Vertical: CFnBBase Year: 2021
Market Size (2021)
$3.10B
Projected (2030)
$4.86B
CAGR (2020–2030)
5.1%
Key Players
14+
Syrup is a liquid is a form of sugar condiment which is a thick solution containing various flavors. This syrup is usually utilized erstwhile to food preparation and after serving the food. Syrups are commonly used in food and beverage products to make the various food products tastier. These syrups are regularly used to make beverages sweet like tea, juices, and coffee. These syrups are formed with basic ingredients like plant juices, maple, date palm, and sugar cane, including grains like rice, corn, and various fruit juices are healthy sweeteners added to the food products. Moreover, syrups are added to the food products to enhance the taste. Hence it is frequently used in the bakery products like spread on pieces of bread, and appetizers for enhancement. There is a variety of syrups available in the market with a variety of base ingredients such as chocolate syrup, corn syrups, corn syrup, and cane syrups. Thus, adding syrup to the food, further improve its organoleptic properties, such as the texture and taste of the final products. Food additions also serve to enhance the foods' sensory properties. Syrup are food additives that are included as a bonus in food products.
Based on type, the fruit segment accounted for a market share of 29.70% in 2021 and is expected to exhibit a CAGR of 5.63% during the forecast period. Owing to the rising popularity of chocolate syrup in numerous food applications such as baked products, confectionery, and other beverages.
Based on nature, the organic segments accounted for a market share of 57.96% in 2021 due to the increasing popularity of plant-based ingredients. The ever-growing food and beverage industry, coupled with the increased application areas has further increased the popularity of organic syrups in the market. Increasing demand for value-added products amalgamated with wider application scope to enhance the food products grown in the market. Apart from this, growing preferences for healthy and tasty food products may serve as an opportunity for market growth. However, stringent government regulation may restrain its market growth.
The Syrup Market market is projected to grow at a CAGR of 5.1% from 2020 to 2030.
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View Subscription PlansSyrups are produced with the natural or artificial raw ingredients mixed with sugar or sucrose to obtain a concentrate. Syrups can be used or mixed with a variety of beverages such as carbonated water, coffee, cocktails, tea, as well as pancakes, waffles, cake, ice cream, and other foods. The wide application scope of these concentrates in various cuisines as a potential flavor enhancer has made them popular across regions. Flavored syrups are available in all types of varieties, including sugar-free, natural, organic, gluten-free, concentrated, and sweetener syrups. Moreover, syrups are a widely popular topping and ingredient in convenience foods such as ready-to-eat foods, frozen desserts, bakery products, and on-the-go beverages. The growing trend of consuming convenience food began in the western world and rapidly spread to other regions across the globe. Consumers prefer convenience foods as they are easy to consume and have nutritional value, variety, and product appeal. Moreover, growing food and beverage industry with wider scope for the various application has further boosted the growth for the product in the market. Besides, the major key player working in the syrup market, are constantly developing the final product with proper innovation has also supported the overall products market growth.
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View Subscription PlansThis report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2021
Historical Period
2020 – 2020
Forecast Period
2022 – 2030
Primary Interviews
150+
Historical data (2020–2021) and forecast period (2021–2030)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription PlansThe syrups market is projected to register a CAGR of 5.18% during the review period. The key factors driving the growth of the syrups market are the growing food and beverage industry coupled with the wide usage of syrup in it and growing innovations by the major players. However, the growing health concern is expected to restrict the market's growth during the forecast period. Furthermore, growing consumer preference for natural and organic products is anticipated to create growth opportunities for the market. The global syrups market is highly competitive, with key industry players adopting various strategies such as expansions, acquisitions, and product launches to strengthen their market positions. Most companies in the market focus on expanding operations across regions, augmenting their capabilities, and building strong partnerships.
