Global
Flavoured Syrups Market: Overview
Flavoured
syrups are the flavouring liquids or semi-liquids produced through
organic or synthetic source. Flavoured syrups functions in enhancing
the taste of drinks or foods. The flavoured syrups usage differ
according to regional trends and eating habits. Beverage industries
constitute major share in consumption of flavoured syrups with more
inclination towards concentrated type of flavoured syrups. The ready
to drinks, fresh fruit juices, cakes and confectionary are major
revenue contributors to the global flavoured syrups market. Flavours
such as vanilla, coffee, chocolate are widely consumed globally. The
flavoured syrups are also available for liqueurs and expected to
exhibit increasing share during the forecast period. The consumers
are more inclined towards adoption of organic flavoured syrups and
among them youth and children’s are more attracted towards adoption
of flavoured syrups. The sweet flavoured syrups tops the flavour type
list with sugar free flavoured syrups to exhibit growing trend over
the forecast period. Besides, savoury flavoured syrups are mostly
consumed in food products in comparison to beverages. The global
flavoured syrups market is expected to expand at single digit CAGR
during the forecast period.
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Global
Flavoured Syrups Market: Drivers and Restraints
The
global flavoured syrups market is primarily driven by increase in the
food and beverage industries. High demand of consumers for chocolate
flavoured cakes, deserts and drinks drives the global flavoured
syrups market. Also, consumers growing interest in tasting different
flavours such as cranberry, blackberry, caramel and nuts among others
aids in boosting the global flavoured syrups market.
However,
there is a growing concern over obesity on high consumption of sugar.
In regard of this, intake of sugar sweetened beverages (SSB) which
contains high-fructose corn syrup (HFCS) and sucrose are leading to
unhealthy diets. For instance, in February 2016, The Minister of
Finance of South Africa announced to inculcate tax on these SSBs in
order to have impact on consumption, purchase which ultimately
reflects on consumer health. This may poses, challenging
circumstances for the global
flavoured syrups market.
Global
Flavoured Syrups Market: Segmentation
On
the basis of flavoured syrups source, flavoured syrups market is
segmented into:-
- Natural/Organic
- Synthetic/Artificial
On
the basis of flavour type, flavoured syrups market is segmented
into:-
- Sweet
- Sugar
- Sugar free
- Sour
- Salty
- Savoury
On
the basis of flavour syrups grades, flavoured syrups market is
segmented into:-
- Alcohol
- Non-Alcohol
- Concentrates
- Others
On
the basis of application, flavoured syrups market is segmented into:-
- Beverages
- Tea
- Coffee
- Fruit Juices
- Sports & Energy Drinks
- Cakes & Confectionary
- Deserts
- Others (Sauces, dressings and marinades etc.)
Global
Flavoured Syrups Market: Region wise Outlook
The
global flavoured syrups market is divided into seven regions, namely
North America, Latin America, Asia Pacific excluding Japan (APEJ),
Western Europe, Eastern Europe, Japan and Middle East and Africa
(MEA). North America holds the major share in the global flavoured
syrups market with established players such as Monin, Inc., The
Hershey Company, R. Torre & Co., Inc. The players in these
regions are expanding by setting plants in Europe and Asia Pacific to
increase their market penetration. However, the flavoured syrups
market in APEJ is fragmented with local players and a trend of home
cooked flavoured syrups. In APEJ region, China and India contributes
majority of the revenue share in the flavoured syrups market. The
flavoured syrups market in Europe and Latin America are expected to
grow at moderate CAGR over the forecast period.
Global
Flavoured Syrups Market: Key Players
Some
of the key players identified in the global flavoured syrups market
includes:
- Monin, Inc.
- Kerry Group plc
- Sensient Technologies Corporation
- The Hershey Company
- Torre & Co., Inc.
- Tate & Lyle
- WILD Flavors and Specialty Ingredients
- W.T. Lynch Foods Limited
- Nordic Sugar (Nordzucker Group)
- Supreme Manufacturing
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