New York, United States, March 06, 2024 (GLOBE NEWSWIRE) -- A flavoured syrup is a liquid that is either semi-hot or spicy and is prepared by combining sugar with artificial or natural fragrant substances and then concentrating the mixture. Its common function is that of a sweetener and flavour enhancer. For those who are concerned about their calorie intake, aromatic syrup can also be found in low-calorie formulations. They are divided into categories such as mint, delicious, sweet, sour, and other flavours based on the type of taste they possess. Fruits, coffee, herbs & spices, chocolate, vanilla, and other flavours can be found in flavoured syrups. Other flavours include vanilla and chocolate They find employment in a different variety of applications, including those involving dairy and frozen foods, confectionery, beverage, and pastry items, among others.
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An increase in consumer interest in homemade foods is driving rising demand for flavouring syrup
According to Straits Research, “The global flavoured syrups market size was valued at USD 51.20 billion in 2021 and is expected to reach USD 81.77 billion in 2030 expanding at a CAGR of 5.34%.” In recent years, there has been a significant increase in the amount of interest that consumers have shown in cooking. A rise in consumer interest in preparing creative meals at home can be attributed to the proliferation of cooking-focused streaming channels on social media platforms as well as traditional television.
Due to this an increase in demand for numerous items at the household level. These commodities are mostly acquired by enterprises that manufacture food and beverages, as well as hotels and restaurants. One example of such a food item that has gained popularity among those who shop for groceries at home is flavoured syrup.
Urbanization in developing countries is booming, driving up demand for food ingredients
It is projected that the urban proportion of the population in Asian nations would increase from 44 percent in the year 2010 to 56 percent in the year 2030, as stated by the United Nations. People in developing nations have seen a profound shift in their patterns of consumption as a direct result of the continuous urbanisation of these countries.
Due to this, an increasing number of various celebrations and weekend hangouts are including dishes from a variety of different ethnic cuisines onto their menus. This has also resulted in the noteworthy spread of hotel chains and restaurant chains, which has contributed to their flourishing in emerging nations' tier-1 and tier-2 cities.
The whole supply chain has been positively impacted as a result of all of these changes and transformations. The use of flavoured syrup in restaurants and hotels in developing nations has also attracted a substantial amount of attention in recent years.
Millennials are the most sought-after customers by manufacturers of flavoured syrup
When it comes to tasting new foods, millennials are among of the most adventurous clients in the market today. In the United States, for example, the chance that consumers of various generations will frequent restaurants at least once per week is, accordingly, 67 percent for boomers, 70 percent for GenZ, and 80 percent for millennials.
In addition, because they have such great purchasing power, millennials are also willing to spend more money on cuisines that are considered to be more traditional.
Regional Overview of Flavoured Syrups Market
In 2018, the North American continent was responsible for the greatest proportion, which was 33.9 percent. The inclination of consumers for include flavoured syrups in their everyday meals, such as cereals, snacks, desserts, and drinks, is the primary factor driving the expansion of the market for flavoured syrups.
From 2019 to 2025, it is anticipated that Asia Pacific would increase at a compound annual growth rate (CAGR) of 5.6 percent. Since bakery goods are so reasonably priced, many perceive them to be goods suitable for mass consumption. In addition, the desire of customers to consume foods high in sugar has prompted producers to develop novel goods that are mixed with syrups of various flavours.
Competitors in Flavoured Syrups Market
The market for flavoured syrups was dominated in 2015 by companies including Sensient Technologies Corporation (U.S.), Monin Inc. (France), Kerry Group plc (Ireland), The Hershey Company (U.S.), and Tate & Lyle (U.K.). Other companies with a significant presence in this industry include R. Torre & Company (U.S.), Fuerst Day Lawson (U.K.), Sensory Effects (U.S.), Concord Foods (U.S.), NutriFood (U.S.), Mitr Phol Group (Thailand), and Toschi Vignola (Italy).
Segmentation of Flavoured Syrups Market
By Type
- Fruit
- Chocolate
- Vanilla
- Coffee
- Mint
- Nuts
- Caramel
- Blends
By Application
- Bakery & Confectionery
- Dairy & Frozen Desserts
- Beverages
By Category
- Conventional
- Organic
By Distribution Channel
- Food Service
- Food Rental
By Flavor Type
- Sweet
- Salty
- Sour
- Savory
- Mint
By Syrups Grades
- Alcohol
- Non-Alcohol
- Concentrates
- Others
By Packaging
- Bottles
- Pouches
- Cans
By Function
- Sweetening Agent
- Flavour Enhancer
- Shelf Life Extension
- Color Addition
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
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