The key players operating in the syrups market include Monin (France), Kerry Group PLC (Ireland), Torani (US), Dohler (Germany), Conagra Brands, Inc. (US), 1883 Maison Routin (France), Andros Asia (Vietnam), Fabbri 1905 (Italy), Amoretti (US), Bristol Syrup Company (UK), Eckes Granni Group (Germany), Schwartauer (Germany), Men&Gasser SPA (Italy), and Taylerson’s Syrups (UK) dominates the market due to brand reputation, product differentiation, financial stability, and strong distribution network. The players are focused on lowering their environmental footprint and investing in research and development along with strategic growth initiatives such as acquisitions and product launches to strengthen their market position and capture a large consumer base.
The benchmarking is done by assessing the product breadth & price range offered; operating locations globally; strategic partnerships, collaborations, and M&A carried out by the company in the sector; and product and based on the years of experience in the industry.
Bargaining Power of Suppliers
The raw material in the global syrups market includes water, sugar and many more. The presence of many suppliers across the globe tends to lower the bargaining power of suppliers in the global syrups market. For example, Komesz Flavours, is a leading manufacturer and supplier of consisting of five spacious labs consisting of various departments such as sweet flavour creation, savoury flavor creation, samples, application/R&D quality control, analytical and sensory lab. Moreover, market players enter into partnerships and agreements with raw materials producers and suppliers to ensure a continuous, uninterrupted supply. This strategic move and/or backward integration by manufacturers gives them an upper hand while reducing the bargaining power of suppliers.
Hence, the bargaining power of suppliers in the global Syrups market is expected to be low.
Bargaining Power of Buyers
The presence of several established syrups manufacturers operating in the region, which increases availability and the switching costs for buyers. For instance, Bristol Syrups Company is a collaboration between the syrup’s expert Beyond the Bean and Bartenders. The company offers cocktail syrups. The product range company consist of 20 cocktail syrups, which all are made with a focus on authentic taste and consistency to replicate the syrups. Additionally, product differentiation is high in the market, with buyers offering a wide range of products, depending on the product price and features offered. This results in the higher bargaining power of buyers. The number of buyers in the global market is high and diversified, due to which manufacturers provide products with differentiated and innovative features.
Hence, the bargaining power of buyers in the global Syrups market is expected to be high.
Threat of New Entrants
Moderate capital investments required to produce syrups with innovative flavors favor the entry of new players in the global syrups market. The established players in the market act as a challenge for new entrants to establish their brands. For instance, Monin, Inc. is amongst the key players operating in the regions. Monin, Inc. provides over 150 varieties of flavored syrups while R. Torre & Co. offers more than 200 flavored syrup products. However, the fluctuating prices of raw materials also exert an entry barrier. Thus, the threat to new entrants in the global syrups market is expected to be moderate during the forecast period.
Hence, the threat of new entrants in the global Syrups market is expected to be moderate.
Threat of Substitutes
There is no direct substitute for syrups. There is a certain degree of internal substitution in the market due to the choice of flavors available to consumers. Additionally, the sugar syrups used to prepare flavored syrups can be substituted with maple syrup or high fructose corn syrup. This affects the quality and price of the end product.
Hence, the threat of substitutes in the global Syrups market is expected to be low.
Intensity of Rivalry
A high intensity of rivalry marks the global syrups market due to the presence of numerous local and global manufacturers. The established players in the market are targeting competitors in terms of quality, price, and product differentiation, thus making the industry competitive and reducing profit potential for the existing firms. The key players invest in product development by introducing various syrups to bring about innovation in their product lines and meet changing consumer preferences.
Hence, the intensity of rivalry in the global syrups market is expected to be high.
Market estimates by geography (2030)
InsightAsia Pacific leads with $2.75B by 2030.
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View Subscription Plans| REGION | 2020 | 2021 | 2030 | CAGR | SHARE |
|---|---|---|---|---|---|
| North America | $420.31M | $518.75M | $659.48M | 4.6% | 14% |
| Europe | $652.40M | $826.03M | $1.08B | 5.1% | 22% |
| Asia Pacific | $1.64B | $2.09B | $2.75B | 5.3% | 57% |
| Rest of the World | $250.76M | $300.33M | $368.78M | 3.9% | 8% |
| Total | $2.96B | $3.74B | $4.86B | 5.1% | 100% |
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Analytical insights on Syrup Market covering market dynamics, competitive landscape, and strategic outlook.
