumers to eat sweet foods has driven producers to launch novel products flavored with flavored syrups. Many foreign firms have joined the Asian market and have succeeded in making rapid inroads into this field.
Competitive Dashboard
Some of the major players profiled in the global flavored syrups industry are Kerry Group Plc. (Ireland), The Hershey Company (U.S.), Sensient Technologies Corporation (U.S.), Monin, Inc. (U.S.), Tate & Lyle plc. (U.K.), Concord Foods Inc. (U.S.), and Wild Flavors, Inc. (U.S.)
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