The Asia Pacific Cocktail Syrups Market would witness market growth of 10.1% CAGR during the forecast period (2021-2027).
The consumption of cocktail beverages by the younger generation and the working–class population has increased in the last couple of years. Several consumers love flavored alcoholic beverages or cocktails with their preferred flavors. Due to this, the demand for the latest alcoholic beverages with minimal ABV (Alcohol by Volume) that could vary from 4%-7% and a broad variety of flavors is constantly increased among the youngsters.
The shifting preference of the millennials towards the consumption of cocktails is estimated to spur the growth of the cocktail syrups market. Cocktail syrups eradicate the requirement to purchase a broad range of ingredients and help in saving the effort to blend them. Generally, cocktail syrups help in reducing the time required to make a cocktail that motivates consumers to make these drinks at home. Further, cocktail syrups provide customers the comfort of drinking their desired beverages while sitting at their homes.
The growing party culture among the young generation and millennials is augmenting the demand for cocktail syrups in the region. In addition, the rising disposable income of the customers is encouraging them to buy premium drink products, which would bolster the growth of the regional market in the coming years. Additionally, the changing consumer preference from traditional cocktail syrups with high sugar content to high-quality cocktail syrups is estimated to spur the regional growth of the market.
Moreover, many manufacturers are launching numerous innovative flavors in this region, which is supporting the growth of the regional cocktail syrups market. The organic and exotic fruit flavoring of cocktail syrups is attracting more consumers to buy these cocktail syrups, which is estimated to further augment the regional growth of the cocktail syrups market in the coming years.
The Fruit market dominated the Singapore Cocktail Syrups Market by Product in 2020, thereby, achieving a market value of $29.7 Million by 2027. The Herbs & Seasonings market is showcasing CAGR of 12.2% during (2020 - 2027). Additionally, The Other Products market is expected to witness highest CAGR of 12% during (2020 - 2027).
Based on Product, the market is segmented into Fruit, Herbs & Seasonings, Vanilla and Other Products. Based on Flavor, the market is segmented into Sweet, Sour, Salty, and Mint. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Australia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Cocktail Syrups Market is Projected to reach USD 6.8 Billion by 2027, at a CAGR of 8.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Kerry Group PLC, Archer Daniels Midland Company, Doehler Group SE, MONIN, Toschi Vignola s.r.l., Giffard, Bristol Syrup Company Ltd, and Liber & Co.
By Product
By Flavor
By Country
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