Hyderabad, India -- (SBWIRE) -- 02/19/2018 -- The report " Flavoured Syrups Market by Flavour (Chocolate, Coffee, Herbs & Seasonings, Vanilla, Fruit, Maple, Malt, Palm, and Others), by Flavour Type (Salty, Sour, Mint, Savoury, Sweet), by Application (Dairy & Frozen Desserts, Bakery, Confectionery, Beverage, and Others), and by Region - Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2016–2021)", The Flavoured Syrups Market is estimated to reach the valuation of USD 48.75 Billion by 2021 from the estimated USD 40.65 Billion in 2016, at a CAGR of 3.70%. Increase in the demand for convenience food and subsequent demand for the use of syrups as sweetening agents in food are the key drivers behind the market growth.

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By flavour, the fruit syrups segment to account for the largest market share in 2021
Under flavours, the market is categorized into Chocolate, Coffee, Herbs & Seasonings, Vanilla, Fruit, Maple, Malt, Palm, and Others. Fruit syrups possess the largest market share of the global market in this segmentation, owing to their use as flavouring substances in various fruit based beverages and confectionaries. Maple syrup has a high growth rate, especially in the North American segment and Chocolate has the highest growth rate globally, owing to the increasing choice for chocolate as a topping in various desserts.

By flavour type, Sweet is expected to have the highest growth rate till 2021

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On the basis of flavour types, the Flavoured Syrups Market is segmented into Salty, Sour, Mint, Savoury and Sweet. With sweet syrups used as flavour inducing substances in different kinds of desserts like baked goods and confectionaries, the Sweet segment if projected to have a high and steady growth rate in this segment, globally. Increasing demand for the custom-made flavour types is also expected to drive the global market growth in future.

By application, the Dairy & Frozen Desserts to have the highest growth rate till 2021
Under the segmentation by Application, the Flavoured Syrups Market is classified into Dairy & Frozen Desserts, Bakery, Confectionery, Beverage, and Others. The Dairy and Frozen Desserts segments forecasts the highest CAGR in this segment because of its diverse application in the production of milkshakes, lattes, flavoured milk, frappes, whipped creams and easy-to-make desserts.

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The market has also been segmented geographically into North America, Asia-Pacific, Europe, and the Rest of the World. The North America region possessed the largest market for Flavoured Syrups, because of the high intake and production of flavoured syrups in the region. It is followed by Europe. The developing nations of Asia-Pacific, led by India and China, provide vastly untapped markets on account of the increasing popularity of western foods among the middle class.

The major companies dominating the Flavoured Syrups market are Hershey, Kerry Group Plc., Sonoma Syrup, Tate & Lyle, Kraft Heinz Company, Monin Inc., Cedarvale Maple Syrup, and Sensient Technologies Corporation.

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