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Fruit Flavored Syrup Remains Highly Sought-After Among End Users, Accounting For 38% of Revenue Share: Fact.MR
The global flavored syrup market is expected to surpass a valuation of US$ 84 billion by 2031, growing at a CAGR of 5% during the forecast period 2021 to 2031 in comparison to 4% CAGR registered between 2016 to 2020. As per Fact MR, the increasing demand in household and bakery & confectionery sectors will give tailwinds to flavored syrup sales, which is estimated to grow at 1.6X during the assessment period.
Fruit flavored syrup is dominating the global market due to its widespread applications in beverage products such as cocktails, mocktails, soda, and soft drinks. As these syrups are utilized as a topping ingredient in cakes, rolls, pancakes, and desserts, the fruit flavor segment is likely to account for over 38% of the revenue share by 2021.
On the flip side, the COVID-19 pandemic has severely impacted the global market. A significant decline in sales has been witnessed due to the closure of the leading syrup consuming sectors - hotel, restaurant, and catering (HoReCa) amidst lockdown. Considering this, the demand for flavored syrup was down by 2.4% in 2020. Nevertheless, with increasing demand from the household sector and ease of lockdown, the market is expected to bolster.
As per an analysis Fact.MR, North America is dominating the market, accounting for a revenue of US$ 17 billion in the year 2020. In response to rapidly expanding food industry and rise in number of restaurant chains, North America is anticipated to account for more than 30% of the syrup demand throughout the forecast period.
says the Fact.MR analyst.
Leading players in the flavored syrup industry are focusing on developing innovative flavors to enhance their product portfolio and expand their market share. For instance,
Some of the leading players operating in the flavored syrup market profiled by Fact.MR are:
Fact.MR, in its new report, offers an unbiased analysis of the global flavored syrup market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in the flavored syrup market with detailed segmentation:
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