Cocktail Syrup Market Driven by Botanical and Vegetable-based Mixes, Higher Incomes, and Rising Consumption

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Table of Content

The cocktail syrup market size was exhibited at USD 5.19 billion in 2022, and it will grow at a rate of CAGR 3.59% in the years to come to touch USD 7.39 billion by 2032.

The availability of botanical and vegetable-based cocktails, an increase in disposable income, and an increase in cocktail consumption are the key factors driving the market for cocktail syrup.

Market Overview:

Cocktail syrup is a sweetener used in alcoholic beverages, including mixed drinks. It is created using sugar, water, and flavorings like fruit or herbs on occasion. Flavoring and sweetening beverages are used for cocktail syrup. Most liquor stores, as well as online retailers, carry it. Cocktail syrup is a sweetener used in mixed drinks and other alcoholic beverages. Sugar and water are used to make it, and it is typically flavored with fruit or herbs.

The market for cocktail syrup has recently experienced noticeable growth as a result of the food and beverage industries' growing demand for premium and inventive cocktails. The cocktail syrup is used to flavor and sweeten beverages. The growing party culture among young people and the world's working-class population is one of the key factors driving the market's growth. The popularity of craft cocktails and the influence of social media are two additional factors that boost the demand for expensive beverages.

Regional Insight:

The North American region's share of global income in 2022 was 32% or higher, and it is growing exponentially. It has been noted that despite consumers' shifting preferences for flavored alcoholic beverages, North America will continue to dominate during the anticipated timeframe. Another significant factor boosting demand for cocktail syrups is the expanding bar and restaurant scene in the area. Additionally, due to the rising trend of making one's alcoholic beverages, the market for cocktail syrup in the area is growing.

According to data from the American Nightlife Association, the bar and nightclub industry in America has been growing at a respectable annual rate. The top four businesses in the North American cocktail syrup market are Monin Inc., Royal Dutch Distillers BV, Coca-Cola Corporation, and Torani LLC. These businesses provide a selection of cocktail syrups, including classic tastes like simple syrup and grenadine.

On the other hand, due to the changing trend of young people drinking upscale alcoholic beverages, Asia-Pacific is the region with the fastest-expanding market for cocktail syrup. Market expansion is anticipated to be fueled by rising population densities, growing demand for processed goods, and high levels of disposable income. The industry is growing in part due to the development of the retail sectors in developing countries like China and India. The creation of food parks and food processing Special Economic Zones by the Indian government is intended to expand the F&B sector. According to estimates, these changes will make it easier to invest in the syrup industry.

Cocktail Syrup Market Report Scope:

Report Highlights

• By Product, The fruit segment had the largest revenue share in 2022, which was around 70%, it is expected that this segment will continue to rule throughout the projection period. The market for fruit-flavored syrups has grown as a result of their delicious flavor and widespread availability. The fruit-flavored syrups' addition of a sweet and sour flavor improves how much you like the beverage. In the global cocktail syrup market, there is a high demand for syrups with the flavors of orange, peach, pomegranate, and litchi. During the forecast period, it is anticipated that the market for herbs and seasonings will expand significantly as a result of the rising demand for organic ingredients in cocktails.
• By Flavor, Cocktail syrups are preferred by Americans because they perfectly balance the harshness or sourness of strong spirits like rum and whiskey. Customers who like to experiment with strong spirits frequently favor these sweet cocktail syrups. For instance, in April 2019, Torani announced the launch of its new line of syrups under the name "Puremade Syrups. Peach and raspberry are just two of the fruit flavors that are offered for this product. Puremade Syrup, which is made with natural ingredients, free of GMOs and preservatives, has the ideal ratio of sweetness and flavor. The sour cocktail syrup is expected to have the fastest CAGR between 2023 and 2032. Customers who have a traditional preference for alcoholic beverages with a punch of contemporary flavors prefer cocktail syrups with sour flavors.

Market Dynamics:

Drivers:

Young people and millennials are becoming more party-oriented

The widely adopted party lifestyle among the young population worldwide is the main factor driving the cocktail syrup industry's expansion. Many young people are trying low-alcohol beverages due to their rising popularity and variety of tastes. Teenagers like these drinks because they provide an alcoholic beverage that is flavorful and well-balanced. Consumer education is largely to blame for the rise in the popularity of healthy hydration drinks. The demand for premium cocktail syrups with better flavor, less sugar, and natural ingredients will grow in the coming years as consumers' preferences shift away from regular drink syrups.

Additionally, cocktails offer customers a variety of imaginative products as well as healthier substitutes, like cocktails flavored with ginger or lavender, which are advantageous to one's health.  Bartenders are focusing on developing new drinks with natural and healthy ingredients as a result, which will promote the growth of the cocktail syrup sector. The likelihood that customers may consume these beverages at home or in public settings like bars, clubs, and other places increases as their disposable income grows.

Restraints:

Increasing health issues

Most cocktail syrups contain a lot of refined sugar, which can cause blood sugar levels to rise and lead to diseases like diabetes, obesity, and heart disease. Cocktail syrups contain empty calories that can quickly add up and result in weight gain. Some cocktail syrup contains artificial flavors, colors, and preservatives that may have harmful effects on health over time. In general, cocktail syrup contains a lot of carbohydrates, which can raise blood sugar levels and lead to weight gain. Cocktail syrups can add extra calories and sugar to a drink when combined with alcohol, which can have even more detrimental effects on health. The market's expansion is seen as being significantly constrained by the escalating health issues as well as the dangerous cocktail syrup goods.

Opportunities:

Growing preference for natural and organic syrups

As consumers place more value on foods that provide functional benefits aside from the flavor, there is an increase in demand for healthy, natural, and organic syrups. The expansion of the market is being positively impacted by these organic food substitutes. Due to growing health consciousness and worries about the origins of their food, consumers are paying closer attention to food labels and favoring products with healthy and clearly labeled components. Thanks to the rising number of label-conscious consumers, producers of natural and organic syrup now have easier access to the market, particularly in developed countries. For instance, Singing Dog Vanilla introduced organic vanilla syrup to the American market in August 2022. According to the manufacturer, the organic vanilla syrup will give tea, lattes, iced coffee, and other beverage goods a pure and nuanced flavor.

Recent Developments

• November 2022, Le Crush de MONIN, a newly launched product category created by premium and inventive taste solution provider MONIN, was specially curated for the Indian market.  The new product category features the tastes of mango, strawberry, and pineapple. The company hopes to bring a distinctive diversity of mixologists and bartenders with this new launch.
• May 2022, The most modern and statewide-sized taste-making facility owned by Kerry Group has opened in Africa. This factory is set up to create nutrition products that are extensively used in Africa and are sustainable.

Major Key Players:

• The Simple Syrup Co
• Kerry Group PLC
• Bristol Syrup Company
• Toschi Vignola
• Monin
• Giffard
• Liber & Co.

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