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Non-Alcoholic Concentrated Syrup Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global non-alcoholic concentrated syrup products market was valued at USD 4.5 billion in 2022 and is expected to expand at a CAGR of 5.3% from 2023 to 2030. Shifting consumer preference for healthier alternatives and the increasing demand for convenience products are driving the market. Non-alcoholic concentrated syrups are popular among consumers due to their convenience, as they require minimal preparation time. In addition, consumer preferences for natural and organic products are contributing to the growth of the market. These syrups are made from natural ingredients and are free from artificial flavors and preservatives.
Furthermore, increasing product innovations are supporting the growth of the market. Manufacturers are launching flavored syrups, such as strawberry, raspberry, blueberry, and other flavors, to meet consumer needs. For instance, in February 2021, Kraft Heinz launched a new range of non-alcoholic concentrated syrups under the brand name ‘True Syrups’ in the US. The range includes three flavors: strawberry, raspberry, and blueberry.
The increasing demand for natural and organic products is also driving the growth of the market. For instance, in May 2021, The Hain Celestial Group, Inc. launched a new range of natural syrups under the brand name ‘Hillside Organics.’ The range includes four flavors, namely strawberry, raspberry, blueberry, and blackberry, and the products are free from artificial flavors, preservatives, and high-fructose corn syrup.
Moreover, the growing need for convenience is driving the demand for ready-to-drink (RTD) syrups. The RTD syrups are gaining popularity due to their easy availability, convenience, and attractive packaging. Furthermore, the growing demand for flavored syrups for non-alcoholic beverages is driving the growth of the market. For instance, in April 2021, Monin Incorporated launched a new range of specialty syrups under the brand name ‘Flavor System.’ The range includes more than 30 flavors, such as raspberry, blackberry, mango, and peach, which are used to create unique and delicious non-alcoholic beverages.
Furthermore, the growing trend of homemade cocktails is expected to drive the market growth. Consumers are increasingly opting for homemade cocktails using flavored syrups, as they are easy to make and require minimal ingredients. This trend is expected to support the growth of the market in the coming years.
Product Insights
The carbonated drinks segment held the largest market share of around 41.2% in 2022. Increasing demand for carbonated soft drinks (CSDs) across the globe is driving the demand for non-alcoholic concentrated syrup. Carbonated soft drinks are highly popular among consumers due to their refreshing taste and attractive packaging. According to an article published by the International Food Information Council, in April 2020, 64% of consumers said they consume carbonated beverages or soft drinks. In addition, the increased demand for CSDs from the foodservice industry is driving the market growth revenue.
The energy drinks segment is projected to expand at the fastest CAGR of 9.7% over the forecast period. Increasing demand for energy drinks due to their stimulating effects is driving the segment growth. According to an article published by The Guardian, in April 2020, energy drinks are becoming increasingly popular among young adults in the US. In addition, the manufacturers are introducing various new flavors and attractive packaging to increase their market share, which is further propelling the segment growth.
Distribution Channel Insights
The supermarkets and hypermarkets segment is expected to remain the dominant distribution channel, capturing a major share of the overall non-alcoholic concentrated syrup products market during the forecast period. The rising demand for convenience among customers is driving the growth of the segment. Supermarkets & hypermarkets offer a wide variety of products and brands under one roof and make it easier for customers to make their purchasing decisions quickly.
The online retail segment is likely to expand at the highest CAGR during the forecast period. The increasing penetration of the internet and the growing trend of online shopping has led to the rise of online retail stores. Companies are launching their own online stores and mobile applications for the convenience of the customers. For instance, in April 2021, PepsiCo launched an online store named ‘Convenience Store’ to enhance customer convenience and provide them with access to a wide range of products from the company.
Type Insights
The non-alcoholic concentrated syrup products market is segmented into flavored and unflavored syrups. The flavored syrup segment accounted for a major revenue share of 91.7% in the year 2022. The consumption of flavored syrup concentrate is higher due to its enticing taste and a variety of flavors. For instance, Monin Inc., a manufacturer of flavors, syrups, and sauces, offers over 100 flavors of syrups. The demand for flavored syrups is increasing due to the growing demand for flavored beverages such as bubble tea, smoothies, and iced tea.
