Global Syrups Market - Segmented by Type, Application, and Geography (2018 - 2023)
The market records a revenue of USD 30.62 billion in 2015, witnessing a CAGR of 4.1% during the forecast period (2018 - 2023). There is growing demand for syrups as a sweetening agent in the food and beverage industry, due to high consumption of processed food and abundant craving for items that are high in sugar content.
Increased applications in breakfast
With the growing number of women in the workplace and busy lifestyles, there is little time for preparing complex meals for breakfast. For this reason, consumers opt for syrups to add flavor to bland easy-to-make or ready to eat breakfast items. The increasing consumer demand for syrups as topping in breakfast foods, is another important factor that drives the syrup market.
Excess sugar consumption related to metabolic dysfunction, liver damage, and obesity, which are driving the health conscious consumers away from sugary syrups. Another restraining factor is the competition from sweet spreads and non-traditional sweet toppings, such as jams, preserves and chocolate spreads, which are taking up a major share of the breakfast spread market and offering stiff competition to the syrups.
Opportunities can be seen in the form of manufacturers' focus on promoting health attributes of certain syrups, such as malt and maple syrups, which are high in manganese, riboflavin, zinc and calcium. The introduction of organic syrups with natural ingredients and minimal processing is also on the rise, taking into consideration the healthy food trends. Introduction of savory flavors for consumers suffering from diabetes and those who prefer unsweetened syrups, also provides an opportunity to the market.
Fruits syrups dominates the syrup market
The market is segmented by type into - chocolate syrup, maple syrup, simple syrup, high fructose corn syrup, inverted sugar syrup, rice syrup, golden syrup, malt syrup, palm syrup, fruit syrups, and others. Fruit syrups are further segmented into - grape syrup, apple syrup, pear syrup, pineapple syrup, and others. Fruit syrups make up the largest global market share due to their wide usage in beverages such as soft drinks, followed by maple syrup market share with its widespread usage in the North American region. Maple Syrup is a significant source of several nutrients. Chocolate syrup has the highest CAGR due to growing consumer interest in chocolate as a topping. The product can further be segmented by application into - beverages, confectioneries, topping, dairy, and others. Beverages account for the major application segment with soft drinks having the largest share.
North America holds the highest share
The market is geographically segmented into - North America, Europe, Asia-Pacific, Africa and South America. North America is the main market for syrups of all kinds, with the United States and Canada making up the largest market share in the continent. This is due to the high rate of production and consumption of syrups in the region, which also allows for export of maple syrup (a specialty of the North American region), throughout the world. Syrup market, which is used largely as a topping on foods such as pancakes, waffles and ice cream, it is estimated that maple syrups hold a significant share in the
U.S market, with the rest going mostly to corn syrups.
The European market comes in next with syrups being a very popular addition to breakfast food such as pancakes and as toppings in various food items from confections to savories. Asia-Pacific region shows a promising growth rate for syrups, due to growing disposable incomes in the region, increasing urbanization, and the popularity of following western food trends.
In order to gain market share, these companies are adapting numerous strategies like innovative product development, partnerships, mergers & acquisitions, and expansion of existing facilities. PAB is responsible for selling beverage concentrates, fountain syrups, and finished goods under various Pepsi brand names. New product launch is the most adopted strategy by the key players in the market.
Major Players: AUNT JEMIMA, CONAGRA FOODS Inc., CEDARVALE MAPLE SYRUP, HERSHEY, MONIN, NATURE'S WAY, SONOMA SYRUP, TROPICANA, THE KRAFT HEINZ COMPANY
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