Wilmington, Delaware, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “UK and Ireland Flavored Syrup Market, By Flavor Type (Fruits, Coffee, Chocolate, Vanilla, Mint, Nuts, Caramel, and Blends), By End Use (Cocktails, Mocktails, Coffee, Milkshakes, Iced Lattes and Frappés, Others), by Distribution Channel (Hypermarket and Supermarket, Specialty Stores, On Trade and HoReCa, Online Sales Channel): Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the UK and Ireland flavored syrup industry was valued at $275.9 million in 2022 and is anticipated to gain $403.7 million by 2032, exhibiting a CAGR of 3.9% from 2023 to 2032.
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Flavored Syrups are one of the most popularly used ingredients in the UK and Ireland. They are mainly used to sweeten and add flavor to a variety of drinks and culinary uses. They can be used in many different ways and are a great option for people who want to try different flavors in their drinks and foods. They are available in a variety of flavors and are commonly used in coffee shops, bars, and home kitchens.
Prime Determinants of Growth:
The UK and Ireland flavored syrup market is experiencing growth due to various factors, such as consumers increasingly seeking natural and artisanal flavors for their food and drinks, manufacturers producing flavored syrups using natural ingredients and traditional methods, capturing a specific market segment, people becoming more health conscious, they are opting for healthier alternatives such as sugar-free or reduced-sugar-flavored syrups. to meet this demand, manufacturers have introduced low-calorie and natural sweeteners like stevia or monk fruit extracts. On the other hand, the competition from alternatives, distribution network complexity, and shelf-life considerations limit the market growth to some extent. Moreover. online retail and e-commerce, specialty coffee and gourmet beverages, and the rising popularity of home mixology to create remunerative opportunities for market growth.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $275.9 Million |
| Market Size in 2032 | $403.7 Million |
| CAGR | 3.9% |
| No. of Pages in Report | 157 |
| Segments Covered | Flavor Type, End Use, Distribution Channel, and Country |
| Drivers | Natural and clean label products |
| Customization and personalization | |
| Restraints | Competition from alternatives |
| Distribution network complexity, shelf-life, and storage considerations | |
| Opportunities | Online retail and e-commerce |
| The rising popularity of home mixology |
The fruits segment to maintain its leadership status throughout the forecast period-
Based on flavor type, the fruits segment held the highest market share in 2022, accounting for nearly one-third of the UK and Ireland flavored syrup market revenue, and is estimated to maintain its leadership status throughout the forecast period. The fruit-flavored syrup market has witnessed notable trends, including the growing preference for natural fruit flavors. Consumers seek products made with real fruit extracts and natural ingredients. However, the caramel segment is projected to manifest the highest CAGR of 5.6% during the forecast timeframe. Businesses can capitalize on this opportunity by offering a diverse range of caramel syrups, including different intensity levels and variations like buttery caramel or toffee caramel.
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The cocktails segment to retain its dominance throughout the forecast period-
Based on end use, the cocktail segment held the highest market share in 2022, accounting for nearly one-fourth of the UK and Ireland flavored syrup market revenue and is expected to retain its dominance throughout the forecast period. The market is witnessing continuous flavor innovation, with manufacturers introducing new and unconventional flavor combinations to cater to evolving consumer preferences. This trend allows mixologists and cocktail enthusiasts to experiment with exciting flavor profiles, creating novel and enticing beverages. On the other hand, the iced lattes and frappés segment is projected to manifest the highest CAGR of 4.2% from 2023 to 2032. In the UK and Ireland flavored syrup market for iced lattes and frappés includes a growing demand for unique and indulgent flavor combinations.
The hypermarket and supermarket segment to maintain its lead position during the forecast period-
Based on distribution channel, the supermarket and hypermarket segment held the highest market share in 2022, contributing to nearly one-third of the UK and Ireland flavored syrup market revenue and is projected to maintain its lead position during the forecast period. These retail outlets are important for introducing new flavors, promoting popular brands, and meeting the demands of shoppers who prefer to buy flavored syrups while doing their regular grocery shopping. Furthermore, the online sales channel segment is projected to manifest the highest CAGR of 4.4% from 2023 to 2032.This is due to online platforms offer a wide selection of flavored syrups, giving customers many options from different brands, flavors, and packaging choices.
UK garnered the major share by 2032-
Based on country, the UK held the highest market share in 2022, garnering more than four-fifths of the UK and Ireland flavored syrup market revenue, In the UK flavored syrup market, several trends are shaping the industry. One trend is the growing demand for natural and clean-label ingredients, as consumers seek healthier options and avoid artificial additives. However, Ireland is expected to witness the fastest CAGR of 6.5% from 2023 to 2032. Flavored syrup market trends in Ireland include a growing demand for natural and artisanal flavors, as consumers prioritize healthier and high-quality options. There is also an increasing interest in unique and innovative flavor combinations, allowing consumers to experiment and create personalized beverage experiences.
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Industry-Leading Players: -
- American Beverage Marketers
- Beyond the Bean Ltd.
- Britvic plc
- Giffard
- Italian Beverage Company Ltd.
- Kerry Group Plc
- Monin Inc
- Routin S.A.S.
- William Fox Drinks Co Ltd.
- Funkin limited
The report provides a detailed analysis of these key players in the UK and Ireland flavored syrup market. These players have adopted different strategies such as collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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