According to the recent research report titled ‘Global Flavored Syrups Market Size study, by Type (Fruit, Chocolate, Vanilla and Others), by Application (Bakery & Confectionery, Beverages, Dairy & Frozen Desserts and Others) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global flavored syrups market was valued at USD 51.14 billion in 2020 and is projected to record 5.1% CAGR over 2021-2027, subsequently amassing USD 72.44 billion by end of the assessment period.
 

As per the report findings, global flavored syrups market growth is primarily driven by increasing launches of new products with improved tastes. Citing an instance, Dabur introduced strawberry and chocolate honey syrups for children in July 2021. Similarly, Torani also debuted a new puremade range of sauces and flavored syrups in 2019 that contain no artificial flavors, preservatives, or colors.
 

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Another key driving force is the surging demand for convenience foods, such as ready-to-eat foods and beverages. Moreover, trusted sources cite that the market for convenience foods is expected to witness an increase from USD 433 billion in 2019 to USD 585 billion in 2025.
 

Furthermore, growing food & beverage industry, increased requirement for food products with fruit tastes and fewer preservatives, as well as escalating demand for bakery and confectionery products will infuse growth into the market.
 

Despite the positive outlook, the inclusion of high levels of sugar in the syrups is projected to stifle market expansion during the forecast period.
 

On the geographical front, North America is the world's leading region in terms of market share, creditable to the high preference for flavored syrups in everyday meals among consumers in the region. Meanwhile, Asia Pacific industry is expected to record an appreciable CAGR over the projection period, due to the expansion of the confectionery sector, presence of a large consumer base, and launches of new products.
 

Prominent firms powering global flavored syrups industry dynamics are Walden Farms (Panos Brands), Smucker's, Starbucks Coffee Company, Archer Daniels Midland Company, Torani, Fuerst Day Lawson, Monin Inc., Tate & Lyle plc, Kerry Group, and The Hershey Company.