Overview and Scope
Syrups refer to a thick sticky solution of sugar and water often flavored or medicated that that dissolves in a liquid more quickly and easily than sugar. It is used to sweeten hot or cold beverages.
Sizing and Forecast
The syrups market size has grown strongly in recent years. It will grow from $36.69 billion in 2023 to $38.73 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to traditional beverage consumption, limited flavor varieties, seasonal demand, ingredient sourcing, culinary uses.
The syrups market size is expected to see strong growth in the next few years. It will grow to $50.24 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to diverse flavor innovation, mixology and culinary creativity, convenience and ready-to-use products, sustainability and natural ingredients, globalization of flavors. Major trends in the forecast period include natural and artisanal syrups, functional and health-boosting syrups, flavor diversity and exotic varieties, low-sugar and sugar-free alternatives, premium packaging and presentation.
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Segmentation & Regional Insights
The syrups market covered in this report is segmented –
1) By Type: Chocolate Syrup, Maple Syrup, High-Fructose Corn Syrup, Rice Syrup, Malt Syrup, Tapioca Syrup, Fruit Syrup, Other Types
2) By Packaging Type: Pouches, PET Bottles, Glass Bottles
3) By Application: Drink And Beverages, Dairy Products, Bakery And Confectionary, Other Applications
4) By Distribution Channel: Supermarkets Or Hypermarkets, Convenience Stores, Online Stores, Other Distribution Channels
North America was the largest region in the syrups market in 2023. The regions covered in the syrups market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Growing demand for ready-to-eat food products is expected to propel the syrup market going forward. Ready-to-eat (RTE) food refers to a class of food items that have been cleaned, cooked, and most often packaged before being made available for consumption. Syrups are used in ready-to-eat food products to improve taste and shelf life, hence the growing demand for ready-to-eat food will increase the demand for syrups. For instance, in June 2021, according to Ready Meals 2021 Snapshot Survey done at the Nuffield Department of Population Health, University of Oxford, using data from foodDB by Eating Better, a UK-based organization for environmental and animal welfare, three out of ten adults in the UK consumed chilled ready meals at least once every week, making up 86% of the population. Therefore, the growing demand for ready-to-eat food products is driving the syrup market.
Key Industry Players
Major companies operating in the syrups market report are Archer-Daniels-Midland Company, Nestle SA, The Kraft Heinz Company, Conagra Brands Inc., The Hershey Company, The J M Smucker Company, Ingredion Inc., The Quaker Oats Company, B&G Foods Inc., Tate & Lyle plc, Hungry Jack’s Pty. Ltd., Sensient Technologies Corporation, LYLES GOLDEN SYRUP ASR Group, Amoretti, MONIN, DaVinci Gourmet, Cedarvale Maple Syrup Company, Panos Brands LLC, Botticelli Foods LLC, Butternut Mountain Farm, Concord Foods LLC, Coombs Family Farms, Sonoma Syrup Co, Tropicana Products Inc., Brookfield Maple Products, Maple Valley Cooperative, Runamok Maple, Hidden Springs Maple, Cornish Syrup Co, Crown Maple Syrup, Mountain Maple Products, Shady Maple Farms, The Maple Treat Corporation
The syrups market report table of contents includes:
1. Executive Summary
2. Syrups Market Characteristics
3. Syrups Market Trends And Strategies
4. Syrups Market – Macro Economic Scenario
5. Global Syrups Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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