Rockville, Feb. 06, 2025 (GLOBE NEWSWIRE) — Expanding at a CAGR of 5.2%, the global flavored syrup market is projected to increase from a valuation of US$ 53.77 billion in 2024 to US$ 89.48 billion by the end of 2034, according to a new study published by Fact.MR, a market research and competitive intelligence provider. Mixology and home bartending are becoming more popular in several countries, which is driving up demand for flavored syrups.
Customers who prefer combining several types of beverages at home with flavored syrups to create mocktails and cocktails are drawn to this trend. A large range of flavored syrups, including fruit, chocolate, vanilla, coffee, herbs & seasonings, and others, are in high demand as customers’ desire for creativity and diversity in their beverages is growing.
The North American region is forecasted to hold a significant market share in 2024. The United States and Canada are known as the primary flavored syrup centers in North America because of their widespread use in bartending, several culinary applications, and coffee chains. Due to continuous innovation by beverage businesses, East Asia is projected to overtake North America in terms of sales within the next ten years.
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Key Takeaways from Market Study
- The global market for flavored syrups is projected to rise at a CAGR of 5.2% from 2024 to 2034.
- Based on sales channel, the direct sales segment is evaluated to reach US$ 27.96 billion by the end of 2034.
- North America is analyzed to account for 24.8% share of the worldwide market in 2024.
- The market in the United States is forecasted to generate revenue worth US$ 10.94 billion in 2024.
- Demand for flavored syrup in Japan is projected at US$ 2.11 billion in 2024 and is forecasted to reach US$ 4.19 billion by 2034.
- The market in East Asia is evaluated to increase at a CAGR of 5.6% between 2024 and 2034.
- Utilization of flavored syrups in beverages is analyzed to rise at 5.4% CAGR through 2034.
“Leading companies are focusing on increasing their product portfolio to attract a large consumer base by meeting different preferences and tastes,” says a Fact.MR analyst
Leading Players Driving Innovation in the Flavored Syrup Market:
Monin Inc.; Starbucks Coffee Company; The Hershey Company; Tate & Lyle; Walden Farms; Fuerst Day Lawson; Archer Daniels Midland Company; Smucker’s; Fox Syrups; B&G Foods; DaVinci Gourmet; Ghirardelli Chocolate Company; 1883 Maison Routin; Nestle S.A.; Jordan’s Skinny Mixes; Torani; Kerry Group.
Increasing Use of Flavored Syrups in Beverages:
Based on the application, the market is divided into several categories such as drinks, dairy & frozen desserts, bakery & confectionery, and others. The growing need for customized flavors in the beverage industry is one of the main factors contributing to the expansion of the market for flavored syrups. Sales of flavored syrups are rising due to several factors, including product variety, the capacity to create custom flavor options, and the product’s widespread application in beverages such as soft drinks, carbonated and cold beverages, and cocktails.
The growing inclination of consumers towards flavored beverages is generating new prospects for beverage producers. Syrups flavored with chocolate, caramel, vanilla, fruit, malt, and coffee are becoming increasingly popular as flavor enhancers.
Flavored Syrup Industry News:
- In April 2024, Torani, a 99-year-old leader in the flavor sector, released Torani Dragon Fruit Syrup, the new product in its lineup of over 150 syrups and sauces.
- In August 2023, a new naturally sweetened Pumpkin Spice syrup with zero calories and sugar was introduced by Jordan’s Skinny Mixes. The taste, created with organic components, took drinks to new levels.
- In 2022, Singing Dog Vanilla introduced an organic vanilla syrup. According to the manufacturer, the organic vanilla syrup will give tea, lattes, iced coffee, and other beverage goods a pure and nuanced flavor.
- In 2021, a line of organic date syrups was introduced by Bateel, a global leader in the gourmet date sector. Four varieties of these syrups were offered: traditional, vanilla, cardamom, and passion fruit.
- In 2021, in partnership with Post, a food producer and distributor, Mrs. Butterworth, a firm that makes pancake syrups, introduced cereal-flavored syrup. This Fruity Pebbles Flavored Pancake Syrup was created especially to go with pancakes, porridge, and waffles.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the flavored syrup market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on flavor (fruits, chocolates, vanilla), application (beverages, dairy & frozen desserts, bakery & confectionery), and sales channel (direct sales, modern trade, convenience stores, specialty stores), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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