Asia Pacific was the largest region in the global flavoring syrup and concentrate market, accounting for 34% of the market in 2019. North America was the second largest region accounting for 27% of the global flavoring syrup and concentrate market. Africa was the smallest region in the global flavoring syrup and concentrate market.
Many manufacturers and producers are increasingly using natural ingredients and have also reduced the use of artificial colors and flavors. Health concerns of consumers is 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 consists of sales of flavoring syrup and concentrate by entities (organizations, sole traders and partnerships) that produce flavoring syrup drink concentrates and related products for soda fountain use or for the produce of soft drinks. The companies in the flavoring syrup and concentrate industry process raw materials into flavoring syrup and concentrate, package and distribute them through various distribution channels to both individual customers, soft drink producers and commercial establishments.
The global flavoring syrup and concentrate market is expected to grow from USD 50 billion in 2019 to USD 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 market is then expected to recover and grow at a CAGR of 7% from 2021 and reach USD 61.8 billion in 2023.
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Ankur Gupta, Head Marketing & Communications