This market research study presents a detailed segmentation of the global syrups market by key areas (Americas, APAC, Europe, and MEA). Leading vendors identified in this market are Aunt Jemima, Hershey, Sonoma Syrup, The Kraft Heinz Company, and Tropicana Slim.
Technavio has released a new market research report on the global syrups market, which is expected to grow at a CAGR of more than 3% between 2016 and 2020. The increasing popularity of syrups in beverages is one of the key factors driving the growth of this market over the forecast period. Syrups are increasingly being used in various beverages in its diluted form, as additives in frozen desserts and yogurts. Moreover, syrups are organic and are available in low-calorie formulations, thereby spurring the growth prospects for this market in the coming years. The Americas account for 61% of the total syrup market globally due to increased demand for convenience food, functional food, and alternative sugar sources.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Growing popularity of coffee flavoring syrups is expected to contribute to the growth of this market until the end of 2020. Manufacturers in the coffee segment are increasingly focussing on coming up with innovative methods to sustain the growth of the specialty coffee industry. As a result, most leading cafés like Starbucks offer coffee with flavored syrups such as vanilla latte and caramel cappuccino. Moreover, seasonal coffee flavors like, gingerbread during Christmas, are also very popular among the consumers. Also, most teenagers prefer to experiment with new flavors, which will impel this market’s growth during the predicted period,” says Vijay Sarathi, Lead Analyst, Food & Beverages, Technavio Research
Maple syrup is used as a natural alternative to artificial sweeteners, hence is increasingly preferred by consumers. It is added in various food and beverages as a sweetening agent. Most wine manufacturers use maple syrup instead of honey during the production process. Due to the presence of various vitamin and minerals, maple syrup acts as an antioxidant, helps in fighting inflammatory diseases and cancer, protects the skin, improves digestion, and has a low score on the glycemic index. Maple syrup also helps in boosting the immune system and improving the health of the heart because of the high levels of zinc and manganese.
The leading vendors in the global syrups market include Aunt Jemima, Hershey, Sonoma Syrup, The Kraft Heinz Company, and Tropicana Slim. This market is very dynamic as it is subjected to rapidly changing consumer demands and preferences. The market is highly fragmented and is characterized by the presence of numerous small and large vendors. The vendors compete in terms of product differentiation, product pricing, quality, innovation, service, reputation, and distribution. Therefore, to survive and succeed in this competitive environment it is imperative for the vendors to distinguish their product offerings through a unique value proposition.
A more detailed analysis is available in the Technavio report, Global Syrups Market 2016-2020
We can customize reports by other regions and specific segments upon request.
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