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.
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.
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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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