A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global flavored syrups market was worth USD 47.5 Billion in the year 2020. It is estimated to grow at a CAGR of 4.9%, earning revenue of around USD 65.9 Billion by the end of 2027. Nowadays, consumers prefer consuming foods with interesting flavors, which plays an important role in driving the demand for the flavored syrups market. Due to the increasing number of working women and the hectic daily schedule of the Millennials, people are shifting towards ready-to-eat and easy-to-make breakfast food items. Due to customers' growing preference for artificial or organic taste enhancers in convenience food products, the global flavored syrup market is expected to grow during the forecast period.
Increasing consumer demand for convenience foods
The market for flavored syrups is being driven by rising consumer awareness and their desire for processed and convenience foods. Convenience foods are the ones that require minimal or no processing and take less time and effort to prepare. Flavored syrups are increasingly used to enhance the taste and flavor of convenience food items, such as bread and confectionery products, desserts, and dairy goods. Apart from the increasing popularity of convenience food, increasing disposable income of consumers allows them to go for packaged foods with flavored toppings of their choice, which in turn is contributing to the growth of the flavored syrups
Increased applications in breakfast
People are now shifting towards ready-to-eat and easy-to-make breakfast food ideas as cooking complex breakfast dishes have become a challenge for the working population due to their hectic lifestyle. Moreover, since the number of working women is increasing by leaps and bounds, the demand for easy-to-make breakfast items is rising tremendously.
Flavored syrups are used at the topping in breakfast foods to add flavor to breakfast food items. Flavored syrups are used as a topping for breakfast items to lend them more taste. Bakery and confectionery will continue to be the most popular application area for flavor syrup manufacturers. Furthermore, people choose flavored syrups because they are readily available in the market. Thus, these factors are increasing the overall consumption of flavored syrups besides propelling the growth of the flavored syrups market.
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High sugar content
Because of the high sugar content in flavored syrups, there is a significant health risk connected with them, which is expected to stifle market growth throughout the forecast period. Sugar is linked to heart disease, high blood sugar, diabetes, and gastrointestinal problems. Additionally, rising obesity rates as a result of increased sugar consumption are a major area of concern. Also, there are numerous sugar-free flavored syrups available in the market, and health-conscious consumers are more interested in consuming organic products with fewer preservatives for their health and well-being, which is a major impediment to the flavored syrups market's growth.
Impact of COVID-19 in the industry
Almost every business has been impacted by the COVID-19 pandemic, and the flavored syrup market is no exception. Many households' income sources have been affected as a result of the pandemic, resulting in a steep decline in living standards. Additionally, during this epidemic, many unexpected impacts have been observed on people's income, including spikes in the pricing of some essential products in the market. This compelled the consumers to focus solely on essential food items. As a result, demand for flavored syrups was significantly lower in March and April of 2020. This trend is predicted to continue as long as the pandemic continues to wreak havoc on the world.
The fruit-flavored segment occupies the largest share of the global flavored syrups market
Based on flavor type, the global flavored syrups market is categorized into Fruit, Vanilla, , Coffee, Chocolate, and Herbs & Seasoning. The fruit-flavored syrups segment held the largest market share trailed by chocolate-flavored syrups, which is expected to grow at an impressive CAGR in the coming years. Fruit-flavored syrups are extensively using in bakery and confectionery products, desserts, ice creams. These syrups also add a striking flavor to a variety of cocktails and mocktails. Following fruit-flavored syrup, consumers prefer chocolate-flavored syrup due to its use in a wide variety of food products such as cold beverages, hot beverages, toppings on ice cream, waffles, pastries, and cakes.
North America region is expected to witness significant growth in the market during the forecast period
The global flavored syrups market is categorized into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa based on the region. North America has dominated the market in 2020 with the largest market share. The key factors driving product demand in this region include expanding bakery and dairy product demand for daily consumption, as well as rising chocolate consumption. Additionally, many businesses are offering customized flavor options, which is aiding regional growth. Because of increased demand for new and improved products in the food and beverage industry, Asia Pacific is expected to witness the fastest growth rates during the forecast period.
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