Global Syrup Market to Grow at 3.8% During 2024-2032, Stimulated by Rising Demand for Flavored and Sweetened Beverages

August 23, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled "Syrup Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," the global syrup market is expected to exhibit a CAGR of 3.8% during 2024-2032. Syrup is a viscous and concentrated liquid of sugar or other sweeteners dissolved in water. It is widely used in various industries and households to enhance the taste of food and beverages (F&B). Syrups come in a wide range of flavors, such as chocolate, vanilla, caramel, and fruit, catering to diverse consumer preferences. The versatility of syrups makes them a popular choice for enhancing the flavors of beverages like coffee, tea, and cocktails, as well as for drizzling over desserts and breakfast items like pancakes and waffles. Syrups are also used in the pharmaceutical sector to formulate medications and in the personal care industry to create flavored oral care products.

Global Syrup Market Trends:

The rising demand for flavored and sweetened beverages across the globe is one of the major factors driving the market growth. Additionally, the increasing consumption of syrup owing to changing consumer preferences encouraging manufacturers to increasingly incorporate various syrup flavors to cater to these demands is providing a thrust to the market growth. Moreover, the widespread product adoption due to the proliferation of cafes, restaurants, and fast-food chains, as essential ingredients in crafting signature drinks that attract and retain customers is positively impacting the market growth. In addition to this, the increasing awareness of health and wellness leading to the development of natural and healthier syrup alternatives made from natural sweeteners, such as agave, maple, and stevia, providing a guilt-free indulgence for health-conscious individuals, is supporting the market growth. In confluence with this, the increasing demand for syrups, as they offer excellent opportunities for customization, allowing individuals to create unique flavor combinations in their beverages and food items, is favoring the market growth. Furthermore, the increasing product utilization in specialty coffee and tea beverages, such as creating lattes, mochas, and other trendy drinks, is propelling the market growth. Besides this, increasing partnerships and collaborations between syrup manufacturers and beverage companies, allowing syrup producers to gain a broader market reach and capitalize on the established distribution networks of beverage companies, is providing remunerative growth opportunities for the market.

Market Summary:

  • Based on the flavor, the market has been segmented into vanilla, strawberry, chocolate, mint and others.
  • On the basis of the application, the market has been divided into beverages, daily and frozen desserts, confectionaries, bakery products and others.
  • Based on the distribution channel, the market has been categorized into supermarkets and hypermarkets, convenience stores, online sales and others.
  • Region-wise, the market has been segmented into North America (the United States and Canada); 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 the 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, Conagra Brands Inc., Concord Food LLC, The Kraft Heinz Company, Nature’s Way Brands, LLC, NutriFood, PepsiCo Inc., Sonoma Syrup Co. and The Hershey Company.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Flavor, Application, Distribution Channel, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Turkey, Saudi Arabia, South Africa
Companies Covered Amoretti, Conagra Brands Inc., Concord Food LLC, The Kraft Heinz Company, Nature’s Way Brands, LLC, NutriFood, PepsiCo Inc., Sonoma Syrup Co. and The Hershey Company
Customization Scope 10% Free Customization
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Global Syrup Market to Grow at 3.8% During 2024-2032, Stimulated by Rising Demand for Flavored and Sweetened Beverages
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