WASHINGTON, April 24, 2023 (GLOBE NEWSWIRE) -- The Global Sugar Syrup Market is valued at USD 2.3 Billion in 2022 and is projected to reach USD 3.2 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.2% over the forecast period 2023-2030.
The global sugar syrup market is expected to experience significant growth in the coming years due to its widespread use as a sweetener and flavoring agent in various food and beverage products. Factors driving the growth of the sugar syrup market include the increasing demand for processed foods and beverages, the growing popularity of natural sweeteners, and the rising demand for convenience foods.
We forecast that the corn syrup in sugar syrup market sales will account for more than 48% of total sales by 2030. The growth of the corn syrup category is driven by factors such as the increasing demand for processed foods and beverages, the rising popularity of convenience foods, and the growing food and beverage industry in emerging markets.
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Growing Demand for Convenience Foods and Beverages will Increase to Support Market Expansion
The increasing demand for convenience foods and beverages, which are easy to prepare and consume, is driving the growth of the sugar syrup market. Sugar syrups are widely used to produce processed foods and beverages, such as carbonated drinks, bakery products, and confectionery items. These products are popular among consumers who have busy lifestyles and need more time or inclination to prepare food from scratch. The convenience of processed foods and beverages, coupled with the sweet taste of sugar syrups, has made them a popular choice among consumers, which is driving the growth of the sugar syrup market.
Rising Popularity of Natural Sweeteners to Drives Market Growth
The rising popularity of natural sweeteners is another key driver of the global sugar syrup market. Consumers are becoming increasingly health-conscious and seeking natural and organic alternatives to conventional sweeteners, such as refined sugar. Sugar syrups, derived from natural sources such as fruits, honey, and agave nectar, are perceived as healthier and more wholesome alternatives to refined sugar. They are also gaining popularity among consumers who follow vegan and vegetarian diets, as they do not contain any animal-derived ingredients. The growing demand for natural sweeteners is driving the growth of the sugar syrup market, as manufacturers are increasingly offering a wide range of natural and organic sugar syrups to meet this demand.
Top Players in the Global Sugar Syrup Market
- Cargill Inc. (United States)
- ADM (United States)
- Ingredion (United States)
- Tate & Lyle (United Kingdom)
- Agrana Group (Vienna)
- Avebe (Netherlands)
- Nowamyl (Poland)
- Grain Processing Corp (United States)
- Roquette (France)
- Matsutani (United States)
Top Trends in the Global Sugar Syrup Market
One trend that Vantage Market Research (VMR) expects to see in the Sugar Syrup industry is the rising demand for natural and organic sugar syrups. Consumers are becoming more health-conscious and are increasingly seeking natural and organic alternatives to conventional sweeteners. As a result, there is a growing demand for natural and organic sugar syrups made from natural sources such as fruits, honey, and agave nectar. These sugar syrups are perceived as healthier and more wholesome alternatives to conventional sugar syrups, as they do not contain any artificial sweeteners or additives. Manufacturers are responding to this trend by offering a wide range of natural and organic sugar syrups marketed as healthier and more sustainable alternatives.
Another trend that VMR predicts will continue in the Sugar Syrup industry is its increased demand for food and beverages. Functional foods and beverages are products that offer health benefits beyond basic nutrition. Sugar syrups are increasingly used in functional food and beverages, such as sports drinks, energy bars, and protein shakes, to provide additional nutrients and improve the taste. Sugar syrups are rich in carbohydrates and provide a quick energy source, making them ideal for use in sports and energy drinks. Additionally, some sugar syrups, such as those derived from honey and agave nectar, contain antioxidants and other beneficial compounds, which can help to promote health and well-being. As consumers become more health-conscious and seek out functional foods and beverages, the demand for sugar syrups in these products is expected to increase further.
Top Report Findings
- Based on the Type, the corn syrup category controls most of the sugar syrup market's revenue. Corn syrup is a liquid sweetener derived from corn starch and has a sweetness similar to table sugar. It is widely used in the food and beverage industry as a sweetener and a preservative. It produces many products, including carbonated drinks, bakery products, and confectionery items.
- Based on Application, most of the Sugar Syrup market's revenue is controlled by the confections category. The confectionery market is one of the largest consumers of sugar syrups and is anticipated to dominate the sugar syrup market. Sugar syrups are widely used to produce various confectionery items such as chocolates, candies, gummies, and other sweets.
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Recent Developments in the Global Sugar Syrup Market
- In 2019, in the United States, Sween introduced sugar syrup that is both keto-friendly and gluten-free. Both people with diabetes and celiac intolerance can use the product.
Corn Syrup Category of the Type Segment of the Global Sugar Syrup Market Forecast to Generate a Huge Chunk of Revenue
For better understanding, based on the Type, the Sugar Syrup market is divided into Corn Syrup, Glucose Syrup, Maple Syrup, and Cane Syrup.
The Corn Syrup market was the largest market by application, and it is anticipated that it will continue to hold the top spot during the projected period. The growth of the corn syrup category is driven by factors such as the increasing demand for processed foods and beverages, the rising popularity of convenience foods, and the growing food and beverage industry in emerging markets. However, as consumers become more health-conscious and demand natural and organic alternatives to conventional sweeteners, the demand for other sugar syrup segments such as honey, maple, and agave syrup is expected to grow.
On the other hand, the Glucose Syrup category is anticipated to grow significantly. The glucose syrup segment is also expected to grow, driven by the increasing demand for processed foods and beverages, the rising popularity of convenience foods, and the growing food and beverage industry in emerging markets.
North America Region Anticipated to Produce Approximately Half the Total Global Revenue of Sugar Syrup Market
The North American region is anticipated to do so in the coming years. North America is a significant market for sugar syrup. It is not necessarily anticipated to dominate the global sugar syrup market. The increasing demand for processed foods and beverages, the growing popularity of natural sweeteners, and the rising demand for convenience foods drive the sugar syrup market in North America.
The Asia Pacific region is expected to witness the fastest growth in the sugar syrup market during the forecast period. Several factors, including the increasing demand for processed foods and beverages, the rising popularity of natural sweeteners, the growth of the hospitality industry, and the increasing disposable income of consumers, drive the growth of the market in this region.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Sugar Syrup Market Forecast Report (2023-2030).
Global Sugar Syrup Market Segmentation
- Glucose Syrup
- Corn Syrup
- Maple Syrup
- Cane Syrup
- Other Types
- Baked Food
- Other Applications
- North America
- United States
- Rest of Europe
- Asia Pacific
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
|Market Size in 2022||USD 2.3 Billion|
|Revenue Forecast by 2030||USD 3.2 Billion|
|CAGR||5.2% from 2023 to 2030|
|Forecast Year||2023 to 2030|
|Key Players||Cargill Inc., ADM, Ingredion, Tate & Lyle, Agrana Group, Avebe, Nowamyl, Grain Processing Corp, Roquette, Matsutani|
|Customization Options||Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/sugar-syrup-market-2077/request-sample|
Key Questions Answered in the Sugar Syrup Market Report are:
- What is the current size of the sugar syrup market, and what is its expected growth rate over the next several years?
- What are the primary drivers of demand for sugar syrup, and how are these factors likely to change in the future?
- What are the main types of sugar syrups available, and what are their relative advantages and disadvantages in terms of taste, texture, and other characteristics?
- What are the primary applications for sugar syrup in the food and beverage industry, and how are these applications likely to evolve over time?
- Who are the major players in the sugar syrup market, and what are their key strengths and weaknesses in terms of product offerings, distribution channels, and other factors?
- What are the key trends and challenges facing the sugar syrup market, and how are companies likely to respond to these challenges?
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