Global Cocktail Syrups Market By Product, By Flavor, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027
- September 2021 •
- 144 pages •
- Report ID: 6177759 •
- Format: PDF
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.
COVID-19 Impact Analysis
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.
Market Growth Factors:
Growing party culture among millennials and youngsters
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 increasing disposable income of the customers
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.
Market Restraining Factor:
The increasing population of teetotalers
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.
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.
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.
Strategies Deployed in Cocktail Syrups Market
Aug-2021: MONIN expanded its business by establishing a manufacturing plant in Telangana, India. This manufacturing plant is the company’s plan of investing Rs. 200 crores for its first phase in establishing the plant. The company has also established an R&D center in Hyderabad to make some new flavors and product categories.
Jul-2021: MONIN launched Energy Boost. This energy boost includes natural caffeine, low calories, and zero sugar.
Aug-2020: Giffard expanded its product portfolio with its new spicy liqueur. This new spicy liqueur is infused with native Espelette peppers, which are bottled at 40% ABV, the liqueur embraces two trends including spiciness & craftsmanship, and provides a strong spiciness with complex aromas and smooth & warm notes.
Jan-2020: Kerry Group teamed up with DaVinci Gourmet, innovative global syrups and sauces brand. Under this collaboration, DaVinci Gourmet unveiled DaVinci Gourmet Beverage Boost, which is a naturally flavored beverage syrup that could be easily added to several daily beverages. The syrup is prepared with Wellmune, which is a part of Kerry’s ProActive Health portfolio to assist in strengthening the normal function of the immune system.
Dec-2019: Bristol Syrup Company came into partnership with The Alchemist, a bar and restaurant chain. Under this partnership, Bristol Syrup Company’s premium cocktail syrups would be utilized heavily across The Alchemist’s latest theatrical winter drinks menu.
Aug-2019: MONIN unveiled Guava and Ginger purees. These two flavors are the latest additions to the prevailing 18-flavor product line of Monin Purées. In addition, Monin Purées are prepared with no artificial colors, preservatives, flavors, or artificial sweeteners along with that, these purees are Non-GMO, vegan, dairy-free, gluten-free, kosher, and halal.
Aug-2019: MONIN introduced Pink Peppercorn syrup. This syrup is the latest addition to the Monin portfolio that captures the distinct aromatic and floral features of the vibrant South American berry. Monin Pink Peppercorn can be blended with a wide variety of cocktails and non-alcoholic serves, which are made to help bartenders accelerate G&Ts and premiumise soft beverages. This Pink Peppercorn syrup does not contain artificial flavorings and colorings are apt for vegans and are allergen-free.
Aug-2017: Giffard launched Giffard Caribbean Pineapple and Giffard Fruit de la Passion in the US. These tropical flavors are perfect for the Tiki cocktail resurgence and resurgence of playful, tropical cocktails, which showcase the strong natural flavors.
Jul-2017: Archer Daniels Midland Company released Fruit Up in North America. This launch would offer food, drink, and snack developers with the latest option to add sweetness from fruit to their new food innovations. This low-glycemic and non-GMO ingredient is a perfect component for clean-label foods and drinks. The sweet taste and neutral flavor of Fruit Up help product developers to add sweetness to a range of food & beverage products, decrease added sugar, and round out whole flavor and mouth feel.
Scope of the Study
Market Segments covered in the Report:
• Herbs & Seasonings
• Other Products
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Kerry Group PLC
• Archer Daniels Midland Company
• Doehler Group SE
• Toschi Vignola s.r.l.
• Bristol Syrup Company Ltd
• Liber & Co.
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