|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The syrup market is projected to register a CAGR of 4.1% during the forecast period (2022-2027).
The COVID-19 outbreak affected the food and beverage industry temporarily during the first quarter of the pandemic due to production halt and strict government restrictions. However, due to the rise in consumption of homemade food, the demand for flavored toppings like syrups increased in the market. Many companies came up with new product innovations to recover the lost sales during the pandemic. For instance, in 2020, Monin launched three new syrups in flavors such as dragonfruit, pineberry, and orange spritz. These syrups had no artificial additives and were clean-label products.
The syrup market is witnessing an upsurge in demand because of the wide use 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, savory flavored syrups are also available, catering to the changing preferences of consumers.
Syrups can be used with both food and beverage items, expanding their scope further in the market. They can be used in diluted forms in different beverages like mocktails, cocktails, yogurt, and many 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 entry of competitors such as spreads.
Scope of the Report
Syrups are thick, viscous liquids primarily consisting of a solution with added sugar. They are basically used with different breakfast items or can also 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. Further, by distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, online retail stores, and other distribution channels. On the basis of 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 on the basis of value (in USD million).
|High-fructose Corn Syrup|
|Online Retail Stores|
|Other Distribution Channels|
Key Market Trends
Increasing Demand for Breakfast Food
The use of syrups in breakfast foods, especially toppings, is seeing an upsurge in the market. Due to the rapidly growing consumer demand for sweeteners to add to breakfast foods, the demand for different flavored syrups is increasing. Along with adding syrups to breakfast items like waffles, pancakes, and others, consumers also prefer adding a few kinds of syrups to their beverages like coffee and milk. Also, because of the wide range of flavors in syrups, their demand has been increasing among consumers. Additionally, a few of the companies have been launching the concept of organic syrups as organic foods have been on a rising trend, which is attracting health-conscious consumers. Companies are focused on creating new products, combining the concept and taste of different breakfast foods to attract more customers. For instance, in 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, among others.
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North America is Expected to Drive the Market
North America dominates the market for syrups of all kinds, with the United States and Canada making up the largest market share in the region. This is due to the high rate of production and consumption in the region and the export of syrups throughout the world. The population in the region is focused on a variety of breakfast options, which cater to the rising demand for flavored syrups. Consumers prefer having syrups not only with breakfast items but also with 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. Also, the expansion of leading companies paired with frequent product launches in the region has further fueled the market sales. Companies are focused on creating new products with natural ingredients, catering to the rising health consciousness of individuals. For instance, in 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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The syrup market is highly competitive in nature, having 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, among others. Product innovation is one of the major strategic approaches adopted by leading players. Additionally, mergers, expansions, acquisitions, and partnerships with other companies are common strategies to enhance the companies' presence and boost the market. The key players in the market extend their product lines, along with extending their presence globally, catering to different customer needs in different regions.
In 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.
In 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, including classic, vanilla, cardamom, and passion fruit.
In 2021, Beyond Better Foods launched sugar-free chocolate syrup under its low-sugar treat product line, namely, Enlightened.
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 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
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
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
5.3.4 South America
18.104.22.168 Rest of South America
5.3.5 Middle-East and Africa
22.214.171.124 South Africa
126.96.36.199 Saudi Arabia
188.8.131.52 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Conagra Brands Inc.
6.4.2 The Hershey Company
6.4.3 The Kraft Heinz Company
6.4.4 Sonoma Syrup Co.
6.4.5 The Quaker Oats Company
6.4.6 The J.M. Smucker Company
6.4.7 Nestle SA
6.4.8 Dr. Willmar Schwabe GmbH & Co. KG
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Syrup Market market is studied from 2016 - 2027.
What is the growth rate of Syrup Market?
The Syrup Market is growing at a CAGR of 4.1% over the next 5 years.
Which region has highest growth rate in Syrup Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Syrup Market?
North America holds highest share in 2021.
Who are the key players in Syrup Market?
The Hershey Company, Conagra Brands Inc., The Kraft Heinz Company, The J.M. Smucker Company, Nestle SA are the major companies operating in Syrup Market.