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Syrup Market Trends

Report ID: GMI6880
Published Date: Oct 2023
Report Format: PDF

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Syrup Market Trends

The beverage industry, especially the craft cocktail and specialty coffee segments, is contributing significantly to the market's growth. Syrups are being used to enhance and customize drinks, driving the demand for premium and artisanal syrups. Sustainability is also a prevailing trend, with consumers and manufacturers alike emphasizing eco-friendly practices in ingredient sourcing and packaging. The COVID-19 pandemic accelerated the trend of at-home cooking and mixology, leading to a surge in home use of syrups for creating restaurant-style beverages and desserts. Furthermore, syrups are finding applications in non-alcoholic beverages, including mocktails and alcohol-free alternatives, aligning with the growing trend of mindful drinking. Overall, the syrup industry is evolving to meet changing consumer expectations, offering a diverse range of flavors and healthier options while catering to the demands of the beverage and culinary industries.

Authors: Kunal Ahuja, Himanshu Kabra

Frequently Asked Questions (FAQ) :

Market size for syrup was worth around USD 47.7 billion in 2022 and is anticipated to reach USD 69.3 billion by 2032 owing to the growing demand for convenience and ready-to-use food products.

Chocolate syrup industry generated USD 18.9 billion in 2022 and is likely to witness high demand through 2032 owing to its versatility in various culinary applications and its increasing association with natural and fruity flavors.

U.S. industry for syrup held sizable revenue share in 2022 and is projected to expand at notable CAGR from 2023-2032 owing to the rising popularity of syrups in the foodservice industry, including breakfast dishes and beverages.

Some of the top companies operating in the syrup business include the Hershey Company, Congara Brands Inc, NutriFood, The Kraft Heinz Company, Nestle SA, Amoretti, Sonoma Syrup Co., Monin Inc., Nature's Flavors Inc., The J. M. Smucker Company, Cedarvale Maple Syrup, and Tropicana OJ.