Global Cocktail Syrups Market - 2023-2030

Global Cocktail Syrups Market - 2023-2030

The global cocktail syrups market reached US$ 5,192 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 7,435 million by 2030. The market is expected to exhibit a CAGR of 6.5% during the forecast period (2023-2030).

The market for cocktail syrups has been experiencing a surge in demand, particularly in western countries like the US, Canada, the UK, Germany, and France. This is due to the increasing preference for low-alcohol and non-alcoholic beverages among the younger generation, as well as the growing interest in crafting unique cocktails using quality ingredients. As the trend toward low-alcohol and non-alcoholic drinks continues, and the interest in mixology and craft cocktails grows, the market for cocktail syrups is likely to keep expanding.

Market Dynamics

The expanding use of novel flavors in cocktail syrups

New and distinctive flavors are constantly being developed for the cocktail syrup market to meet the shifting tastes and preferences of consumers. Cocktail syrups' flavor innovation enables mixologists and bartenders to be more imaginative and experimental with their concoctions, providing customers with a wide variety of intriguing and distinctive flavor experiences. Demand for novel and intriguing syrups is being fueled by flavor innovation, which is a key factor in the market's expansion. For instance, on April 14, 2023, the development of smoky and fire-flavored cocktail syrups received attention due to the increase in demand for upscale alcoholic beverages. To add flavor, smoky syrups made with smoked salt and mezcal, as well as spicy syrups made with ghost peppers and hot sauce, are used.

The demand for natural and organic cocktail ingredients is rising

As consumers become more health-conscious, they demand natural and organic ingredients in their food and beverages. Cocktail syrups made from natural and organic ingredients don't contain any synthetic chemicals or pesticides, which can be harmful to health. Customers believe they are healthier and better for their overall wellbeing as a result. Ingredients that are natural or organic are frequently thought to taste better than those that are synthetic. Customers who want healthier, more sustainable, and better-tasting products are the ones driving demand for natural and organic cocktail syrups. For instance, on October 28, 2020, Runamok Maple launched Maple Cocktail Syrups and Bitters. The Maple Old Fashioned cocktail syrup, which uses real herbs and spices rather than refined sugar, is made with only the purest Vermont maple syrup. The syrup is the ideal all-purpose mixer to add to your favourite bourbon or whisky because it contains a slight bite from Runamok Maple's proprietary bitters as well as the subtle essence of orange and cherry. Cocktail syrup producers have an opportunity to create natural and organic products that cater to the growing demand for organic and natural ingredients in cocktails.

COVID-19 Impact Analysis

The COVID-19 pandemic had a mixed impact on the cocktail syrup industry, with decreased demand from bars and restaurants but increased demand from consumers making cocktails at home. Sales of cocktail syrups, which are often used in at-home mixology, increased significantly by 33.9% in the United States in 2020, as people were spending more time at home and looking for ways to recreate the bar experience. A survey by Bacardi found that 75% of respondents reported making cocktails at home more often during the pandemic, which suggests that the trend of at-home mixology was a key driver for the growth in sales of cocktail syrups, particularly through online retailers and other channels.

Segment Analysis

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

Herbs and seasoning segment accounted for the highest share of the global cocktail syrupss market

The herbs and seasonings segment is projected to grow significantly with a CAGR of 5.6% during the forecast period owing to the increasing demand for organic cocktail ingredients. These ingredients are highly valued for their ability to provide cocktails with unique and complex flavors that cannot be achieved using conventional ingredients. For instance, on February 2, 2023, the spur eats launched cocktail syrups using herbs and species. In addition, the health benefits associated with some herbs and seasoning syrups, such as their anti-inflammatory and antioxidant properties, are making them increasingly attractive to health-conscious consumers. This trend towards natural and organic ingredients in cocktails has become popular, and consumers are willing to pay a premium for these products. This presents a promising opportunity for businesses in the food and beverage industry to offer innovative and healthier cocktail options.

Geographical Analysis

North America holds the major share in the global cocktail syrups market

In 2022, North America had the largest share—more than 30.0%. The demand for cocktail syrups in the area is expected to rise as more young consumers switch their tastes and preferences from traditional alcoholic drinks to flavored alcoholic beverages. The American Nightlife Association's statistics show that the pub and nightclub sector in America has been experiencing a respectable 2.8% yearly growth rate. In 2021, the pub and club business in the US was worth USD 23 billion. New market opportunities are emerging as a result of this industrial expansion and the rising popularity of various cocktails among young and millennial consumers.

Competitive Landscape

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.

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 69 tables, 71 figures and 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies