Syrup Market Dominates in North America, Poised to Grow at 4.15% CAGR

Syrup Market Poised for Significant Growth

The global syrup market is experiencing substantial expansion, driven by evolving consumer preferences and increased demand across various sectors. In 2023, the market was valued at approximately USD 48.76 billion and is projected to reach nearly USD 64.81 billion by 2030, reflecting a compound annual growth rate (CAGR) of 4.15% during the forecast period.

Syrup Market Dynamics

The surge in demand for syrups is attributed to factors such as the rising population of working women, heightened health and wellness awareness, and an increased appetite for nutritious food and beverages. The introduction of new flavored and energy drinks has also shifted consumer preferences, contributing to market growth. However, concerns over high sugar content in artificial sweeteners may pose challenges, as health-conscious consumers seek alternatives to sugary beverages.

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Country-Specific Insights

Japan: Syrup Market Consolidation

Japan's syrup market is characterized by consolidation, with major players enhancing their market presence through mergers and acquisitions. For instance, Asahi Group Holdings acquired Calpis Co., Ltd., a leading manufacturer of lactic acid beverages and syrups, to diversify its product portfolio and strengthen its position in the non-alcoholic beverage segment.

South Korea: Syrup Market Growth

South Korea is experiencing a surge in syrup consumption, driven by the popularity of desserts and beverages that incorporate various syrups. The country's vibrant café culture has led to increased use of flavored syrups in coffee and tea beverages. Companies like CJ CheilJedang are expanding their syrup offerings to meet this growing demand.

United States: Syrup Market Trends

The United States remains a significant market for syrups, with a strong emphasis on natural and organic products. In July 2024, Tate & Lyle acquired CP Kelco, a U.S.-based ingredients supplier, for $1.8 billion to enhance its focus on healthier food products. This acquisition is expected to facilitate annual growth of 4-6% by meeting the rising demand for healthier food options.

Germany: Syrup Market Consolidation

Germany's syrup market has seen consolidation, with major companies expanding their portfolios through strategic acquisitions. For example, Südzucker AG, one of Europe's largest sugar producers, has acquired several syrup manufacturers to strengthen its position in the market.

United Kingdom: Syrup Market Consolidation

The United Kingdom's syrup market has seen consolidation, with major players enhancing their market presence through strategic acquisitions. For instance, Britvic plc acquired Ebba, a leading Brazilian syrup and concentrate manufacturer, to expand its international footprint and diversify its product offerings.

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Syrup Market Segment Analysis:

by nature

Natural Syrup

Artificial Syrup

The worldwide syrup market is divided into two segments based on nature: natural syrup and artificial/flavored syrup. The global syrup market is anticipated to increase at a higher compound annual growth rate (CAGR) during the forecast period, with the Natural Syrup segment holding the biggest market share of 4.15% in 2023. Natural syrup has drawn a lot of interest due to growing health concerns about sugar intake and questions over the safety of various non-calorie artificial syrups and sweeteners. Therefore, during the forecast period, this key aspect will propel the growth of natural syrup in the worldwide syrup market.

by Ingredients

Vitamin and Minerals

Malt and Chocolates

Botanical and Harbal Extracts

Fruit and Vegetable Extracts

Tea and Coffee extract

Spices and Condiments

Sweetners

Vitamins & Minerals, Botanical & Herbal Extracts, Malt & Chocolate, Fruit & Vegetable Extracts, Tea & Coffee Extracts, Spices & Condiments, and Sweeteners are the categories into which the worldwide syrup market is divided based on ingredients. With 4.15% of the market in 2022, the Fruit & Vegetable Extracts category was the largest. The global syrup market is expanding due to rising health consciousness and consumer need for portable products.

by Packaging Type

Pouches

PET Bottles

Glass Bottles

by Application

Drink and Beverages

Dairy Products

Bakery and Confectionary Products

Others

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Syrup Market, Key Players are:

1. Monin

2. ConAgra Foods Inc.

3. Master Herbs Inc.

4. Akron Inc.

5. Coca-Cola

6. Cedarvale Maple Syrup

7. Corn Refiners Association

8. Sonoma Syrup

9. Tropicana OJ

10.Barilla Pesto

11.Tate & Lyle

12.Archer Daniels Midland Company

13.Ingredion Inc.

14.Cargill Inc.

15.Cornish Syrup Co.

16.Hershey’s Symphony.

17.H. J. Heinz Company Brands LLC

18.The Quaker Oats Company

19.DaVinci Gourmet

20.Hungry Jack

21.Hidden Springs Maple

22.Mrs. Butterworth's

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