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Cocktail Syrup Market Trends and Forecast 2024
Cocktail Syrup Market Trends
According to The Business Research Company's, The cocktail syrup market size has grown strongly in recent years. It will grow from $4.7 billion in 2023 to $5.03 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to growing interest in mixology, changing consumer preferences, rising cocktail culture, increased social media influence, health and wellness considerations.
The cocktail syrup market size is expected to see strong growth in the next few years. It will grow to $6.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to expanding market reach, sustainability and ethical sourcing, innovations in flavor profiles, customization and personalization, health-focused ingredients. Major trends in the forecast period include digitalization and e-commerce, flavor innovation, natural and organic ingredients, craft and artisanal syrups, global flavor influences.
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Market Drivers and Trends:
Growing demand for cocktails is expected to propel the cocktail syrup market going forward. A cocktail refers to a typically chilled beverage made with wine or distilled spirits and flavoring components. Cocktail syrup is a sweetened liquid used to add flavor and sweetness to cocktails, which are typically made by dissolving sugar in water and then adding other ingredients such as fruits, herbs, or spices to infuse the syrup with flavor to create delicious and well-balanced cocktails. For instance, in October 2022, according to Nielsen Consumer LLC, a US-based consumer intelligence company, sales of spirits-based hard seltzers and cocktails increased by 58% as compared to the last year, whereas the off-premises sales of spirits ready-to-drink cocktails increased by 63.4% compared to the year 2021. Therefore, the growing demand for cocktails is driving the cocktail syrup market.
Product innovation is a key trend gaining popularity in the cocktail syrup market. Major companies operating in the cocktail syrup market are focused on developing new products to strengthen their position in the market. For instance, in April 2021, Nickel Dime cocktail syrups, a US-based food and beverage company that specializes in providing cocktail syrups, launched four flavored cocktail syrups with natural ingredients such as Caged Heat Cocktail Syrup, Fairy Dust Cocktail Syrup, Cherry Bomb Cocktail Syrup and Crimson Smoke Cocktail Syrup. These syrups are made with natural ingredients such as tamarind, cardamom, ghost pepper, fennel, anise, wormwood, cherry, coffee, and cacao. smoked tea, cranberry, and honey. These syrups are alcohol-free, and gluten-free containing around 100 calories per two-ounce serving.
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Major Key Players of the Market:
Kerry Group plc; Liber & Co.; Monin Groupe; Bristol Syrup Company; Döhler Group; Toschi Vignola S.r.l.; Giffard; Pratt Standard Cocktail Company; Blossoms Syrup Ltd; American Beverage Marketers; Portland Soda Works LLC; Monarch Beverages; Sonoma Syrup Co. LLC; Amoretti; D'arbo AG; BG Reynolds LLC; Royal Rose LLC; Morris Kitchen LLC; Jack Rudy Cocktail Co.; Cocktail Crate; Collins Innovations Inc.; The Hudson Standard LLC; American Juice Company; Powell & Mahoney Ltd.; Fruitations LLC; The Real Dill LLC; The Twisted Shrub LLC; Wilks & Wilson LLC; Small Town Craft Spirits; The Cocktail Box Co.; The Curious Bartender Co.
Cocktail Syrup Market 2024 Key Insights:
• The cocktail syrup market will grow to $6.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Increasing Cocktail Demand Drives Expansion Of The Cocktail Syrup Market
• Product Developments Fuel Growth In The Cocktail Syrup Market
• North America was the largest region in the cocktail syrup market in 2023
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