Flavoured Syrups Market: What’s in the flavor?
What are Flavoured Syrups?
Flavored syrups are prepared with the help of natural or artificial flavoring agent mixed with sugar to obtain a concentrate. Flavored syrups may be used or combined with pancakes, coffee, waffles, tea, cake, ice cream, carbonated water, and other foods. Flavored syrup serves as an artificial sweetener and also as a taste enhancer agent. Flavored syrups are manufactured in an extensive range of flavors and are available around the globe. Diverse applications of these flavor syrups across various industries have made them popular among the end-product manufacturers.
Different Flavours, Product Type & Application.
There are several flavor types available in the market. Some of the major types include chocolate syrups, vanilla syrups, coffee syrups, maple syrups, palm syrups among others. Out of these flavors, the chocolate syrup is estimated to grow at a higher pace owing to its industrial application in frozen desserts, ice creams, chocolate-flavored beverages, and bakery products. The growing consumer demand for chocolate has boosted the consumption of chocolate-flavored syrups and their usage in a diverse range of food products. Flavored syrups are also segmented based on product type, which comprises natural and synthetic. The synthetically flavored syrups are dominating the market owing to low production cost and easy availability. The application of flavored syrups in dairy and frozen desserts is growing because of its inclusion in smoothies, milkshakes, frappes, whipped creams, and others. The frozen dessert is one of the major markets for flavored syrups across the globe, as it is widely used as a topping that provides products with a distinct flavor profile and can be combined with various flavored products.
North America is the largest market for flavored syrups
North America leads the flavored syrups market. The region’s dominance has been supported by rising consumption for convenient sources of food products, dairy products, and frozen desserts. The presence of various companies providing custom made flavors choices is another contributing factor towards regional growth. Europe closely follows North America in the flavored syrups market. Increasing bakery and dairy products demand daily consumption along with rising chocolate intake will upsurge the demand for flavored syrups in this region. The flavored syrups are also widely used in packed fruit juices, concentrates, and fruit purees based on its property to add nutrients as well as to enhance the flavor.
Additionally, the Asia-Pacific region is expected to witness a high growth rate in the coming years. With the rise in the middle-class population, and increasing per capita income, the demand for healthy and diversified food has also increased. This has impacted the demand for flavored syrups as well in countries such as China, Singapore, India, and Japan.
A shift in the pattern of global food consumption has encouraged the flavored syrup market owned by its varied application in the food and beverage industry. Improving economic conditions and raising the consciousness of customers through product promotions also play an important role in the market’s growth. High demand for food products from bakery and confectionery along with healthy drinks supports the development of flavored syrups market. Manufacturers increasing focus on product innovations is also adding value to various flavored syrups produced globally. Flavored syrups are available in a wide range of low-calorie formulations, thereby increasing demand among health-conscious consumers also. Shifting preferences towards a variety of personalized flavors in food products is expected to drive the flavored syrup market. However, the major restraint faced in the global flavored syrup market is the presence of high sugar content which is used as an artificial sweetener and leads to various chronic health diseases such as high blood sugar, diabetes, among others.
Key Companies Outlook
The manufacturers of flavored syrups products to address the increasing competition in the market are adopting various strategies. Launching of innovative products and partnerships with food services and retail stores is a common trend witnessed in the market.
Some of the leading players operating in the market include The Hershey Company (U.S.), Kerry Group Plc. (Ireland), Sensient Technologies Corporation (U.S.), Tate & Lyle plc. (U.K.), Monin, Inc. (U.S.), Concord Foods Inc. (U.S.), and Wild Flavors, Inc. (U.S.).