LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global syrups market provides an analysis of the key trends expected to impact the market through 2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global syrups market is expected to generate approximately 2.3 billion by 2020, growing at a CAGR of almost 4%. According to Vijay Sarathy, lead analyst at Technavio for food research, “The increase in demand can be attributed to the use of syrups across industries, including confectionery, bakery, beverages, cereal, ice cream, and dairy. The naturally occurring, health-boosting compounds found in maple syrup make these products more attractive to health-conscious consumers.”
The top three trends identified by food and beverage research analysts at Technavio are:
- Increase in overweight, obese, and diabetic individuals
- Growing demand for organic maple syrup
- Growing popularity of coffee flavoring syrups
- Consumer preference for chocolate syrup
Increase in overweight, obese, and diabetic individuals
Increased lifestyle disorders like obesity and diabetes leads to other health problems such as heart ailments, respiratory disorders, and anxiety. In developed economies like the US and the UK, childhood obesity and juvenile diabetes are increasing. All these factors have led health-conscious consumers to increasingly opt for healthier food products, which have a calorie content in the recommended range. This has compelled vendors to produce low-calorie sweeteners.
Manufacturers are using low-calorie sweeteners in most processed food and beverages as an alternative to conventional sweeteners, as the latter have high calorie content. For instance, maple syrup is used a natural alternative to white sugar, which is derived from sugarcane. Maple syrup does not contain any coloring or additives. It is unprocessed, as it is obtained directly from maple tree sap. Maple syrup is high in minerals like calcium, potassium, sodium, and copper.
Growing demand for organic maple syrup
Maple syrup is increasingly used as a natural alternative to artificial sweeteners. It is added in various food and beverages as a sweetening agent. It provides flavor to sausages, fritters, and ice cream. In many parts of the Americas and Europe, maple syrup is used as a topping on pancakes, French toast, and waffles. It is also used as a sweetener in baked beans, bread, cakes, and granola. Most wine manufacturers use maple syrup instead of honey during the production process. Maple syrup contains energy, water, fat, proteins, carbohydrate, and sugar, along with minerals like magnesium, potassium, zinc, and sodium. Also, maple syrup contains vitamins such as thiamin, riboflavin, niacin, and B6.
Due to the presence of various vitamin and minerals, maple syrup acts as an antioxidant, helps in fighting inflammatory diseases and cancer, protects the skin, improves digestion, and has a low score on the glycemic index. Maple syrup also helps in boosting the immune system and improving the health of the heart because of the high levels of zinc and manganese.
Growing popularity of coffee flavoring syrups
Manufacturers in the coffee segment are increasingly focusing on innovative methods to sustain the growth of the specialty coffee industry. Most leading café chains like Starbucks offer coffee using flavored syrups such as vanilla latte and caramel cappuccino. They incorporate these flavors in featured beverages, called signature drinks. They also use seasonal coffee syrups like gingerbread during Christmas.
“Such methods have helped companies increase their customers, as people tend to try out different flavors,” says Vijay. Most teenagers prefer to experiment with new flavors like caramel latte and seasonal specials like gingerbread latte, which will increase demand for specialty coffee and, in turn, flavored syrups.
Consumer preference for chocolate syrup
Chocolate syrup is increasingly preferred in milkshakes, frappes, ice creams, and desserts. It is used as a flavor enhancement in coffees and teas. It is also used as a topping over pancakes, waffles, and slices of cake served with vanilla ice cream. A mix of chocolate syrup and coffee is used in popular coffee beverages like mocha lattes.
The major player in chocolate syrup is Hershey Company capturing more than 44% of the market share in the chocolate industry in 2014. Hershey has announced the possibility of replacing sugar with high-fructose corn syrup (HFCS) to satisfy consumer needs.
Some of the top vendors in the global syrups market, as researched by Technavio analysts are:
- Aunt Jemima (The Quaker Oats Company)
- Hershey
- Sonoma Syrup
- Tropicana Slim
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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