The global Cocktail Syrups Market is estimated to be valued at US$ 4.72 Billion in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cocktail syrups are sweetener concoctions used to provide flavors to mixed cocktails and other drinks. They come in various fruit flavors like strawberry, passion fruit, mango etc. that enhance the taste of the drinks. With rising popularity of homemade cocktails, demand for cocktail syrups is increasing.
Market key trends:
Growing demand for new flavors: With consumers constantly looking to experiment new flavors in cocktails, syrup makers are innovating their product lines byadding unique flavors likesalted caramel, hibiscus rose, lemon ginger etc. For example, MONIN recently launched a range of syrups inspired by Mediterranean flavors. This trend of new flavor introductions is expected to drive the market growth over the forecast period.
SWOT Analysis
Strength: Cocktail syrups are easy to use and allow for experimentation with different flavors in mixed drinks without requiring advanced bartending skills. They help streamline the cocktail making process.
Weakness: Cocktail syrup blends can lack complexity compared to using fresh juice or other mix-in ingredients. They also contain added sugar which some health-conscious consumers prefer to limit.
Opportunity: Demand for craft cocktails and interest in novel drink flavors has been rising, opening potential for new artisanal syrup varieties. The market has room to cater to health-focused customers by developing low or no-sugar syrup options.
Threats: Stricter regulations on sugar content in food and beverages could pose challenges. Economic downturns may negatively impact sales at bars and restaurants where many cocktail syrups are used.
Key Takeaways
The Global Cocktail Syrups Market Size is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period, due to increasing consumption of alcoholic beverages especially craft cocktails. Syrups allow experimenting with diverse flavors in cocktails to match changing consumer preferences for novel drink experiences.
North America currently dominates the global cocktail syrups market, led by the United States, due to heavy consumption of cocktails. The regional market is expected to grow at a CAGR of 3.5% during the forecast period. Europe is poised to grow at the fastest rate of 5.2% owing to rising culture of craft bartending and experimentation with unique flavors in the United Kingdom and Germany.
Key players operating in the cocktail syrups market are Liber & Co., MONIN, The Simple Syrup Co, Bristol Syrup Company, Toschi Vignola s.r.l, Giffard, Teisseire, ODK Orsadrinks, 1883 Maison Routin, and The Syrup Company. Major players are focused on introducing more innovative flavors and rolling out low or no-sugar syrup varieties to cater to health-conscious customers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
