The syrups market has experienced robust growth, rising from $36.69 billion in 2023 to $38.73 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.6%. This growth is attributed to traditional beverage consumption patterns, limited flavor varieties, seasonal demand fluctuations, ingredient sourcing considerations, and culinary uses of syrups. Looking ahead, the market is anticipated to continue its upward trajectory, reaching $50.24 billion by 2028, with a CAGR of 6.7%. Key drivers of this growth include diverse flavor innovation, mixology and culinary creativity, the convenience of ready-to-use products, sustainability, natural ingredients, and globalization of flavors. Major trends expected in the forecast period involve the rise of natural and artisanal syrups, functional and health-boosting syrups, flavor diversity, low-sugar and sugar-free alternatives, and premium packaging.
Major Driver In The Syrups Market
The syrup market is anticipated to witness growth fueled by the increasing demand for ready-to-eat food products. Ready-to-eat (RTE) food, representing a category of pre-prepared food items, is gaining popularity, leading to a higher consumption of syrups in such products to enhance taste and extend shelf life. Notably, the Ready Meals 2021 Snapshot Survey conducted at the Nuffield Department of Population Health, University of Oxford, reported that three out of ten adults in the UK consumed chilled ready meals at least once every week, constituting 86% of the population. This surge in the demand for ready-to-eat food products is a significant driver behind the growth of the syrup market, with market sizes in 2023, 2024, and 2028 influencing the course of this market's development.
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Syrups Market Competitive Landscape
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
Key Syrups Market Trend
Product innovations are a key trend gaining popularity in the syrups market. Major companies operating in the syrups market are focused on developing innovative solutions to strengthen their market position. For instance, in August 2022, Singing Dog Vanilla, a US-based manufacturer of organic syrups launched Organic Vanilla Syrup, a uniquely designed with signature double-strength vanilla extract that will add pure and complex flavor to tea, lattes, and other beverage products. It has a little vanilla taste that the syrup contributed without being overly sweetened with corn syrup. This organic syrup is excellent for coffee and is a flexible organic vanilla syrup prepared with 25% more vanilla than other syrups.
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Syrups Market Segmentation
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
By Geography:The regions covered in the syrups market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the syrups market in 2023.
The Syrups Global Market Report 2024 furnishes information about the global syrups market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
