The Business Research Company’s Flavoring Syrup And Concentrate Market Report – Opportunities And Strategies – Global Forecast To 2030
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In the flavoring syrups market, many manufacturers and producers are increasingly using natural ingredients and have also reduced the use of artificial colors and flavors. The health concerns of consumers are increasing the sales of products with natural ingredients, additives, and coloring agents. For instance, Pizza Hut stopped using artificial flavors and colors in its US stores in 2015.
Food and beverage manufacturers should look to gain a stronger foothold in the increasingly popular healthy food products segment, either by introducing products with natural additives and coloring agents or by acquiring smaller firms that produce products with natural ingredients.
The flavoring syrup and concentrate market includes syrups, molasses, sweet spreads, jam, jellies, preservatives, and savory spreads. The flavored syrup and concentrate market report is also segmented by distribution channel into supermarkets and hypermarkets, convenience stores, e-commerce, others, by application into beverages, dairy & frozen desserts, confectionery, bakery, and by flavors into fruit, chocolate, vanilla, coffee, herbs & seasonings, and others.
The global flavoring syrup and concentrate market is expected to grow from $50 billion in 2019 to $51.1 billion in 2020 at a compound annual growth rate (CAGR) of 2.3%. The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The flavored syrups market size is then expected to recover and grow at a CAGR of 7% from 2021 and reach $61.8 billion in 2023. Asia Pacific is the largest region in the global flavoring syrup and concentrate market, accounting for 34% of the market in 2019, with North America as the second largest region accounting for 27% of the global flavoring syrup and concentrate market.
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