The global sugar syrup market has been on an upward growth trajectory over the recent past and is expected to surpass its previous revenues over the forecast period of 2017-2023, reveals Market Research Future (MRFR) in a recently published research report. The market has observed continual growth owing to the diverse application potential of sugar syrups which fetches persistent demand for the market.
The global Sugar Syrups Market Share derives much of its growth from the burgeoning demand for sugar syrups from the Food & Beverage industry as they find widespread application in food toppings, beverages, and other purposes. The consumption of soft drinks and other alcoholic beverages has grown considerably on a global scale which boosts the growth of the global sugar syrups market. Furthermore, there has been an escalation in demand for natural sugar syrups such as honey, maple syrup, and coconut palm sugar owing to rising health consciousness among consumers which is likely to augment the demand for sugar syrups in the forthcoming years.
The pharmaceutical industry too contributes to the growth of the market as sugar syrups are used in syrups and medicines to make them edible and appetizing. The rise in demand for convenience food and the overall growth of the Food & Beverage industry has been a plus for the global sugar syrups market. However, health issues related to the use of sugar and the growing popularity of alternative sweeteners are expected to hamper the growth of the market over the forecast period.
The global sugar syrup market has been segmented based on type, application, and distribution channel. By type, the market has been segmented into Glucose, Maple, Corn, and others. By application, the market has been segmented into Beverages, Bakery & Confectionary, Dairy & Frozen Desserts and others. By distribution channel, the market has been segmented into Store, and Non-Store Based.
The global sugar syrups market spans across the regions of North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is at the forefront of the global sugar syrups market followed by Europe. The US and Canada account for the major share of the North America market owing to high demand for food additives in the region. In addition, rigorous R&D activities in the region coupled with technological advancement in the production process favor the growth of the market in North America. The Europe market is strong and is expected to showcase a positive growth trend over the forecast period due to the presence of a well-developed food & beverage industry and increased consumption of convenience food in the region. Asia Pacific is expected to exhibit relatively steady growth over the forecast period. The region is experiencing high demand for sugar syrups on account of growing consumer awareness regarding the use of natural sugar syrups. Moreover, the availability of raw materials and favorable regulatory frameworks support the growth of the market in Asia Pacific. The developing Food & Beverage industry in Asia Pacific region is expected to help the market emerge as the fastest growing market over the forecast period.