The Syrup Market market is projected to reach $4.86B by 2030, growing at 5.1% CAGR.
The global syrups market is projected to witness significant growth during the forecast period, exhibiting a CAGR of 5.18%. The key factors driving the growth of the syrups market are the growing food and beverage industry coupled with the wide usage of syrup in it and growing innovations by the major players. However, the growing health concern is expected to restrict the market's growth during the forecast period. Furthermore, growing consumer preference for natural and organic products are anticipated to create growth opportunities for the market.
The growing food and beverage industry coupled with the wide usage of flavoured syrups such as fruits, coffee, vanilla in candies, desserts, baked goods and many more is likely to fuel its market growth. Flavoured syrups can be added to or combined with other meals such ice cream, cake, coffee, pancakes, waffles, tea, and fizzy beverages. For instance, according to IBEF, India's food and beverage business is currently valued at USD 40.3 billion and is anticipated to increase by 18% by 2018 to reach USD 66.3 billion. Furthermore, the recent government investment in order to expand the food sector is likely to increase the demand of syrups which in turn would boost its market growth. For instance, in its "Make in India" initiative, the Indian government has given the food processing industry top priority and encourages investment there. In order to develop the food processing supply chain, the government has also developed 134 cold chain projects and 18 mega food parks. These initiatives will probably benefit businesses that process food. Additionally, the food processing sector is on a strong growth trajectory as a result of recent government measures, such as the USD 1.35 billion scheme announced by Mrs. Nirmala Sitharaman, the finance minister, to support this industry.
The growing consumer inclination towards organic and natural products owing to the various benefits associated with its consumption may serve as an opportunity for the key players to come up with a wide range of products in order to better serve the consumers. For instance, when used sparingly, organic maple syrup is a healthier substitute for conventional sweeteners. First off, consuming organic maple syrup results in a diet that has less sugar overall.
According to the Organic Trade Association (OTA), sales of organic goods in the US rose by 12.4% in 2020, surpassing $60 billion. Since health has become a major problem that many people are taking seriously and will continue to do so, it was anticipated that the impact of the coronavirus outbreak will increase sales. Furthermore, according to Wantstats analysis, North American area has the greatest market for organic beverages. The Asia-Pacific market will also probably expand more quickly in the future. The primary factor is that people are growing more concerned with the calibers of their meals. The growing awareness of organic products among consumers in these areas presents opportunities for companies competing in the global syrups market. With the addition of natural and organic syrups to their product portfolios, market participants will have attractive chances given the upstream and downstream industries' encouraging growth figures.
The growing health concerns among consumers coupled with the wide usage of sugar as a base ingredient in syrups may limit its market growth as increased intake of sugar syrups may lead various health issues such as diabetes, obesity and cardiovascular disease. For instance, The American Heart Association advises keeping daily added sugar intake to no more than 6% of total calories. That amounts to no more than 100 calories, or roughly 6 teaspoons of sugar, each day for the majority of American women. The daily calorie requirement for men is 150, or roughly 9 teaspoons. Furthermore, according to the Centers for Disease Control and Prevention, in the United States, heart disease is the leading cause of death for both sexes and for members of the majority of racial and ethnic groups. Cardiovascular disease claims one life in the United States every 34 seconds.
Syrups are also created from a variety of synthetic components, including colouring, preservatives, and artificial tastes. The US Food and Drug Administration does not require that these substances be listed on a product's packaging since they are deemed incidental additives (FDA). Many consumers have reported experiencing chest pain, allergies, exhaustion, nausea, depression of the central nervous system, and headaches from artificial flavors. When taken in large quantities, flavor syrup preservatives like potassium sorbate and sodium benzoate can prove hazardous and result in cancer-causing genetic alterations. Therefore, consuming unidentified synthetic components may lead to an increase in the frequency of a number of health problem. Thus, the growing health concern among consumers are expected to hinder the market's growth during the forecast period.
The stringent laws imposed by various government bodies may serve as a challenge for the syrups market. For instance, the Food Safety and Standards Association of India, or FSSAI, regularly changes its rules, to guarantee that the food products marketed adhere to the highest safety standards. The FSSAI has established the following most recent standards and allowable upper limits for components in artificially sweetened foods. According to FSSAI, synthetic syrups must fulfill the following standards requirements.
