Heightening demand for comfort and processed foods will stoke flavored syrups market growth, predominantly in developed economies.
DUBAI, UAE / ACCESSWIRE / May 19, 2020 / Rampant expansion of processed food sector remains key growth engine of flavored syrups market. However, development of greater predilection for healthy diet among consumers due to which low-calorie processed foods are gaining traction in recent years. Key manufacturers continue to invest in R&D of different varieties of flavored syrups, targeting variegated application areas such as bakery.
According to FMI's analysts, the global flavored syrups market was valued at approximately US$ 48.6 Bn in 2019. The revenue pool continues to receive tailwinds from proliferation of ready-to-eat food product launches in the market. As suggested by a new Future Market Insights (FMI) study, the market will witness a promising CAGR over the forecast period (2019-2029). The study, however, highlights a steep decline in flavored syrup sales during Q1 2020 amid COVID-19 pandemic.
"Established players must stress on advertising, and media promotions of their products in order to strengthen their brand identity across the globe," finds FMI.
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Key Takeaways of Flavored Syrups Market
- Fruit flavored syrups remain best selling category owing to extensive usage in cold beverages, soda, cocktails, and soft drinks.
- Bakery & confectionery will remain top application area for flavored syrups manufacturers.
- North America leads the flavored syrups market, with around a third of the overall market stack.
- The flavored syrups market in Europe and South Asia will pick pace with rising consumption in frozen desserts and dairy products.
Flavored Syrups Market - Key Growth Drivers
- Powered form of flavored syrups is highly preferred by consumers owing to ease of preparation and greater availability thereby boosting the overall consumption.
- Higher purchasing power of consumers in Europe and North America will bode well for market through 2029.
- Rising dairy and bakery consumption across the globe is stimulating the demand for flavored syrups.
- Entry of established players in Asian markets will tip the scale in favor of regional market growth during the projection period.
Flavored Syrups Market - Key Restraints
- Synthetic sweeteners will witness dwindling sales through 2029 in view of their high sugar content which is dangerous for hyperglycemia patients.
- Supply chain disruptions caused by COVID-19 will hamper growth of flavored syrups market through the pandemic.
Anticipated Impact of COVID-19 on Flavored Syrups Market
The COVID-19 pandemic has led to unimaginable and unforeseen effects on communities, livelihoods, and the world economy. With millions of people losing their jobs every day, the world has been pushed into yet another recession after 12 years. Under these circumstances, the global flavored syrups market has taken a massive hit as well. As people are buying only the essential food items, the demand for flavored syrups declined significantly in March and April. This trend is projected to continue through the second quarter of 2020. However, once the pandemic begins to subside, the upward trajectory will return to normal by the end of 2020 under optimistic scenario.
Explore the full flavored syrups market report with 136 illustrative figures, 160 data tables and table of contents. Request ToC of the study at https://www.futuremarketinsights.com/askus/rep-gb-11302
Competitive Landscape of Flavored Syrups Market
Some of the prominent stakeholders in the global flavored syrups market that are featured in this FMI report include, but are not limited to, Wild Flavors, Inc., Sensory Effects, Concord Foods, LLC, NutriFood, Sensient Technologies, R. Torre & Company, Kerry Group, Tate & Lyle, and The Hershey Company. Top players in flavored syrups market are adopting multi-pronged strategies such as acquisitions, collaborations, joint ventures, alliances, extensions, and new product releases in order to stay atop.
More About the Report
This Future Market Insights study of 250 pages provides all-inclusive insights on the global flavored syrups market. The market analysis is based on flavor (fruit, chocolate, vanilla, coffee, and herbs & seasonings), application (beverages, dairy & frozen desserts, confectionery, and bakery), flavor type (sweet, salty, sour savory, and mint), and product type (natural, synthetic) across six regions (North America, Latin America, Europe, Asia, Oceania, and Middle East & Africa).
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