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(HomeGarden247.com, March 21, 2020 ) The flavored syrups market is estimated to be valued at USD 42.27 Billion in 2016. The market is projected to grow at a CAGR of 4.0% from 2016, to reach USD 51.31 Billion by 2021. The market for flavored syrups is segmented on the basis of type, application, flavor, and region. In 2015, the fruit flavored syrups segment accounted for the largest share of the market for flavored syrups during the forecast period. In addition, the market for flavored syrups is expected to grow due to increasing consumer demand for a variety of flavors in food products and personalized flavor options and product variety. Other factors driving the market growth include increasing consumer preference towards convenience foods & ready-to-eat products. The base year considered for this report is 2015 and the forecast period is from 2016 to 2021.
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Chocolate flavored syrups segment is projected to be the fastest-growing market on the basis of type from 2016 to 2021
The chocolate flavored syrup segment is projected to grow at the highest CAGR from 2016 to 2021. The growth can be attributed to its industrial application in bakery products, production of chocolate-flavored dairy drinks, frozen desserts, ice creams, chocolate confectionery, and chocolate-flavored beverages. Furthermore, the growing level of consumer demand for chocolate has boosted the consumption of chocolate flavors and their usage in a diverse range of food products as chocolate syrups are widely preferred by the final consumers in milkshakes, cold beverages, hot beverages such as tea and coffee, and as a topping on ice creams, pancakes, waffles, and cakes.
Dairy & frozen desserts application segment depicts high potential for the flavored syrups market
Dairy & frozen desserts application in the flavored syrups market is growing because of its application in milkshakes, smoothies, frappes, flavored milk, yogurts, whipped creams, and others. Frozen dessert is one of the significant markets for flavored syrups, worldwide as they are largely used as a topping that provides a distinct flavor profile to products and can be combined with different flavored products. In the Asia-Pacific region, emerging economies, such as China, Singapore, and Australia & New Zealand are dominant countries as soft drinks, dairy products, and ice cream are consumed on a large scale in these countries. This has led to the growth of the Asia-Pacific market.
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Significant growth for flavored syrups is observed in the Asia-Pacific region
Asia-Pacific has a high growth potential for flavored syrups. This region has many emerging countries, such as China, Thailand, and Singapore. Moreover, China is among the leading countries for flavored syrups. With the rise in the middle-class population and increasing per capita income, the demand for healthy and diversified food has also increased. This has impacted the demand for flavored syrups in the country.
This report includes a study of marketing and development strategies, along with the product portfolio of leading companies. It includes the profiles of leading companies such Sensient Technologies Corporation (U.S.) Monin Inc. (France), Kerry Group plc (Ireland), The Hershey Company (U.S.), and Tate & Lyle (U.K.).
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