Cocktail syrups are flavoring concentrates that are added to mixed drinks and cocktails to impart specific flavors. They are usually made from water, sugar and natural or artificial flavoring. Cocktail syrups provide advantages like adding flavor depth and complexity without additional volume. With rising health consciousness, cocktail syrups are gaining popularity as they allow people to experiment with various flavors without adding extra calories when mixed with seltzers or club soda. The global Cocktail Syrups Market is estimated to be valued at US$ 4.72 Bn 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 key trends
Increased demand for flavored alcoholic and non-alcoholic beverages: There is growing demand for cocktail syrups owing to rising popularity of flavored premixed cocktails and mocktails. Demand for flavored spirits and ready-to-drink alcoholic beverages is on the rise among millennial as well as general population. This has propelled the growth of ready-made cocktail mixes and flavored syrups. Furthermore, with growing health-consciousness, demand for flavored mixers and syrups is also increasing for mixed with non-alcoholic beverages like club soda, sparkling water and other mixers. As consumers seek variety and new flavors, manufacturers are innovating and launching cocktail syrups in various flavors like honey-ginger, blood orange, lavender, rosewater etc. which is fueling market growth over the forecast period.
SWOT Analysis
Strength: Cocktail syrups provide convenience to consumers as they allow for easy flavouring of cocktails and drinks. They also help in standardized quality and consistency across batches.
Weakness: Some cocktail syrups contain high sugar content which can be a health concern. They also require refrigeration after opening which can be inconvenient.
Opportunity: Rising health consciousness is driving demand for low or no sugar cocktail syrups. There is also an opportunity to expand in developing markets and introduce region specific flavours.
Threats: Strict regulations around sugar content can impact product formulations. Increase in raw material prices can raise production costs.
Key Takeaways
The global cocktail syrups market is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis
North America currently dominates the market owing to high cocktail consumption culture in countries like the US. The Asia Pacific region is expected to be the fastest growing market for cocktail syrups led by increasing incomes, western influences and expanding number of bars and restaurants in countries like China and India.
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, Taylerson€TMs Syrups, ODK Orsadrinks, 1883 Maison Routin, and The Syrup Company. These players are focusing on product innovation and introduction of new flavours to diversify their portfolio. They are also investing in marketing activities to promote their brands.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.