Artificial sweeteners burnt or offensive ingredients, superfluous material, and crystallization should all be absent.Citric acid, authorized preservatives, permitted colors, and permitted flavors may all be present.In synthetic syrups, the total soluble solids should not be less than 65% of the total weight.
Products made from fruit juices or purees from any fruit combined with sugars and water include crumpets, squashes, fruit syrups or sherbets, and barley water. Salt, fragrant herbs, peel oil, and other acceptable components that are stable with the product and thus appropriate for it may also be added. Hence, such laws laid by the government bodies are likely to serve as a challenge for syrups manufacturers, which in turn would limit the market growth.
The advent of the global pandemic, COVID-19, has resulted in a global crisis. The pandemic, affecting many nations throughout the world, has already impacted the global economy and is likely to cause chaos, leading to global revocation. People's life has been entirely turned upside down by the COVID-19 outbreak, owing to its growing cases every day. Different industries are affected by COVID-19 differently. Every area of the economy experienced growth after the pandemic. This pandemic has impacted the commodity market in numerous ways. However, various initiatives were taken by the government bodies in various regions worldwide to recover the country from post-pandemic. For instance, in May 2020, the US government invested USD 2.2 trillion economic rescue package for U.S. businesses affected the most during the pandemic, including the automotive sector. A few impacts of the outbreak on the Syrups market have been discussed below.
The COVID-19 outbreak has influenced the whole production process, from the procurement of raw materials to production, packaging, and distribution. The whole production process for the syrups sector has suffered because of the outbreak. Providing syrups to various food service sectors has been delayed because of lockdown restrictions make it more difficult to transfer the raw materials required to create them. Both domestic and international companies provide the basic materials used to make syrups. Due to the necessity of sealing international borders, low quantities of these syrups are being produced. Delivering manufacturing units to stores has become more challenging for distributors due to lockdown restrictions. Even though there is a huge demand for syrups worldwide, restaurants, cafes and various food service sectors are all experiencing major shortages.
When COVID-19 was originally discovered in March 2020, numerous nations decided to restrict international travel. Therefore, most of the populace was urged to remain inside and conduct business from home. Due to several factors, the sales of beverages and various ready-to-eat food products demand has increased.
According to recent data from the Kerry, an ingredient supplier, revealed that 4 out of 10 customers polled had boosted their purchases of functional foods, beverages, and dietary supplements since the pandemic began in a survey that was done on more than 13,000 respondents in 16 countries in January 2021. For instance, 44% of respondents stated that they had raised their purchases of nutritional supplements, while 42% of respondents stated they had increased their purchases of functional or fortified foods and beverages.
With lockdown restrictions of many retail stores across the globe, many manufacturers of syrups are expected to move into the online/e-commerce channels. E-commerce channels are proving to be a life saver during these tough times. Individuals are also well accepting this move as they feel safe instead of going out to retail stores to buy food and increase the chances of getting infected from coronavirus. This is evident from the fact that many e-commerce channels have witnessed triple-digit growth rates in sales of various alcoholic and non-alcoholic beverages. For instance, during the COVID-19 pandemic, Drizly, an online provider of alcohol delivery services with operations in the US and Canada, had a 300% spike in revenues, while Winc, an online wine club, saw a 578% increase in new members in March. Hence, under the current scenario, syrups manufacturers are expected to have lucrative growth opportunities. Individuals across the globe are also anticipated to perceive online channels to be a safer mode for purchasing syrups for home use. This is expected to create a long-lasting opportunity for online channels to increase their shares of sales in the coming years.
The prices of syrups have been stable for the last few years. Although the outbreak has impacted syrups prices, the prices are expected to spike post-lockdown. The manufacturers are expected to increase syrups prices due to the increased operational and raw material costs and to make up for the losses caused due to the outbreak. Also, they might not provide any discounts and offers on syrups to stabilize the profit margins.