The unflavored syrup segment is projected to register the highest CAGR of 8.2% during the forecast period. Unflavored syrup concentrate is largely used in the food and beverage industry for ice cream, candy, and bakery products. The growing demand for bakery items, including cakes and pastries, has increased the demand for unflavored syrup concentrate in the food and beverage industry. Furthermore, unflavored syrups are used in the production of dairy products, such as yoghurt, which is expected to drive the demand for unflavored syrups.
Regional Insights
Europe accounted for the largest revenue share of over 36.3% in 2022. This is mainly attributed to the presence of numerous highly developed countries in the region, such as the UK, Germany, and France. Moreover, rising focus on healthy lifestyles, such as the vegan and vegetarian diets, is further increasing the demand for non-alcoholic concentrated syrups. For instance, in April 2022, Giffard launched a range of vegan and vegetarian-friendly syrups in the UK.
Asia Pacific is expected to witness the fastest growth in the coming years. This is mainly attributed to increasing consumer awareness regarding the benefits of non-alcoholic concentrated syrups. In addition, rising disposable incomes and increasing healthcare expenditures have further enabled the growth of the market in the region. For instance, in April 2021, Bluebird Syrup launched a range of vegan-friendly syrups in India.
Financial Projections
In this part of the non-alcoholic concentrated syrup products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a non-alcoholic concentrated syrup products business comes from sales of the products, both wholesale and retail. Other sources of income include partnerships, sponsorships, and advertising.
Projecting Expenses
In this section, all the regular expenses related to keeping the non-alcoholic concentrated syrup products business running will be described. The list of operating expenses includes rent for office or warehouse space, wages, inventory and supplies, utilities, marketing and advertising, and insurance policies. Additionally, you should include expenses for research and development such as researching new flavors and packaging options, as well as the costs associated with obtaining necessary certifications and licenses.
Key companies & market share insights
Some of the key companies operating in the non-alcoholic concentrated syrup market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Coca-Cola launched a new range of non-alcoholic concentrated syrups that can be used to make flavored beverages.
– In August 2022, PepsiCo launched a new line of non-alcoholic concentrated syrups, including flavors such as cherry, orange, and root beer.
– In October 2022, Nestle launched a new range of non-alcoholic concentrated syrups for making flavored beverages.
Some of the prominent players in the non-alcoholic concentrated syrup market include:
– Coca-Cola
– PepsiCo
– Nestle
– Dr. Pepper Snapple Group
– Red Bull
– Suntory
– Fanta
– Del Monte
– AriZona Beverages
– Ocean Spray
Global Non-Alcoholic Concentrated Syrup Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global non-alcoholic concentrated syrup products market based on product type, application, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Fruity Flavors
– Chocolate Flavors
– Coffee Flavors
– Herbal Flavors
– Others
2. Application Outlook (Revenue, USD Million, 2017 – 2030)
– Beverages
– Bakery Products
– Ice Creams
– Confectionery
– Others
3. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– Others
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of the Non-Alcoholic Concentrated Syrup Products Market?
[A]: The key drivers of the global non-alcoholic concentrated syrup products market include the increasing demand for health and wellness drinks, the rising popularity of non-alcoholic beverages, and the growing disposable income of consumers. Additionally, the increasing preference for natural flavors and the expanding range of flavors available in the market are also expected to drive the growth of the market.
[Q]: What are the Key Regional Markets for Non-Alcoholic Concentrated Syrup Products?
[A]: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the key regional markets for non-alcoholic concentrated syrup products. The Asia Pacific region is expected to be the fastest-growing market due to the increasing demand for health and wellness drinks in the region.
[Q]: What are the Major Challenges Faced by Players in the Non-Alcoholic Concentrated Syrup Products Market?
[A]: The major challenges faced by players in the non-alcoholic concentrated syrup products market include rising raw material prices, stringent regulations regarding the use of artificial sweeteners, and the increasing competition in the market.
[Q]: Who are the Key Players in the Non-Alcoholic Concentrated Syrup Products Market?
[A]: The key players in the non-alcoholic concentrated syrup products market include Coca-Cola Company, PepsiCo Inc., Dr Pepper Snapple Group, Cott Corporation, and Nestlé S.A.
[Q]: What is the Potential of Product Innovation in the Non-Alcoholic Concentrated Syrup Products Market?
[A]: Product innovation is expected to be a key factor driving the growth of the non-alcoholic concentrated syrup products market. Companies are focusing on introducing new flavors and product variations to attract customers. Additionally, the introduction of natural sweeteners and flavors is another factor driving innovation in the market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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