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.
Cocktail syrups are concentrated, sweetened and flavored liquid ingredients that are used to impart unique taste and color to cocktails. They are produced by blending natural or artificial flavors with sugar or other sweeteners like simple syrup and honey. Popular cocktail syrup flavors include grenadine, vanilla, raspberry, ginger, cinnamon and rosemary. Cocktail syrups allow bartenders to create signature cocktails with ease and consistency. They help mask the taste of strong liquors and bring character to cocktails. Rise in consumption of flavored mixed drinks has significantly boosted the demand for cocktail syrups.
Market key trends:
The global cocktail syrups market is witnessing considerable growth owing to the emerging popularity of craft cocktails among Millennials and Gen Z consumers. Today’s drinkers are more inclined towards creative small-batch liquors and unique combinations of premium cocktail syrups. Manufacturers are launching diverse and premium flavored syrups to cater to evolving consumer preferences. Moreover, growth in nightlife activities and rising number of bars, pubs and lounges have augmented the sale of cocktail syrups globally. Players are focusing on natural and clean-label syrups made from organic cane sugar and all-natural flavors.
Threat of new entrants: The threat of new entrants is moderate as the cocktail syrups market requires high initial investments in production facilities and distribution networks.
Bargaining power of buyers: The bargaining power of buyers is high since cocktail syrups are an ingredient and buyers can easily switch between different brands.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are numerous raw material suppliers and switching costs are low.
Threat of new substitutes: The threat of new substitutes is low as there are limited alternatives available for cocktail syrups.
Competitive rivalry: High degree of competitive rivalry exists among existing players.
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 flavored alcoholic and mocktail beverages.
Regional analysis: North America dominates the global cocktail syrups market, accounting for around 35% of the total market share. Increasing popularity of flavored cocktails and mocktails among millennials is fueling the growth of the market in the region. Asia Pacific is expected to be the fastest growing market for cocktail syrups, driven by rising living standards and growing millennial population in countries such as India and China.
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. and MONIN collectively account for over 25% market share.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it