Cocktail Syrups Market: Current Analysis and Forecast (2021-2027)

Cocktail Syrups Market: Current Analysis and Forecast (2021-2027)

The global Cocktail Syrups market is expected to grow significantly by 2027 expanding at a CAGR of ~5% during the forecast period (2021-2027). A rise in the millennial working population with changing preferences to dine outside coupled with the growing need for customized and newer options in cocktails has fueled the growth of the market. Also, The growth of commercial spaces like cafés, and restaurants as a place to socialize and spend time with different and innovative food consumption has added pace to the growing demand for cocktail syrups. As per the U.S department of agriculture, the food service and food retailing industries supplied about US$1.79 trillion worth of food in 2019. In 2020, the food service and food retailing industries supplied about US$1.69 trillion worth of food.

A rise in the number of food chains, QSRs, and cafés across the globe is leading to the growth of the cocktail syrups market. As per the Department for Environment Food & Rural Affairs, the expenditure on food, drinks, and catering was USD 312 billion in the United Kingdom in 2019. Also, Canadian fast-food statistics reveal the Canadian fast-food industry is worth an impressive US$27 billion in 2021. It is expected to grow by 0.8% compared to the previous year. Also, The fast-food industry Canada facts show up to 34% of Canadians report dreaming of opening a restaurant, in the coming years and 3.7% are thinking of quick service. Casual and family-style restaurants are the most popular choice, and up to 32.7% would choose that.

Kerry Group PLC, Liber & Co., MONIN, The Simple Syrup Co., ADM WILD Europe GmbH & Co. KG, Bristol Syrup Company, Döhler, Toschi Vignola s.r.l., Giffard, etc., are some of the prominent players operating in the Cocktail Syrups market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with innovative products.

Insights Presented in the Report

“Amongst product, fruit segment grabbed major market share”

Based on the product, the market is fragmented into Fruit, Herbs & Seasonings, Vanilla, and Others. The fruits segment grabbed XX% market share and dominated the market. The market of this segment would reach USD XX Mn by 2027. With the increasing standard of living and changing taste preferences, people are shifting to comparatively healthy drinks and snacks. The benefits of fruits cocktail syrups such as being low on carbs and fats, refreshing and available in different flavors, etc., are leading to the growth of this segment. However, the vanilla segment would witness a considerable CAGR during the forthcoming years.

“Amongst flavor, sweet segment to grab considerable market share”

Based on the flavor, the market is fragmented into Sweet, Salty, Sour, and Mint. The sweet segment grabbed XX% market share and captured USD XX Mn market in 2020. The market of this segment is uplifting as Fruity and sweet cocktail syrups are quite popular among consumers in the U.S. as they perfectly balance the sourness or bitterness of hard spirits, like rum and whiskey. Consumers who are looking to experiment with hard liquor tend to favor these sweet cocktail syrups.

“North America represents one of the largest markets of Cocktail Syrups market”

For a better understanding of the market adoption of the Cocktail Syrups Market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America region grabbed XX% market for the Cocktail Syrups Market industry and generated revenue of USD XX Million in 2020. The emerging number of bars and nights club in the region is one of the prominent reasons for the market growth. There are 1 million-plus restaurant locations in the US employing 15.6 million workers. This 2021, the number of chain restaurants in the US is at 101,811. However, the Europe region would witness the highest CAGR during the forthcoming years

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