The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cocktail syrups are sweet concoctions infused with fruits, herbs, extracts, and other ingredients to add flavor and color to mixed drinks. The popularity of homemade cocktails has driven the demand for cocktail syrups. Easy to prepare and use, cocktail syrups allow drink experimentation without complex recipe requirements. With versatility across gin, rum, vodka, and whiskey-based cocktails, syrups are convenient mixers for home and professional bartenders.
Market key trends:
The growing cocktail culture is driving significant demand for innovative syrup flavors. Social media has catalyzed easy cocktail recipes using syrups that are trending new flavors. Exotic fruit flavors like hibiscus, tropical mango, and passionfruit are gaining popularity. Craft distillers are also releasing small-batch syrup lines to complement their spirits. The availability of extended syrup ranges with herbs, spices, and other natural extracts enables unique flavor profiles in cocktails. This empowers consumers to craft customized drinks and fuels the experimentation trend in cocktails. Furthermore, convenient single-serve packet formats of syrups are boosting on-the-go consumption of cocktails.
Porter’s Analysis
Threat of new entrants: Low capital requirements and availability of raw materials make entry easy in this market. However, established brands have strong brand recognition and supply chain which act as entry barriers.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and standard nature of product. However, established brands create brand loyalty.
Bargaining power of suppliers: Suppliers of raw materials like sugar have moderate bargaining power due to availability of substitutes. However, specialized ingredient suppliers for cocktail have higher bargaining power.
Threat of new substitutes: Low threat as ready substitutes are not available and cocktails have social element attached to it.
Competitive rivalry: High as market has many established regional and global players competing on basis of taste, variety and branding.
SWOT Analysis
Strength: Wide variety of flavours available, strong brand recognition of established players, social element associated with consumption.
Weakness: Seasonal demand, heavy reliance on out-of-home consumption places. Inventory management challenges.
Opportunity: Growth in cocktail culture and consumption in developing regions, product line extensions to cater home consumption.
Threats: Regulations on alcohol consumption, ingredient price volatility increases input costs. Switch to non-alcoholic or homemade cocktails.
Key Takeaways
The Global Cocktail Syrups Market Size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing consumption of cocktails backed by growing younger population and socializing culture. The market size is projected to reach US$ 6.97 Bn by 2030 from US$ 4.72 Bn in 2023.
Regional analysis: North America accounts for around 45% of global sales currently led by US market. Asia Pacific is fastest growing region expected to grow at over 6% CAGR during forecast period with China and India being major contributors. Growth in Asia Pacific is supported by growing middle class, urbanization and exposure to Western culture in region.
Key players: 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. Companies focus on new flavour launches and expansion in lucrative Asian markets to strengthen their position.
For More Insights, Read: https://www.newswirestats.com/cocktail-syrups-market-demand-growth-and-regional-outlook-by-2030/
