Cocktail Syrups Market Size, Share & Trends Analysis Report 2021 - 2028
Cocktail Syrups Industry Overview
The global cocktail syrups market size is expected to reach USD 5.99 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.7% from 2021 to 2028. The growing preference for cocktails among millennials is expected to be a key factor contributing to the growth of the market.
Cocktail syrups eliminate the need to shop for a wide variety of ingredients and save the effort to mix them. Overall, cocktail syrups have made cocktail preparation a less time- and energy-intensive task, which encourages amateurs to try these drinks at home. Cocktail syrups offer consumers the comfort of drinking their favorite beverages at home.
Over the past few years, premium cocktail syrups made with natural ingredients are gaining traction among consumers. Cocktail consumers are shifting from brands with poor ingredient quality and high sugar content to premium brands. Though traditional syrups continue to dominate shelf space at retail stores, premium products are driving the market as consumers are willing to invest in high-quality and authentic cocktail syrups to pair with premium spirits.
The fruit product segment held the largest share in 2020. Consumer demand for fruit-infused flavored syrups, coupled with the high preference for unique tastes, is a major factor driving the market. Manufacturers have been focusing on developing combined fruit syrups and introducing innovative flavors to retain their position in the global industry.
Over the past few years, herb- and seasoning-infused cocktail syrups are gaining traction among consumers. Herbs blend well with spirits like vodka, whiskey, and tequila. Basil, lavender, rosemary cinnamon, cardamom, ginger, mint, dill, and lemon verbena are among the popular herb flavors for cocktails.
The market for cocktail syrups is slightly fragmented owing to the presence of a large number of regional and international players. The manufacturing companies are launching new flavored syrups as per the evolving tastebuds and changing preferences of consumers.
Cocktail Syrups Market Segmentation
Grand View Research has segmented the global cocktail syrups market on the basis of product, flavor, and region:
Based on the Product Insights, the market is segmented into Fruit, Herbs & Seasonings, Vanilla, and Others.
- The fruit segment held the largest share of over 68.0% in 2020 and is expected to maintain its lead over the forecast period. Fruit-flavored syrups have been dominating the market due to their widespread application in cocktails. The growing consumer preference for products with high fruit content is pushing manufacturers to introduce syrups infused with natural ingredients.
- The herbs and seasonings segment is projected to register the fastest CAGR of 5.3% from 2021 to 2028. Over the past few years, herb- and seasoning-infused cocktail syrups are gaining traction among consumers. Herbs blend well with spirits like vodka, whiskey, and tequila. Basil, lavender, rosemary cinnamon, cardamom, ginger, mint, dill, and lemon verbena are among the popular herb flavors for cocktails.
Based on the Flavor Insights, the market is segmented into Sweet, Salty, Sour, and Mint.
- Sweet flavored cocktail syrup held the largest share of more than 58.0% in 2020. 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.
- The sour flavored cocktail syrup is expected to register the fastest CAGR of 5.2% from 2021 to 2028. Customers with a traditional preference for alcoholic drinks with a punch of modern flavors prefer sour flavored cocktail syrups. These market trends are anticipated to boost the demand for sour flavored cocktail syrups over the forecast period.
Cocktail Syrup Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is slightly fragmented owing to the presence of a large number of regional and international players. The manufacturing companies are launching new flavored syrups as per the evolving tastebuds and changing preferences of consumers. In recent years, a growing number of consumers have been focusing on their health and wellness, above anything else, and this trend holds true when it comes to the consumption of food and beverages too. As a result, beverage companies have been introducing much healthier alternatives to traditional cocktail syrups.
Recent Development
- In May 2022, Kerry Group announced the opening of its most advanced and largest taste manufacturing facility in Africa. This facility is equipped to produce nutrition solutions that are sustainable and are widely consumed across Africa
Some prominent players in the global cocktail syrups market include:
- 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
Order a free sample PDF of the Cocktail Syrups Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Grand View Research, Inc.
Phone: 1-415-349-0058
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Email: sales@grandviewresearch.com
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