Syrup Market Size (2024 - 2029)

The syrup market is experiencing growth due to its extensive application in various food products, particularly in convenience and ready-to-eat meals. This expansion is supported by the versatility of syrup formulations, which serve as both taste enhancers and sweeteners, accommodating evolving consumer tastes with sweet and savory options. The market's scope is further broadened by the use of syrups in beverages, including cocktails and drinkable yogurt, with fruit syrups holding the largest market share due to their popularity in drinks. Despite this growth, the market faces challenges from readily available substitutes like spreads.

Market Size of Syrup Industry

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Syrup Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 3.07 Billion
Market Size (2029) USD 4.07 Billion
CAGR (2024 - 2029) 5.83 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Syrup Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Syrup Market Analysis

The Syrup Market size is estimated at USD 3.07 billion in 2024, and is expected to reach USD 4.07 billion by 2029, growing at a CAGR of 5.83% during the forecast period (2024-2029).

The syrup market is witnessing an upsurge in demand due to the wide usage of syrups in different food items. The market is largely driven by the increasing demand for syrups to be consumed with food products, especially convenience and ready-to-eat food. The flexibility in syrup formulation is an important factor that helps in boosting the use of the product as a taste enhancer and sweetener. Apart from sweet-flavored syrups, the market also has savory-flavored syrups, thus catering to the changing consumer preferences.

Syrups can be used with food and beverage items, further expanding their scope in the market. They can be used in diluted forms in different beverages like mocktails, cocktails, drinkable yogurt, and others. Among all the syrups, fruit syrup accounts for the largest share due to its wide usage in beverages. The market is driven by the demand for new flavors in beverages. However, one of the major challenges restraining the market is the presence of readily available substitutes, such as spreads.

Syrup Industry Segmentation

Syrups are thick, viscous liquids primarily consisting of a solution with or without added sugar. They are used with different breakfast items or can be mixed with beverages and consumed. The syrup market is segmented by type, distribution channel, and geography. By type, the market is segmented into chocolate syrup, maple syrup, high fructose corn syrup, rice syrup, malt syrup, tapioca syrup, honey, fruit syrup, and other types. By distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, online retail stores, and other distribution channels. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. For each segment, the market sizing and forecasts have been done based on value (in USD million).

Type
Chocolate Syrup
Maple Syrup
High-fructose Corn Syrup
Rice Syrup
Malt Syrup
Tapioca Syrup
Honey
Fruit Syrup
Other Types
Distribution Channel
Supermarkets/Hypermarkets
Convenience Stores
Online Retail Stores
Other Distribution Channels
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Spain
United Kingdom
Germany
France
Italy
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
South Africa
Saudi Arabia
Rest of Middle-East and Africa
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Syrup Market Size Summary

The syrup market is experiencing significant growth, driven by its extensive application in various food and beverage products. The increasing demand for syrups, particularly in convenience and ready-to-eat foods, is a key factor propelling market expansion. The versatility of syrup formulations, including both sweet and savory flavors, caters to evolving consumer preferences. Fruit syrups, in particular, dominate the market due to their prevalent use in beverages, fueled by a growing interest in new flavors. However, the market faces challenges from readily available substitutes like spreads. The rising consumer preference for healthy, natural, and organic options is positively influencing market growth, as more individuals prioritize functional benefits alongside taste.

North America leads the syrup market, with the United States and Canada at the forefront due to high production, consumption, and export rates. The region's preference for syrups with breakfast items and as toppings for snacks contributes to this dominance. The North American market is also a hub for innovation in organic syrups and natural sweeteners, driven by consumer concerns about health and the environment. The competitive landscape is marked by the presence of both domestic and multinational companies, with major players like Nestle SA and The Kraft Heinz Company actively expanding their product lines and global presence. Strategic initiatives such as mergers, acquisitions, and partnerships are common as companies strive to enhance their market share and meet diverse consumer needs across regions.

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Syrup Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Chocolate Syrup

      2. 2.1.2 Maple Syrup

      3. 2.1.3 High-fructose Corn Syrup

      4. 2.1.4 Rice Syrup

      5. 2.1.5 Malt Syrup

      6. 2.1.6 Tapioca Syrup

      7. 2.1.7 Honey

      8. 2.1.8 Fruit Syrup

      9. 2.1.9 Other Types

    2. 2.2 Distribution Channel

      1. 2.2.1 Supermarkets/Hypermarkets

      2. 2.2.2 Convenience Stores

      3. 2.2.3 Online Retail Stores

      4. 2.2.4 Other Distribution Channels

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Mexico

        4. 2.3.1.4 Rest of North America

      2. 2.3.2 Europe

        1. 2.3.2.1 Spain

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 Germany

        4. 2.3.2.4 France

        5. 2.3.2.5 Italy

        6. 2.3.2.6 Russia

        7. 2.3.2.7 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 Australia

        5. 2.3.3.5 Rest of Asia-Pacific

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 South Africa

        2. 2.3.5.2 Saudi Arabia

        3. 2.3.5.3 Rest of Middle-East and Africa

Syrup Market Size FAQs

The Syrup Market size is expected to reach USD 3.07 billion in 2024 and grow at a CAGR of 5.83% to reach USD 4.07 billion by 2029.

In 2024, the Syrup Market size is expected to reach USD 3.07 billion.

Syrup Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)