Rising demand for personalized flavor experiences in the food & beverage industry is propelling the specialty syrup market to new heights. Consumers' preference for convenience and ready-to-eat options further fuels this expansion, while growing health consciousness drives the adoption of natural and organic sweeteners like maple or honey.
NEWARK, Del., Jan. 9, 2024 /PRNewswire/ -- The Global Specialty Syrup Market is anticipated to continue to expand at a significant rate. It is estimated to be worth US$ 5.0 billion in 2024. It is expected to reach US$ 8.6 billion in 2034. The market is projected to surge at a CAGR of 5.5% from 2024 to 2034.
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Drivers of Specialty Syrups Industry Growth
The market's expansion can be attributed to the food & beverage industry's growing need for personalized flavors. Consumer preference for convenience and ready-to-eat foods is growing, which is another factor fueling the market's expansion.
The demand for household consumption during the pandemic stayed unchanged as customers were encouraged by the work-from-home lifestyle. They aimed to experiment with different culinary preparations and purchase novel components, including specialty syrup.
During the pandemic, this factor helped propel the market's expansion. During the projection period, demand in the industry is expected to rise as lockdowns ease and people return to hotels & restaurants, bringing the global market back to pre-lockdown levels.
Customers are looking for better substitutes for natural and organic products. They have become more aware of the components in the items they consume. As a result, producers are concentrating on creating specialty syrups with natural sweeteners like maple or honey.
Artificial ingredients are being avoided by renowned players. As customers become more health-conscious, the market for specialized syrups that are sugar-free and low in calories is expanding at a fast pace.
Key Takeaways from the Report-
- The global specialty syrup market is expected to reach a valuation of US$ 8.6 billion in 2034.
- The market is expected to rise at a CAGR of 5.5% over the forecast period.
- The United States is projected to attain a market valuation of US$ 1.6 billion in 2024.
- The confectionery application segment is estimated to hold a market share of 32.5% in 2024.
- The United Kingdom is projected to reach a market valuation of US$ 0.4 billion in 2034.
- India is estimated to rise at a value CAGR of 6.5% during the forecast period.
"Specialty syrups are becoming increasingly popular as a result of consumers' increased desire for uncommon and exotic flavors. Specialty syrups are a convenient way to add interesting flavors to beverages and food items, satisfying the rising need from customers for unique flavors," says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience.
Specialty Syrups Market Research Report Coverage
Attribute | Details | |
Estimated Value (2024) | US$ 5.0 billion | |
Projected Value (2034) | US$ 8.6 billion | |
Anticipated Growth Rate (2024 to 2034) | 5.5 % | |
Forecast Period | 2024 to 2034 | |
Historical Data Available for | 2019 to 2023 | |
Market Analysis | US$ billion for Value, MT for Volume | |
Key Regions Covered |
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Key Countries Covered |
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Key Segments Covered | Type, Application, Nature, and Region | |
Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers Restraints Opportunity Trends Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives | |
Competitive Landscape
Consolidating through acquisitions and mergers is advantageous for companies by enhancing product quality and broadening market reach. This is achieved by consolidating resources, expertise, and customer bases, which opens doors to advancing technologies, distribution channels, and manufacturing capabilities.
New product development and launch aid companies in remaining competitive and addressing evolving consumer needs. It enables them to attract fresh clientele, retain existing ones, and augment their market presence.
Following are the leading companies in specialty syrups market
- Ingredion
- Bear Mountain Maple
- Tippleman's
- Torani
- Runamok Maple
- Amoretti
- Roj Syrups
- ADM
- Sonoma Syrup Co.
- JM Posner
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
Recent Developments
- In 2023, Torani launched Sweet Heat Syrup, a flavorful addition to their Original Syrups line. The syrup is crafted with natural flavors and pure cane sugar. It is cold-filtered to ensure a smooth taste.
- In 2020, Ingredion launched Stablesweet, a low-sugar glucose syrup derived from corn. This innovative syrup enables manufacturers to produce shelf-stable products while reducing sugar content.
Get More Valuable Insights
Future Market Insights (FMI) has released an objective assessment of the global market, presenting past demand data from 2019 to 2022 and projecting forecast statistics for the 2024 to 2034 period.
The study provides compelling insights into the specialty syrup market segment based on type (chocolate syrup, maple syrup, high-fructose corn syrup, malt syrup, fruit syrup and others), application (bakery, beverages, confectionery, and others [marinades, salads]), nature (natural and artificial) and region.
About the Food and Beverage Division at Future Market Insights (FMI)
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About the Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor's Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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