Market Overview:
Due to increasing demand for sugar syrups from food and beverages industry, the market is projected to grow at an incremental pace. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on Global Sugar Syrups Market Research Report- Forecast to 2023 that the market will demonstrate an exceptional CAGR while achieving good growth rapidly in the forecast period.
The syrups are highly concentrated, partially inverted sugar syrups which consists of sucrose, glucose, and fructose. Owing to widespread usage of syrups in food toppings, soft drink concentrates and other flavored beverages, the demand of sugar syrups is growing substantially. With the increasing sales of soft drinks and alcoholic beverages in North America and Europe, the demand for sugar syrup is anticipated to grow at a higher growth rate. Belgium, Mexico and U.S. are amongst the top consumers of soft drinks. The increase in per capita consumption of soft drinks and other sweetened drinks has increased the demand for sugar syrup as the major ingredient in beverage industries.
Consumers are showing increasing interest towards personalized and natural sugar syrups which is one of the major factors driving the demand for the product. The demand for natural and organic sugar syrup is also growing up owing to increasing health consciousness among consumers and the rising health concerns have helped in increasing the global market demand for natural sugars such as honey, maple syrup and coconut palm sugar. However, unused by products, high amount of waste generation and increasing use of sugar substitutes act as a hindrance for the growth of the market
Also, specialty food ingredient market is escalating at growth rate supported by the technological development. Varying dietary preferences and rising demand for convenience food across the globe are considered the potential factors leading to growth of sugar syrup in the market. Furthermore, syrups help in binding the water which helps in retaining the moisture in bakery products. Therefore, they are highly preferred by bakery and confectionary industry. Based on their flavor profiles, these syrups are also used in coffee, frozen desserts, pancakes, waffles, and other products to increase their organoleptic properties. There has been increasing use of sugar syrups in cocktails and mocktails as a taste enhancer and sweetener which is also reflecting positively on their sales across the globe. Therefore, the demand for syrups is likely to augment substantially over the next few years as syrups are organic products and are available in a wide range of low-calorie formulations.
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Latest Industry Updates:
September 2017: The Bristol Syrup Company launched 14 cocktail syrups in collaboration with syrups experts “Beyond the Bean”, Danny Walker, and Dee Davies. Through this product launch, the company aims to strengthen its product portfolio.
August 2017: Monin launched new caramel apple butter syrup which is a blend of natural apple, caramel, and cinnamon flavors. The product is made with pure cane sugar and natural flavors and can be added to beverages, dessert cocktails, and other food products.
March 2017, Archer Daniels Midland Company (U.S.) proposed to purchase Chamtor, a French producer of wheat-based sweeteners & starches which will support in expansion of the company in Western Europe
Dec 2016: Momin launched two new dessert flavoured Syrups, namely Tiramisu Syrup and Butter Pecan Syrup. Tiramisu Syrup is inspired by the classic Italian dessert and flavors of coffee, ladyfingers, custard, cocoa and rum. Momin Butter Pecan Syrup consists of roasted pecan, melted butter and rich vanilla.
December 2016, Cargill started a new branch called Cargill ONE which is an innovation center designed to create innovative food products & new flavors and attract more customers from China.
Major Key Players:
The Sugar Syrups Market is highly competitive and marked by the presence of various large and small vendors competing based on price, quality, innovation, reputation, and distribution. Companies are aiming to capture a considerable share of the market segment by capturing huge consumer base. The key industry players in the sugar syrup market have adopted the strategies such as geographic expansion, new product launch, and R&D to strengthen their business portfolio. Key industrial players are trying to capitalize on the growing demand for the product from food and beverages industries and manufacturing & offering products customized as per local tastes and preferences which further boosts profitability.
The key players profiled in Sugar Syrups are Coca Cola Company (the U.S.), Archer Daniels Midland (the U.S.), Sonoma Syrup (Canada), Cedarvale Maple Syrup (New York), PepsiCo (the U.S.), Illovo Sugar Ltd. (South Africa), and Tereos (France) among many others.
Market Segments:
The global Sugar Syrups Market has been divided into type, distribution channel, application, and region.
On The Basis Of Type: Glucose, Maple, Corn, and Others
On The Basis Of Distribution Channel: Store based, and Non-store Based
On The Basis Of Application: Beverages, Bakery & Confectionary, Dairy & Frozen Desserts, and others
On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.
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Regional Analysis:
Sugar Syrups Market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America accounts for the major market share followed by Europe. High demand for food additives and sweet flavors from the countries of these regions is influencing the high production volume of sugar syrups. U.S. & Canada holds a major share of the global sugar syrup market in North American region. Extensive R&D activities in the North American region along with technological advancement has helped the production of sugar syrups in this region. Asia Pacific is projected to be the fastest growing market across the globe owing to the developing beverage industry and growing demand for convenience foods. The increasing consumer awareness and favorable regulatory laws are some of the significant reasons for the growing use of natural sugar syrups-based products in the Asia Pacific market. Furthermore, urbanization, and increasing disposable income will support the sales of Sugar Syrups across the regions during the forecast period. The major importers of sugar syrups include the U.S., the U.K., Germany, China, and Canada.
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