New York, June 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Syrups Global Market Report 2023" - https://www.reportlinker.com/p06463988/?utm_source=GNW
, Tate & Lyle PLC, Archer-Daniels-Midland Company, Ingredion Inc., Cornish Syrup Co., Hungry Jack’s Pty Ltd., and Hidden Springs Maple.
The global syrups market is expected to grow from $35.19 billion in 2022 to $37.52 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The syrups market is expected to reach $46.24 billion in 2027 at a CAGR of 5.4%.
The syrups market consists of sales of nut-flavored syrups, dessert-flavored syrups and herb and spice-flavored syrups.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Syrups refer to a thick sticky solution of sugar and water often flavored or medicated that that dissolves in a liquid more quickly and easily than sugar. It is used to sweeten hot or cold beverages.
North America was the largest region in the syrups market in 2022. The regions covered in syrups report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of syrups are chocolate syrup, maple syrup, high-fructose corn syrup, rice syrup, malt syrup, tapioca syrup, fruit syrup and others.Chocolate syrup refers to a concentrated chocolate solution typically used in a variety of meals as a dessert sauce or topping.
In addition to being a baking and cooking component. The various packaging types involved are pouches, pet bottles and glass bottles which are used for drinks and beverages, dairy products, bakery and confectionary and others that are distributed through supermarkets or hypermarkets, convenience stores, online stores and others.
Growing demand for ready-to-eat food products is expected to propel the syrup market going forward.Ready-to-eat (RTE) food refers to a class of food items that have been cleaned, cooked, and most often packaged before being made available for consumption.
Syrups are used in ready-to-eat food products to improve taste and shelf life, hence the growing demand for ready-to-eat food will increase the demand for syrups.For instance, in June 2021, according to Ready Meals 2021 Snapshot Survey done at the Nuffield Department of Population Health, University of Oxford, using data from foodDB by Eating Better, a UK-based organization for environmental and animal welfare, three out of ten adults in the UK consumed chilled ready meals at least once every week, making up 86% of the population.
Therefore, the growing demand for ready-to-eat food products is driving the syrup market.
Product innovations are a key trend gaining popularity in the syrups market.Major companies operating in the syrups market are focused on developing innovative solutions to strengthen their market position.
For instance, in August 2022, Singing Dog Vanilla, a US-based manufacturer of organic syrups launched Organic Vanilla Syrup, a uniquely designed with signature double-strength vanilla extract that will add pure and complex flavor to tea, lattes, and other beverage products.It has a little vanilla taste that the syrup contributed without being overly sweetened with corn syrup.
This organic syrup is excellent for coffee and is a flexible organic vanilla syrup prepared with 25% more vanilla than other syrups.
In May 2022, Valeo Foods Group, an Ireland-based international food company acquired Les Industries Bernard & Fils Ltd. for an undisclosed amount. Through this acquisition, Valeo Foods Group will combine the resources with Bernad to enable Valeo to expand and strengthen its presence in the maple syrup category and global footprint, building on its strong presence in mainland Europe. Les Industries Bernard & Fils Ltd., is a Canada-based company involved in making pure maple syrup.
The countries covered in the syrups market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The syrups market research report is one of a series of new reports that provides syrups market statistics, including syrups industry global market size, regional shares, competitors with syrups market share, detailed syrups market segments, market trends, and opportunities, and any further data you may need to thrive in the syrups industry. This syrups market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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