Flavored Syrup Market

Market Synopsis:

Global Flavored Syrup Market is valued at USD 49.39 Billion in 2022 and is projected to reach a value of USD 62.08 Billion by 2030 at a Compound Annual Growth Rate (CAGR) of 2.90% over the forecast period.

The Flavored Syrup Market is witnessing growth owing to the increasing consumer demand for a variety of flavors in personalized flavored options and in food products, and product variety. The other factors driving the Flavored Syrup Market growth include rising consumers' preferences toward ready-to-eat products and convenience food.

In addition, the increasing demand for flavored syrups by the food and beverage industry is projected to drive the growth and demand for flavored syrups in the years to come. The need for flavored syrups is in the food and beverage industry including the production of soft drink concentrates, an additive for the frozen dessert toppings for yogurt, and the flavored powder for use in soft drinks and food which is expected to increase the demand for Flavored Syrup in this industry during the forecast period. Additionally, the flavored syrups are used as an artificial sweetener together with a taste enhancer agent, besides this, the savory syrup is also expanding its applications which are contributing to the growth of the Flavored Syrup Market during the forecast period.

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However, the increasing demand for chocolate- Flavored Syrup plays a prime role in the growth of the Flavored Syrup Market due to the consumer's preference for the taste of chocolate flavor in their food. Besides the food and beverage industry is a growth driver for the Flavored Syrup Market the preferences of the consumers for varieties of flavored syrups in convenience foods are also projected to boost the demand for global flavored syrups market growth during the forecast period and will continue to grow in coming years. Furthermore, the pharmaceutical industry also contributes to the rising demand for the Flavored Syrup Market due to its requirement for Flavored Syrup in medicines to make it quite appetizing and flavorsome. Besides, the presence of the high sugar content used as an artificial sweetener is the major cause for the health hazards like diabetes, stomach upset, and high blood sugar, which is hampering the growth of the Flavored Syrup Market during the forecast period.

Market Segmentation:

The Flavored Syrup Market is segmented on the basis of flavor, application, and flavor type. Based on the flavor the market is segmented as Fruit, Chocolate, Vanilla, Coffee, Herbs & Seasonings, and others (nuts, floral, and confectionery). Based on application the Flavored Syrup Market is segmented as Beverages, Dairy & Frozen Desserts, Confectionery, and bakeries. Based on flavor type, the market is segmented as Sweet, Salty, Sour, Savory, and Mint.

Based on Flavor

The chocolate flavor segment is anticipated to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. The growth of the segment is attributed to the production of chocolate-flavored dairy drinks, increased industrial applications in bakery products, ice creams, frozen desserts, chocolate-flavored beverages, and chocolate confectionery. Additionally, the increasing level of consumer demand for chocolate has boosted the consumption of chocolate-flavored and their use in food products.

Based on Application

The bakery segment accounted for the largest share of the Flavored Syrup Market during the forecast period. The beverage application in the Flavored Syrup Market is frequently used in producing cold beverages such as flavored sodas, iced tea, and mochas, and to make customized mocktails and cock tails at the foodservice outlets. Additionally, there is an increasing trend of using flavored syrups in hot beverages like coffee and tea to offer flavored variations to the customers as per their taste requirements.

North America is Observed to be the Largest Share Holding Region in the Market

North America is dominating the Flavored Syrup Market due to the increased consumption of convenience foods, and frozen and dairy desserts. The increasing preference for frozen bakery products and also ready-to-make products is increasing among the consumers due to their busy lifestyles and the rise in the consumer demand for the variety of flavors in the food products which is further driving the growth of the Flavored Syrup Market growth in the coming future. In addition, the surge in disposable income, increase in the customer's preferences for convenience and ready-to-eat products, and the expansion of the confectionery and bakery industry are the other factors positively contributing to the growth of the Flavored Syrup Market in North America during the forecast period.

Asia Pacific region is expected to be the fastest-growing region during the forecast period. The growth of the Asia Pacific region is primarily attributed to the large-scale consumption of dairy products, beverages, and ice-creams. The Asia Pacific region offers a possible opportunity for the Flavored Syrup Market growth during the forecast period. In addition, China is one of the leading countries for the Flavored Syrup Market growth during the forecast period.