Cocktail syrups are sweetened and flavored concentrates that are used in cocktails to add flavors, colors and sweetness. The commonly used flavors for cocktail syrups include vanilla, strawberry, raspberry, passion fruit among others. Cocktail syrups offer convenience to bartenders and consumers as they help create infinite flavor combinations for cocktails using a small amount. 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 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity for flavored cocktails lies at the heart of significant growth of the cocktail syrups market over the coming years. With the rapid rise of cocktail culture and experimental recipes across the globe, consumers are increasingly gravitating towards innovative flavors and diverse tastes in mixed drinks. Cocktail syrups allow bartenders and home-bartenders to easily create interesting flavor profiles and recipes for cocktails. The wide range of cocktail syrup flavors along with their convenience of use will continue attracting consumers seeking new tastes. This well positions cocktail syrups to capitalize on the surging demand for unique and exotic cocktails, thereby presenting lucrative opportunities for manufactures in the coming decade.
Porter’s Analysis
Threat of new entrants: The cocktail syrups market is a growing market with high opportunity for growth. However, the market is dominated by few established players with strong brand presence and reputation. This poses high threat for new entrants.
Bargaining power of buyers: Buyers in the cocktail syrups market has moderate to high bargaining power. They can negotiate on price by comparing offers from different brands.
Bargaining power of suppliers: The key ingredients used in cocktail syrups such as sweeteners, flavorings, preservatives etc are supplied by few major players globally. This gives suppliers moderate bargaining power over manufacturers.
Threat of new substitutes: There exists threat from alternative mixers and ingredients that can be used in cocktails. However, cocktail syrups have established usage and are convenient substitutes.
Competitive rivalry: The global market is highly competitive due to presence of many global and regional players. Players compete on the basis of flavor offerings, branding, and marketing.
SWOT Analysis
Strength: Wide range of innovative and exotic flavor offerings. Established brand names with high customer loyalty.
Weakness: Seasonal demand and vulnerable to changes in consumer preference. High input and production costs.
Opportunity: Growth in cocktail culture & demand for premium/artisanal ingredients. Expanding into newer markets like Asia pacific and Latin America.
Threats: Stringent regulations regarding ingredients and labelling. Increase in health awareness can reduce sweetened beverage consumption.
Key Takeaways
The Global Cocktail Syrups Market Share is expected to witness high growth during the forecast period of 2023-2030. The market size for 2024 is projected to reach US$ 4.72 Bn, registering a CAGR of 11%.
Regional analysis: North America currently dominates the global market due to higher consumption of cocktails and cultural preference for sweetened drinks. The US contributes majority share. However, Asia pacific is emerging as the fastest growing regional market driven by expanding middle class, rising disposable incomes and influence of western food culture. Countries like China, India are witnessing significant demand upsurge.
Key players operating in the cocktail syrups market are Amcor Limited, Ball Corporation, Smurfit Kappa Group, Ardagh Group, Gerresheimer AG, DS Smith Plc, Constantia Flexibles Group, WestRock Company, Uflex Ltd., Mondi Group, Bemis Company, Inc., Tetra Pak International S.A., SIG Combibloc Group AG, Huhtamäki Oyj, Crown Holdings, Inc. These players are focusing on new product launches, acquisitions and facility expansion strategies to strengthen their market presence.
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