Market Size of Syrup Industry
| 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 |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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 | |||||||||
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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.
Syrup Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Chocolate Syrup
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2.1.2 Maple Syrup
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2.1.3 High-fructose Corn Syrup
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2.1.4 Rice Syrup
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2.1.5 Malt Syrup
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2.1.6 Tapioca Syrup
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2.1.7 Honey
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2.1.8 Fruit Syrup
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2.1.9 Other Types
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2.2 Distribution Channel
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2.2.1 Supermarkets/Hypermarkets
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2.2.2 Convenience Stores
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2.2.3 Online Retail Stores
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2.2.4 Other Distribution Channels
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Spain
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2.3.2.2 United Kingdom
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2.3.2.3 Germany
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 South Africa
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2.3.5.2 Saudi Arabia
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2.3.5.3 Rest of Middle-East and Africa
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Syrup Market Size FAQs
How big is the Syrup Market?
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.
What is the current Syrup Market size?
In 2024, the Syrup Market size is expected to reach USD 3.07 billion.
