The Global Cocktail Syrups Market size is expected to reach $6.8 billion by 2027, rising at a market growth of 8.8% CAGR during the forecast period. The cocktail is an alcoholic drink that is made from a wide range of alcohol like vodka, tequila, gin, rum, or brandy blended with some other ingredients like cream, herbs, fruit juice, milk, honey, sugar, and other flavorings. Cocktail Syrups are concentrated simple or flavored liquid, which is made up of water, sugar, and different flavors as per the requirement of the cocktail.
The expanding consumption of cocktails due to the increasing disposable income and the shifting lifestyle of the consumer would support the cocktail syrups market in the coming years. Additionally, the high availability of vegetable & botanical cocktails is among the key driving factors of the cocktail syrups market. Furthermore, the high cocktail consumption and more engrained cocktail culture in nations like the U.S. are estimated to open lucrative opportunities for the key players of the market. Though, excess consumption of alcoholic drinks can lead to liver & heart damage, cancer development, and depression, which is anticipated to hamper the growth of the cocktail syrups market.
Creative innovation in cocktails like the usage of real fruit juices with no added artificial sweeteners would surge the demand for cocktail syrups in the market. Furthermore, cocktails provide a variety of options to the customers regarding innovative products and healthier choices like cocktails blended with ginger or lavender, which are beneficial for a person’s health. Thus, bartenders are majorly aiming at the innovations of new cocktails utilizing natural and healthy ingredients, which would contribute to the growth of the cocktail syrups market.
The outbreak of the global COVID-19 pandemic has affected various segments of the business domain. Due to the various restrictions imposed across various nations like lockdown, travel ban, a temporary ban on all the non-essential places, and others, the demand for many non-essential products has witnessed a slowdown. In particular, the COVID-19 pandemic has negatively impacted the demand for cocktail syrups in the market.
The abrupt and extended shutdown of non-essential businesses like bars, restaurants, pubs, and hotels, has declined the sales of cocktail syrups in the market during the lockdown period. Though, the demand for cocktail syrups in the household sector has increased during the lockdown period. In addition, the growing culture of at-home cocktails due to the quality and convenience offered by a variety of cocktail syrups are propelling the demand for cocktail syrups in the market.
The widely acceptable party culture among the young generation across the globe is one of the key aspects surging the growth of the cocktail syrups market. The ongoing trend of consuming drinks with low alcohol content with varied flavors is motivating more youngsters to try them. These cocktails are very popular among youngsters as they provide a balanced drink of alcohol with their preferred flavor.
The shifting preference of the customers from traditional cocktail syrups to premium cocktail syrups with better flavor, lower sugar content, and natural ingredients is supporting the growth of the cocktail syrups market in the coming years. In addition, the rising disposable income of the consumers is also motivating customers to consume these drinks at home or at places like pubs, clubs, and others.
There are many people who do not consume alcohol content, which is estimated to hamper the demand for cocktail syrups in the market. Many religions do not allow the consumption of alcohol, and hence, the followers of the respective religion do not consume alcohol content. Moreover, the population of teetotalers is surging which is further restricting the demand for cocktails syrups in the market.
Based on Product, the market is segmented into Fruit, Herbs & Seasonings, Vanilla and Other Products. The herbs & seasonings segment is anticipated to showcase the fastest growth rate during the forecast period. These herb- and seasoning-infused cocktail syrups have become more popular among the consumers in the last few years. Herbs mix perfectly with spirits such as whiskey, vodka, and tequila. There are several popular herb flavors for cocktails available in the market including lavender, basil, mint, rosemary cinnamon, ginger, dill, cardamom, and lemon verbena.
Based on Flavor, the market is segmented into Sweet, Sour, Salty, and Mint. Sweet flavored cocktail syrup dominated the market with the highest market share in 2020. It is because fruity and sweet cocktail syrups are relatively popular among customers in the U.S. since these syrups help in balancing the sourness or bitterness of hard spirits such as whiskey and rum. Customers who want to do experiments with hard alcohol would need these cocktail syrups to enhance and control the flavor of their drink.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 3.6 Billion |
| Market size forecast in 2027 | USD 6.8 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 8.8% from 2021 to 2027 |
| Number of Pages | 144 |
| Number of Tables | 278 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, Flavor, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Australia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia Pacific is projected would be the fastest growing region in the cocktail syrups market during the forecast period due to the growing adoption of flavored alcoholic drinks among the younger population of developing nations such as China, India, Bangladesh, Vietnam, and Indonesia.
Free Valuable Insights: Global Cocktail Syrups Market size to reach USD 6.8 Billion by 2027
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 Geography
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Starbucks Coffee Company, DoorDash, Inc., Ghost Kitchen Orlando, Swiggy (Bundl Technologies Pvt. Ltd.), Zuul Kitchens, Rebel Foods, Kitopi, Kitchen United, Pop Meals (Dahmakan), and cocktail syrupsKitchens.
The growing culture of at-home cocktails due to the quality and convenience offered by a variety of cocktail syrups are propelling the demand for cocktail syrups in the market.
In 2020, the fruit segment acquired the maximum revenue share in the market and would maintain similar kind of trend even during the forecast period.
The North America emerged as the leading region in the cocktail syrups market in 2020 by obtaining the highest revenue share.
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