The flavoring syrup and concentrate manufacturing market comprises of sales of flavoring syrup and concentrate produces which primarily used for manufacturing of flavoring syrup drink concentrates or for producing of soft drinks. The company’s manufacturing the flavoring syrup and concentrates industry process raw materials, package and distributing them over various delivery channels for individual customers, soft drink manufacturers and commercial establishments. The flavored syrups further contain artificial or the natural flavorings mixed well along with sugar and the water. Increased demand for the flavored syrups particularly among the consumers contributes to the growth of global syrup market. Flavored syrup market witnesses a high demand owing to dairy and frozen product applications as the flavored syrup serves. The global flavored syrup market is further expected to grow significantly over the forecast period owing to positive growing preference associated artificial or natural taste enhancers used in convenience foods. Apart from sweet flavored syrup, the savory syrups are expanding the market beverages. The savory flavored syrups are substantially used as salad dressing, meat recipes, preparation of confectionery and bakery items
According to study, “Flavoring Syrup And Concentrate Manufacturing Global Market Report 2019” the key companies operating in the global flavoring syrup and concentrate manufacturing market are Monin Inc., Archer Daniels Midland Company, Kraft Heinz Company, Sunny Sky Products LLC, Small Hand Foods, ASR Group, Cedarvale Maple Syrup Co., The Hershey Company, Sensient Technologies Corp., Tate & Lyle, Kerry Group. The syrups manufacturers are progressively using natural ingredients and have reduced use of artificial colors and flavors. The rise in health concerns have led to preference syrups manufactured by using of natural ingredients, additives and coloring agents.
Based on product type, market is segmented into syrups, sweet spreads, molasses, jam, preservatives, jellies and savory spreads. Based on flavor, market is segmented into vanilla, fruit, herbs & seasoning, chocolate and others. Based on flavor taste type, market is segmented into salty & savory, sweet, mint and sour. In addition, based on application, market is segmented into dairy & frozen desserts, beverages, bakery, confectionery and others.
The market is driven by growth in demand from food and beverage industry, followed by rise in consumer preference for different flavored syrup in convenience foods and rise in demand for the chocolate flavored syrup based on developing taste preferences for the chocolate flavor in their drinks & foods. However, health risk associated with presence of high sugar content in the flavored syrup may impact the market. Moreover, wide-scale shift of customers towards sugar free products and availability of a variety of sugar free flavors are key opportunities for market.
Based on geography, the Asian-Pacific is a leading region in global market owing to rise in consumption of bakery and dairy products in the region. The European and North-American regions are estimated to exhibit higher growth rate due to substantial rise in demand over fast-food chains and restaurants during the forecast period. In upcoming years, it is projected that future of the market will be bright on account of higher standard of living coupled with increase in purchasing power among the consumers over the forecast period.
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Ankur Gupta, Head Marketing & Communications