Non-Alcoholic Concentrated Syrup Market to Grow with a CAGR of 5.7% Globally through to 2028
Increasing demand for non-carbonated drinks,
increasing consumption of fruits and vegetable juices are factors driving the
global non-alcoholic concentrated syrup market in the forecast period
2024-2028.
According to TechSci Research report, “Global Non-Alcoholic
Concentrated Syrup Market - Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Non-Alcoholic Concentrated
Syrup Market stood at USD 24.11 billion in 2022 and is anticipated to grow with
a CAGR of 5.7% in the forecast period, 2024-2028. Rising consumption of
non-carbonated drinks in developed countries including U.S., Mexico, and Canada
is expected to boost the product demand over the forecast period.
Consumers are increasingly shifting towards
non-carbonated drinks due to concerns about the health risks associated with
carbonated drinks, such as obesity and diabetes. Non-alcoholic concentrated
syrups can be used to prepare a variety of non-carbonated drinks, such as fruit
juices, smoothies, and iced tea. Consumers are increasingly demanding natural
and organic syrups. This is due to the growing awareness of the health risks
associated with artificial ingredients.
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The non-alcoholic concentrated syrup market is
experiencing robust growth, driven by a combination of factors that cater to
changing consumer preferences and industry dynamics. Health-conscious
consumers, the expanding beverage and foodservice industries, flavor diversity,
convenience and versatility, and eco-friendly initiatives are among the major
drivers propelling the market forward. As these trends continue to evolve, it
is expected that the non-alcoholic concentrated syrup market will continue to expand,
offering exciting opportunities for innovation and growth in the beverage
industry and beyond.
One of the major drivers behind the growth of the
non-alcoholic concentrated syrup market is the increasing focus on health and
wellness. Consumers today are more health-conscious than ever before, actively
seeking healthier beverage options. Non-alcoholic concentrated syrups offer a
way to enjoy flavorful drinks while controlling sugar and calorie intake.
Manufacturers have responded by introducing low-sugar, sugar-free, and natural
sweetener-based syrups to cater to health-conscious consumers. This trend aligns
with the global shift toward healthier living and dietary choices.
The global beverage industry has been expanding
steadily, driven by factors such as population growth, urbanization, and rising
disposable incomes. Non-alcoholic concentrated syrups are integral to this
expansion, offering a wide array of flavors and customization options. As the
beverage industry continues to innovate and diversify, the demand for
non-alcoholic concentrated syrups is expected to rise further, presenting ample
growth opportunities for manufacturers.
The rise of online retail and e-commerce platforms has
expanded the reach of non-alcoholic concentrated syrup manufacturers. Consumers
can now easily access a wide variety of products through online channels,
including niche and specialty syrups that may not be readily available in
physical stores. This accessibility has broadened the customer base and
contributed to market growth.
The Global Non-Alcoholic Concentrated Syrup Market is
segmented into type, distribution channel, regional distribution, and company.
Based on type, Fruit syrups was the dominant product
segment in 2022 and is anticipated to expand further with significant CAGR.
High demand for easy-to-store fruit syrups due to hectic lifestyles is
considered as a significant factor for segment growth. The herbs and spices
syrup is estimated to be the second fastest-growing segment owing to rising
demand for herbs and spices.
Based on region, North America was the dominant
regional market in 2022 and is anticipated to grow further at a significant
CAGR during the forecasted period. This is on account of high production of
fruit and vegetable syrups in U.S. In addition, companies are acquiring new
segments of the market with their premium products, including concentrated
syrups of unique flavors and authentic taste.
Asia-Pacific is the fastest-growing market for
non-alcoholic concentrated syrup, where countries, such as China, Indonesia,
and India, account for the largest share. The regional market has potential
growth opportunities for new segments, such as convenience food, as the
developing countries in the region are adopting western culture and lifestyle.
Major companies operating in Global Non-Alcoholic
Concentrated Syrup Market are:
- Pioma Industries Pvt. Ltd.
- Monin
- Britvic Plc.
- Hamdard Laboratory
- Nichols Plc
- Hindustan Unilever Ltd.
- Suntory Holdings Ltd.
- Cottee’s Pvt. Ltd.
- The Coca-Cola Company
- Elvin Group
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“The non-alcoholic concentrated syrup market has
experienced significant growth due to various factors, including health and
wellness trends, flavor diversity and innovation, convenience and versatility,
the expanding beverage industry, rising demand for specialty and craft
beverages, eco-friendly initiatives, the growth of the global foodservice
industry, emerging markets, product innovation, and the increasing prevalence
of online retail. As these trends continue to evolve, the non-alcoholic
concentrated syrup market is poised for further expansion and innovation,
offering exciting opportunities for manufacturers and consumers alike.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Non-Alcoholic
Concentrated Syrup Market – Global Industry Size, Share, Trends, Opportunity,
and Forecast, Segmented By Type (Fruit Syrups, Vegetable Syrups, Herbs &
Spices Syrups, Others), By Distribution Channel (Supermarket/Hypermarket,
Convenience Stores, Online, Others), By Region, By Competition, 2018-2028”,
has evaluated the future growth potential of global non-alcoholic concentrated
syrup Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in global non-alcoholic
concentrated syrup market.
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