The Middle East and Africa flavored syrup market is accounted to US$ 2,068.4 Mn in 2018 and is expected to grow at a CAGR of 4.5% during the forecast period 2019 - 2027, to account to US$ 3,065.2 Mn by 2027.
Flavored syrups are produced by mixing natural or artificial flavoring agents with sugar and water to obtain a concentrate. These syrups are used to modify the tastes of various food and beverages, such as coffee, frozen desserts, pancakes, and waffles. Growing consumer demand for convenience foods and rising application of flavored syrup in the food & beverage and pharmaceutical industries are the prominent factors boosting the flavored syrup market growth. However, health risk associated with the presence of high sugar content in the flavored syrup hampers market growth. Moreover, the significant shift of consumer preference toward sugar-free products and availability of a variety of sugar-free flavored syrups provide lucrative growth opportunities for the growth of Middle East and Africa flavored syrup market.
The Middle East and Africa flavored syrup market is bifurcated based on flavor into fruit, chocolate, vanilla, herbs and seasonings, and others. The fruits segment accounted for the largest share in the Middle East and Africa flavored syrup market. The fruit-flavored syrups are heat extracted juices and used not only as flavoring agents but also as sweeteners in simple syrup preparations. Rising demand for fruit flavored food and beverages and entry of key players has led to a significant rise in the market in the Middle East and Africa region. The availability of various flavors of fruit syrup has been another factor contributing to the growth of the fruit segment in the Middle East and Africa flavored syrup market.
Growing demand for flavored syrup from food beverages and pharmaceutical industries is driving the growth of the Middle East and Africa flavored syrup market. The growth of the Middle East and Africa flavored syrup market is primarily attributed to the rising demand for customized flavors in the food and beverage industry. The use of flavored syrups as a taste enhancer and sweetener is gaining increased attention among the manufacturers across the industry. Dairy and bakery products also use these syrups, and desserts, among others, to enhance or modify tastes. The syrups are also added as toppings in various food items to produce better food content. These syrups are also used in the pharmaceutical industry. They are added to medicines and syrups to make them palatable and augment their medicinal actions
The Middle East and Africa flavored syrup market is dominated by the UAE, followed by Saudi Arabia. With the rise in population, along with changing consumer lifestyle and buying habits, UAE is gradually making a move toward the consumption of unique food and beverage items. The demand for flavored syrups is also expected to rise with the change in dietary patterns. Moreover, the increase in the number of retail outlets, supermarkets, and food chains has positively impacted the growth of the Middle East and Africa flavored syrup market.
Some of the players present in Middle East and Africa flavored syrup market are Amoretti, Archer Daniels Midland Company, ASR Group, Kerry Group, Monin, Inc., Small Hand Foods, Sonoma Syrup Co, Sunny Sky Products, LLC, The Hershey Company, and Torani among others among others.
The overall Middle East and Africa flavored syrup market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the flavored syrup market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the flavored syrup market.