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Cocktail Syrups Market Size, Share, Industry, Forecast and outlook (2024-2031)

Published: August 2024 || SKU: FB4732
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Cocktail Syrups Market is Segmented By Product Type (Fruits, Herbs and Seasoning, Vanilla, Others), By Flavor (Sweet, Salty, Sour, Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis,  2024-2031

 

Cocktail Syrups Market Size

The global cocktail syrups market reached USD 5,192 million in 2022 and is projected to witness lucrative growth by reaching up to USD 7,435 million by 2030. The market is growing at a CAGR of 6.5% during the forecast period (2024-2031). Cocktails are usually made from a mix of spirits or one or more spirits blended with other components such as fruit juice, flavored syrup, or cream.

Cocktail syrups eliminate the need to shop for a wide variety of ingredients and save the effort to mix them. In the United States, sales of cocktail mixers (which includes cocktail syrups) increased by 36.3% in 2022 compared to the 2021, as more people stayed at home and experimented with making cocktails.. Cocktail syrups offer consumers the comfort of drinking their favorite beverages at home which drives the cocktail syrup market in the forecast period.

 

Cocktail Syrups Market Scope

Metrics

Details

CAGR

6.5%

Size Available for Years

2022-2031

Forecast Period

2024-2031

Data Availability

Value (US$)

Segments Covered

Product Type, Flavor and Region

Regions Covered

North America, Asia-Pacific, Europe, , South America and Middle East & Africa

Fastest Growing Region

Asia-Pacific

Largest Region

North America

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights.

 

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Cocktail Syrups Market Dynamics

Growing Party Culture Among Millennial and Youngsters

The primary factor driving the growth of the cocktail syrups market is the widely accepted party lifestyle among the young population around the world.  The growing popularity of low-alcohol drinks with a variety of flavors is encouraging more young people to try them.  These cocktails are quite popular among teenagers since they deliver a well-balanced alcohol drink with their desired flavor. The rise in demand for healthy hydration drinks is mostly due to consumer education. Customers' preferences are evolving away from standard cocktail syrups and toward premium cocktail syrups with better flavor, lower sugar content, and natural ingredients, which will help the cocktail syrups market grow in the coming years. 

Cocktail Syrups Market Segmentation

The global cocktail syrups market is segmented based on product type, flavor, and region.

Herbs & Seasonings Segment Accounted for the Highest Share of the Global Cocktail Syrups Market

The herbs & seasonings segment is expected to increase at 6.5% CAGR during the projection period. Customers have become more interested in herb- and seasoning-infused cocktail syrups in recent years. Spirits like whiskey, vodka, and tequila pair well with herbs. Lavender, basil, mint, rosemary, cinnamon, ginger, dill, cardamom, and lemon verbena are some of the most popular herb flavors for drinks on the market. For instance on March 14, 2023, McCormick lunched a brand-new look for its primary red cap branded products. The new bottles, which have been tried and tested by customers and are preferred by them, address a desire to buy and cook with the freshest herbs and spices. Home chefs can be sure that their bottles are tightly closed, locking in flavour and freshness between uses, thanks to the company's new signature SnapTight lids.

Cocktail Syrups Market Geographical Share

North America Holds Highest Share in the Global Cocktail Syrups Market

North America dominated the market in 2022, with over 36.5% share, as younger consumers' tastes and preferences shifted away from standard alcoholic beverages and toward flavored alcoholic beverages. According to the statistics by the American Nightlife Association, the bar and nightclub industry in America has been witnessing a decent year-on-year growth rate of 2.1%. The U.S. bar and nightclub industry was valued at USD 28.9billion in 2021. This industrial growth, coupled with the increasing popularity of a variety of cocktails among young and millennial customers, is opening up new avenues for the market.

