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 Overview:
Cocktail syrups are sweetened and flavored liquid mixes used to add desired flavors and sweetness to cocktails and mocktails. Popular syrup flavors include grenadine, raspberry, passion fruit, peach, vanilla, and elderflower. Syrups add color, texture and taste to both alcoholic and non-alcoholic beverages. They are suitable for all ages and are becoming increasingly popular with the expanding ready-to-drink cocktail market.
Market key trends:
Growth in online alcohol delivery services is fueling the demand for cocktail syrups. With changing consumer preference towards online shopping and home delivery of groceries and other items amid the pandemic, online alcohol delivery platforms are witnessing significant growth. This has increased the sales of cocktail ingredients including syrups through websites and mobile applications. Manufacturers are focusing on wider varieties of syrups and smaller pack sizes suitable for home use to leverage the opportunity. The trend of novel flavors is also on the rise with options like coffee, rose, lavender and chili based syrups gaining popularity in cocktail experimentations.
Segment Analysis
The Global Cocktail Syrups Market is segmented by type, application, and distribution channel. By type, the fruit syrups segment dominates the market owing to growing demand for flavored and fruit-infused cocktails. Fruit syrups enhance the flavor profile of various cocktail recipes and provide natural sweetness. By application, the alcoholic cocktail segment accounts for the largest share as syrups are widely used to enhance the taste of spirits, wines, and premixed cocktails. By distribution channel, the offline segment leads due to the availability of a wider range of syrup varieties in specialty stores, supermarkets, and hypermarkets.
Key Takeaways
The Global Cocktail Syrups Market Size is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period, due to increasing experimentation with flavored cocktails.
Regional analysis - North America dominates the global market accounting for over 35% share due to rising cocktail culture and strong economic conditions. Asia Pacific exhibits the fastest growth led by China, India, and Japan. Growth in middle-class population and expansion of organized retail are driving the regional market.
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. Liber & Co. holds the largest market share owing to its wide distribution network and premium product portfolio. MONIN is another major player focusing on innovation in cocktail mixers and syrups.
For More Insights, Read: https://www.newsstatix.com/cocktail-syrups-market-size-share-and-growth-forecast-2023-2030/
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