Flavored Syrups Booming
The report "Flavored Syrups Market by Flavor (Fruit, Chocolate, Vanilla, Coffee, Herbs & Seasoning), Flavor Type (Sweet, Salty, Savory, Sour, Mint), Application (Beverage, Dairy & Frozen Dessert, Confectionery, Bakery), & Region - Global Forecast to 2021" projects the flavored syrup market to reach a value of USD 51.31 Billion by 2021, at a CAGR of 4.0% from 2016 to 2021.
The market is driven by factors such as increasing consumer demand for a variety of flavors in food products, personalized flavor options and product variety, and increasing consumer preference towards convenience foods & ready-to-eat products, worldwide. The high growth potential in emerging markets and untapped regions provides new growth opportunities for market players.
The chocolate flavored syrup segment is projected to grow at the highest CAGR from 2016 to 2021. The growth can be attributed to its industrial application in bakery products, production of chocolate-flavored dairy drinks, frozen desserts, ice creams, chocolate confectionery, and chocolate-flavored beverages. Furthermore, the growing level of consumer demand for chocolate has boosted the consumption of chocolate Flavors and their usage in a diverse range of food products as chocolate syrups are widely preferred by the final consumers in milkshakes, cold beverages, hot beverages such as tea and coffee, and as a topping on ice creams, pancakes, waffles, and cakes.
Dairy & frozen desserts application in the Flavored Syrups Market is growing because of its application in milkshakes, smoothies, frappes, flavored milk, yogurts, whipped creams, and others. Frozen dessert is one of the significant markets for flavored syrups, worldwide as they are largely used as a topping that provides a distinct flavor profile to products and can be combined with different flavored products.