The outbreak of COVID-19 has negatively impacted the food service and food retail industry. However, according to Wantstats analysis, the food service industry is anticipated to get adversely affected in the next couple of months. The food service industry includes hotels, restaurants, cafes, bars & pubs, and catering services. It accounts for a significant share of the syrups market. With mandatory closure of all these types of services due to the COVID-19 outbreak across the globe, the demand for syrups from the food service industry is anticipated to drastically fall for certain period of time. Even after the outbreak normalizes, the food service industry is expected to take some time to bounce back as many individuals will restrain themselves and avoid public gatherings with the fear of getting infected. Food retail, on the other hand, is expected to grow for a specified period. With lockdown restrictions and the surge in the trend of work from home, individuals will prefer buying syrups from retail outlets and opt for homemade recipes.
Profiles of 111 companies operating in the Syrup Market market, including revenue, employee count, and market positioning where available.
Showing 111 of 111 companies
Company Headquarters: Novaledo, Italy Founded: 1935 Workforce: ~50 Company Working: Menz&Gasser SPA (Menz&Gasser) is a family-owned business and is engaged in the manufacturing of jams and semi-processed fruit & vegetable products. The company has been divided into 2 business category that is food services, retail, and bakery & pastry. Under food services its covers all the dispenser, mini jars, single portions, large formats, Condi Snap, and displays related products, under retails jars, multipacks and syrups are products are covered under this category and under bakery & pastry baking & filling, jelling, laboratory, topping, extra jams and symphonia are covered under this category.
Company Headquarters: Nieder-Olm, Germany Founded: 1857 Workforce: ~1700 Company Working: Eckes Granini Group is a family-owned business that is engaged in supplying, operating, and manufacturing fruit juices and fruit drinks. The company exports its products to more than 80 countries globally that cover Europe, the Middle East, and Africa. The company owns some of the brand’s YO in the syrups segment, granini, pago, joker, rea, diego, hohes C and SIO in the fruit juice and drink segment and apla in soft drink segment. Yo brand offers various flavour types of syrups ranges in YO Classic, YO Fresh, YO Ohne Zucker and YO Bio.
Company Headquarters: England, UK Founded: 2017 Workforce: ~10 Company Working: Bristol Syrups Company is a collaboration between the syrups expert Beyond the Bean and Bartenders. The company offers cocktail syrups. The product range company is consist of 20 cocktail syrups, which all are made with a focus on authentic taste and consistency to replicate the syrups.
Company Headquarters: Bologna, Italy Founded: 1905 Workforce: ~266 Company Working: Fabbri 1905 is a developer of bases and ingredients. The company has around 1300 products in its portfolio in more than 100 countries worldwide and around 40 product and packaging lines. The company operates in four main markets, ingredients, specialist products, consumer products, and professional fruit syrups. There are currently 11 affiliated companies running Fabbri’s overseas activities: Fabbri France, Fabbri Deutschland, Fabbri North America, Fabbri Mexico, Fabbri Uruguay – Amarena Fabbri, Fabbri Brasile, Fabbri Asia PTE, Fabbri (Shanghai) Food Trading, L&L FUTURA (Argentina) and Fabbri Argentina.
Company Headquarters: Vietnam Founded: 1998 Workforce: ~400 Company Working: Andros Asia is a family-owned business specializing in fruit-based products, dairy products, confectionery, and frozen desserts. The company is operating around 3 factories in Vietnam and China and owns the brands Bonne Maman, Andros, Pierrot Gourmand, and so on. Have 40 plus distributors and 5 offices in Vietnam, Japan, and China. The syrups are manufactured by Andros group which is a subsidiary of Andros Asia in New Zealand.
Company Headquarters: Savoie, France Founded: 1883 Workforce: ~15 Company Working: 1883 Maison Routin develops syrups and flavoring for drinks. The company uses natural ingredients and traditional processes. The company is operating in more than 80 countries. The company offers syrups, juices, sauces, creation fruits, smoothies, cremes de fruits, and a frappe mix product portfolio. The company is providing syrups in various types like sugar-free syrups, classic syrups, mixer syrups, and organic syrups.
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Historical performance and future projections (2020–2030, USD Billion)
Market Size (USD Mn)
