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Global Syrup Market to Grow at 4.13% During 2022-2027, Impelled by Increasing Consumption of Ready-to-Eat (RTE) Food Products

Published on May 18, 2022

The latest report by IMARC Group, titled “Syrup Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global syrup market is expected to grow at a CAGR of 4.13% during 2022-2027. Syrups refer to thick, sweet, and viscous liquids that consist of highly concentrated sugar solution and flavoring agents. Some of the most commonly available syrups include chocolate, maple, corn, fruit, tapioca, flavored, and malt syrups. They are widely used as toppings, taste enhancers, sweeteners, flavoring agents, food additives, and beverage concentrates. They are also employed as natural preservatives to reduce water activity and utilized in medicines to improve their taste. As a result, syrups find extensive applications in bakery products, candies, frozen desserts, confectioneries, beverages, and pharmaceuticals.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Syrup Market Trends:

The emerging product applications in the food and beverage industry and the increasing consumption of ready-to-eat (RTE) food products represent the primary factors driving the market growth. Additionally, with the escalating demand for flavored beverages, there has been widespread adoption of syrups in mocktails, cocktails, energy drinks, and coffee to cater to the changing consumer taste and flavor preferences. In line with this, there has been growing usage of flavored syrups as toppings and sweeteners in breakfast meals, frozen yogurts, desserts, pancakes, waffles, and cereals. Furthermore, the leading manufacturers are developing new organic product variants containing low-calorie formulations with natural sweetening and flavoring agents due to the rising concerns regarding the high glycemic index (GI) of traditional syrups among consumers. Along with this, the launch of maple syrup, a healthy and versatile sweetener with high nutritional value and digestion-enhancing properties, has accelerated the product adoption rate. Some of the other factors, including the introduction of savory flavored syrups, rising consumer health consciousness, emerging cross-cultural food trends, rapid globalization, improving lifestyles, surging product usage in cough syrups, elevating income levels, and new product launches, are also providing a positive thrust to the market growth.

Market Summary:

  • Based on the flavor, the market has been segregated into vanilla, strawberry, chocolate, mint, and others. Amongst these, chocolate exhibits a clear dominance in the market.
  • On the basis of the application, the market has been classified into beverages, dairy and frozen desserts, confectionaries, bakery products, and others. Currently, beverages account for the majority of the market share.
  • The market has been divided based on the distribution channel into supermarkets and hypermarkets, convenience stores, online sales, and others. At present, syrups are majorly distributed through supermarkets and hypermarkets.
  • Region-wise, North America (the United States and Canada) holds the leading position in the market. Other major regions include Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa (Turkey, Saudi Arabia, South Africa, and others).
  • The competitive landscape of the market has also been examined, with some of the key players being Amoretti, Cedarvale Maple Syrup Company, Conagra Brands Inc., Concord Food LLC, Kraft Foods (Kraft Heinz Company), Nature’s Way Products LLC, NutriFood Indonesia Pt, Quaker Oats Company (PepsiCo), Sonoma Syrup Co. and The Hershey Company (Hershey Trust Company).

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