Flavored Syrups Market Is Anticipated To Reach US$ 61.1 Bn By 2024: Rising Consumer Preference Towards Convenience Food To Impel The Growth
The latest market report published by Credence Research, Inc. “Flavored Syrups Market, By Type, Application and Region – Growth, Future Prospects, and Competitive Analysis, 2016 – 2024,” the flavored syrups market was valued at US$ 40.0 Bn in 2015, and is expected to reach US$ 61.1 Bn by 2024, expanding at a CAGR of 4.8% from 2016 to 2024.
Browse the full Flavored Syrups Market by Type, Application and Geography – Growth, Future Prospects, and Competitive Analysis, 2016 – 2024 report at https://www.credenceresearch.com/report/flavored-syrups-market
Flavored syrup comprises of a syrup that is sugar coated with artificial or natural flavorings and is utilized and mixed with carbonated water, pancakes, ice cream, tea, coffee, and others. The consumers’ preferences for wide variety of personalized flavors in food has strengthened the flavored syrup producers to produce different range of flavored syrups. The application of flavored syrups as sweetener and taste enhancer is showcasing its prominence in production of frozen and dairy products.
The demand for syrups is anticipated to expand over the next few years it is an organic product and is widely available in range of low calorie formulations. Flavored syrup’s core activities in beverage and food industry comprises of production of soft drink concentrates and beverage syrups in different flavors. Besides sweet flavored syrup, savory based flavored syrups are also increasing its significance as it is utilized in meat recipes, salad dressings, production of bakery and confectionery based products.
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Increasing variety of flavors in food products is expected to impel the growth of flavored syrups market over the forecast period. Apart from this, rising consumer preferences towards convenience foods and as well as ready to eat products are anticipated to impel the growth of flavored syrups market over the forecast period. The popularity of syrups in beverage production as an additives in yogurts and frozen desserts is also likely to foster the growth of flavored syrups market in the next few years till 2024.
Considering the competition, this market is characterized by presence of various players some of which are small-scale players and some are the largest in number. In order to enhance their presence in the overall global market, the companies are focusing on research and development as well as new product development. The companies are entering into manufacturing of innovative products which will help in strengthening the growth of the market.
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- New product development
- Rising demand chocolate flavor in bakery industry
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