Market Size of Syrup Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.07 Billion |
| Market Size (2029) | USD 4.07 Billion |
| CAGR (2024 - 2029) | 5.83 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Syrup Market Analysis
The Syrup Market size is estimated at USD 3.07 billion in 2024, and is expected to reach USD 4.07 billion by 2029, growing at a CAGR of 5.83% during the forecast period (2024-2029).
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.
