Syrup Market Size
|Study Period||2018 - 2028|
|Market Size (2023)||USD 2.9 Billion|
|Market Size (2028)||USD 3.85 Billion|
|CAGR (2023 - 2028)||5.83 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Syrup Market Analysis
The Syrup Market size is expected to grow from USD 2.90 billion in 2023 to USD 3.85 billion by 2028, at a CAGR of 5.83% during the forecast period (2023-2028).
The syrup market is witnessing an upsurge in demand due to the wide usage of syrups in different food items. The market is largely driven by the increasing demand for syrups to be consumed with food products, especially convenience and ready-to-eat food. The flexibility in syrup formulation is an important factor that helps in boosting the use of the product as a taste enhancer and sweetener. Apart from sweet-flavored syrups, the market also has savory-flavored syrups, thus catering to the changing consumer preferences.
Syrups can be used with food and beverage items, further expanding their scope in the market. They can be used in diluted forms in different beverages like mocktails, cocktails, drinkable yogurt, and others. Among all the syrups, fruit syrup accounts for the largest share due to its wide usage in beverages. The market is driven by the demand for new flavors in beverages. However, one of the major challenges restraining the market is the presence of readily available substitutes, such as spreads.
Syrup Industry Segmentation
Syrups are thick, viscous liquids primarily consisting of a solution with or without added sugar. They are used with different breakfast items or can be mixed with beverages and consumed. The syrup market is segmented by type, distribution channel, and geography. By type, the market is segmented into chocolate syrup, maple syrup, high fructose corn syrup, rice syrup, malt syrup, tapioca syrup, honey, fruit syrup, and other types. By distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, online retail stores, and other distribution channels. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. For each segment, the market sizing and forecasts have been done based on value (in USD million).
|High-fructose Corn Syrup|
|Online Retail Stores|
|Other Distribution Channels|
Syrup Market Trends
This section covers the major market trends shaping the Syrup Market according to our research experts:
Increasing Inclination Toward Organic/Natural Syrups
Increasingly, consumers are placing more value on food with functional benefits apart from taste, thereby increasing the demand for healthy, natural, and organic syrups. These organic food alternatives are positively impacting the market's growth.
Due to increasing health awareness and concerns regarding food sources, consumers are continuously focusing on food labels and preferring products with healthy and clean-labeled ingredients. This increasing label-conscious population has paved the way for natural and organic syrup manufacturers to enter the market, especially in developed markets.
The demand for organic and flavored syrups is increasing among consumers, encouraging manufacturers to introduce new flavored organic syrups. For instance, in August 2022, Singing Dog Vanilla launched an organic vanilla syrup in the US market. The company claims that the vanilla organic syrup will add pure and complex flavor to tea, lattes, iced coffee, and other beverage products.
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North America Holds a Prominent Share in the Market
North America leads the overall market for syrups of all kinds, with the United States and Canada holding the largest market share in the region. This high share is due to the high rate of production and consumption in the region and the export of syrups worldwide. The consumers in the region prefer to have a variety of breakfast options, supporting the high demand for flavored syrups.
Consumers in the region prefer syrups with breakfast items and hot and cold beverages. Moreover, the increasing trend of using syrups as toppings in readily available snacking items has led to an upsurge in demand for syrups in the region.
Organic produce has been witnessing support among American consumers due to increasing concerns for well-being, health, and the environment. Thus, the North American market is leading innovation in organic syrups and natural sweeteners, with the United States and Canada at the forefront. Although organic products have fully entered mainstream channels and continue to gain traction with shoppers, the organic segment offers innovative opportunities across the market, which may drive growth during the forecast period. For instance, in May 2021, Nickel Dime Cocktail Syrups launched four new flavors of syrups in the US market. These syrups are prepared from natural ingredients and are alcohol- and gluten-free.
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Syrup Industry Overview
The syrup market is highly competitive in nature, with a large number of domestic and multinational players competing for a sizeable market share. The market is fragmented with global players like Nestle SA, Conagra Brands Inc., The Hershey Company, The J.M. Smucker Company, and The Kraft Heinz Company.
Additionally, companies are implementing common strategies like mergers, expansions, acquisitions, and partnerships with other companies to enhance their presence and boost the market. The key players in the market are extending their product lines, along with expanding their global presence and catering to different customer needs in different regions. For instance, in December 2021, Mrs. Butterworth, a company that prepares pancake syrups, collaborated with Post, a food manufacturer and distributor, and launched cereal-flavored pancake syrup. This Fruity Pebbles Flavored Pancake Syrup has the taste of Fruity Pebbles cereal, specially formulated to be consumed with waffles, porridge, and pancakes.
Syrup Market Leaders
The Hershey Company
Conagra Brands Inc.
The Kraft Heinz Company
The J.M. Smucker Company
*Disclaimer: Major Players sorted in no particular order
Syrup Market News
- In August 2022, Singing Dog Vanilla launched an organic vanilla syrup in the US market. The company claims that the vanilla organic syrup will add pure and complex flavor to tea, lattes, iced coffee, and other beverage products.
- In February 2022, Daysie launched a line of simple syrups, including Madagascar vanilla, coconut almond, salted caramel, and a trio for coffee.
- In September 2021, Bateel, a world leader in the gourmet date industry, launched a range of organic date syrups. These syrups were made available in four flavors: classic, vanilla, cardamom, and passion fruit.
- In July 2021, Dabur, a leading FMCG brand in India, launched Dabur Honey Tasties and entered the syrup and spreads segment in the market. These syrups were made available in two flavors, i.e., strawberry and chocolate.
Syrup Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Chocolate Syrup
5.1.2 Maple Syrup
5.1.3 High-fructose Corn Syrup
5.1.4 Rice Syrup
5.1.5 Malt Syrup
5.1.6 Tapioca Syrup
5.1.8 Fruit Syrup
5.1.9 Other Types
5.2 Distribution Channel
5.2.2 Convenience Stores
5.2.3 Online Retail Stores
5.2.4 Other Distribution Channels
5.3.1 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
5.3.4 South America
188.8.131.52 Rest of South America
5.3.5 Middle-East and Africa
184.108.40.206 South Africa
220.127.116.11 Saudi Arabia
18.104.22.168 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Conagra Brands Inc.
6.3.2 The Hershey Company
6.3.3 The Kraft Heinz Company
6.3.4 Sonoma Syrup Co.
6.3.5 The Quaker Oats Company
6.3.6 The J.M. Smucker Company
6.3.7 Nestle SA
6.3.8 Dr. Willmar Schwabe GmbH & Co. KG
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Syrup Market Research FAQs
How big is the Syrup Market?
The Syrup Market size is expected to reach USD 2,900.43 million in 2023 and grow at a CAGR of 5.83% to reach USD 3,850.40 million by 2028.
What is the current Syrup Market size?
In 2023, the Syrup Market size is expected to reach USD 2,900.43 million.
Who are the key players in Syrup Market?
The Hershey Company, Conagra Brands Inc., The Kraft Heinz Company, The J.M. Smucker Company and Nestle SA are the major companies operating in the Syrup Market.
Which is the fastest growing region in Syrup Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Syrup Market?
In 2023, the North America accounts for the largest market share in the Syrup Market.
Syrup Industry Report
Statistics for the 2023 Syrup market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Syrup analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.