Asia Pacific is expected to have the highest CAGR of approximately 8.5% in the worldwide cocktail syrups market during the projected period. Due to the increased popularity of flavored alcoholic drinks among the younger population of emerging countries such as China, India, Bangladesh, Vietnam, and Indonesia, Asia Pacific is expected to be the fastest expanding region in the cocktail syrups market during the forecast period. With an increased demand for new and innovative products in the food and beverage industry, Asia Pacific is predicted to have one of the quickest growth rates. The increased development and launch of new products in the food and beverage industry also drive the growth rate.

Cocktail Syrups Market Companies

The major global players in the market include Kerry Group PLC, Archer Daniels Midland Company, Bristol Syrup Company Ltd, MONIN, Doehler Group S.E, Giffard, Liber & Co., Toschi Vignola s.r.l., ADM WILD Europe GmbH & Co. KG, and The  Simple Syrup Co.

COVID-19 Impact on Cocktail Syrups Market

The COVID-19 pandemic has had a mixed impact on the cocktail syrup industry, with both positive and negative effects. On the negative side, many bars and restaurants were forced to close or limit operations during the pandemic, which led to a decrease in demand for cocktail syrups from these establishments. According to the Distilled Spirits Council of the United States, 43% of distillers reported decreased sales due to the closure of on-premise establishments. In addition, some studies, shows that on-premise sales of cocktails in the United States declined by 43% in 2020. In a survey of US adults conducted by Bacardi, 75% of respondents said they were making cocktails at home more often during the pandemic. 

The shift towards at-home mixology has led to changes in the way cocktail syrup manufacturers are marketing and selling their products. Many have pivoted to online sales during the pandemic to reach consumers who are making cocktails at home. For example, Small Hand Foods, a San Francisco-based maker of cocktail syrups, reported a 700% increase in online sales during the pandemic. Similarly, online retailer Amazon reported a 700% increase in sales of cocktail ingredients in 2020. Thus there is a mixed impact of Covid-19.

Key Developments

  • On April 9, 2021, Nickel Dime launched cocktail syrup with new flavors. Cocktail syrup with ghost pepper, cardamom, and tamarind is called Caged Heat. Cocktail syrup called Fairy Dust is made with wormwood, fennel, and anise. Cherry, coffee, and cacao are used to make the Cherry Bomb cocktail syrup.
  • On July 19, 2022, Shannon Healy, a renowned barman, opened an online store to distribute his acclaimed Alley Twenty Six Cocktail Syrups across the country. Healy is the owner of Alley Twenty Six, a restaurant and cocktail bar in Durham, North Carolina, which made it to the James Beard Foundation's annual restaurant and chef awards as one of five finalists in this year's Outstanding Bar Programme.
  • On April 4, 2022, Salud Beverages India launched cocktail bitters. Salud has been shaking up the ready-to-drink market in India by simplifying the drinking experience with its Gin Refreshers, and the brand is poised to do so once more with its most recent release of three new non-alcoholic bitters.

Why Purchase the Report?

  • To visualize the global cocktail syrups- market segmentation based on product type, flavor and region as well as understand key commercial assets and players.
  • Identify commercial opportunities by analyzing trends and co-development. 
  • Excel data sheet with numerous data points of cocktail syrups market-level with all segments.
  • PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
  • Product mapping available as Excel consisting of key products of all the major players.

The global cocktail syrups market report would provide approximately 53 tables, 54 figures and 195 Pages.

Target Audience 2024

  • Manufacturers/ Buyers
  • Industry Investors/Investment Bankers
  • Research Professionals
  • Emerging Companies
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  • Global Cocktail Syrups Market reached USD 5,192 million in 2022 and is projected to witness lucrative growth by reaching up to USD 7,435 million by 2030

  • Key players are Kerry Group PLC, Archer Daniels Midland Company, Bristol Syrup Company Ltd, MONIN, Doehler Group S.E, Giffard, Liber & Co., Toschi Vignola s.r.l., ADM WILD Europe GmbH & Co. KG, and The  Simple Syrup Co.
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