The Syrups Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Syrups Global Market Report 2024, 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.
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.
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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
Major companies operating in the syrups market are focusing on advanced solutions such as technology-driven platforms to address evolving consumer demands and enhance operational efficiency. Technology-driven platforms are digital systems or frameworks leveraging advanced technological solutions to facilitate, manage, or enhance various services, interactions, or transactions within a specific context or industry. For instance, in November 2023, Canadian Maple Co., a Canada-based high-quality maple syrup provider, launched an innovative distribution platform for maple syrup, aiming to transform global distribution by ensuring quality, authenticity, and efficiency at every stage, dedicated specifically to exporting the nation’s renowned maple syrup.
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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26. South America Syrups Market
27. Brazil Syrups Market
28. Middle East Syrups Market
29. Africa Syrups Market
30. Syrups Market Competitive Landscape And Company Profiles
Top Major Players:
- Archer-Daniels-Midland Company
- Nestle SA
- The Kraft Heinz Company
- Conagra Brands Inc
- The Hershey Company
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