Cocktail syrups are sweet flavoring agents for cocktails and mocktails used to enhance the flavor profile of drinks such as old fashioned, cosmopolitans and whiskey sour. They come in a variety of enticing fruit and botanical flavors like passion fruit, lychee, elderflower, lavender, mint and ginger. Cocktail syrups are convenient to use compared to hand-squeezing juices and offer consistency in flavor for mixologists and amateur bartenders alike. 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:
The COVID-19 pandemic resulted in closure of restaurants, bars and pubs globally, shifting consumption patterns from outside to at-home. Consumers spent more time at home experimenting with amateur cocktails and mocktails, driving high growth in sales of cocktail syrups through retail channels. Companies offering syrups realized this shift and expanded their retail distribution networks as well as introduced new smaller format packaging targeted towards at-home consumption. The trend of increased at-home cocktail making and experimentation with cocktail syrups is expected to drive continued demand over the forecast period.
Segment Analysis
The global cocktail syrups market is dominated by the alcoholic syrup segment. Alcoholic syrups are preferred for making cocktails as they provide flavor and enhance the aromatic qualities of a cocktail. Premium quality alcoholic syrups use natural ingredients like fresh fruits, herbs, and spices to impart unique flavors to cocktails. This makes the alcoholic syrup segment the most lucrative in the market.
Key Takeaways
The global cocktail syrups market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 6.73 Bn by 2030, registering a CAGR of 4.8% during the forecast period.
Regional analysis
The North American region currently dominates the global cocktail syrups market. The U.S. accounts for the largest share owing to rising culture of cocktail bars and party venues serving crafted cocktails. Furthermore, rising experimentation with ingredients and flavors among home bartenders is fueling market growth in the region. The Asia Pacific region is expected to showcase lucrative growth opportunities through 2030 on the back of increasing young population and socializing trends in countries like China, India, and Japan.
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, Taylerson€TMs Syrups, ODK Orsadrinks, 1883 Maison Routin, and The Syrup Company. Liber & Co. enjoys leading position owing to its diverse range of syrups made using herbs, spices, and fruits. MONIN and The Simple Syrup Co are other prominent players competing based on innovation in flavors and quality.
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