Cocktail Syrup Global Market Report 2024

The cocktail syrup market 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 observed in the historical period can be ascribed to the increasing enthusiasm for mixology, evolving consumer preferences, a burgeoning cocktail culture, heightened influence from social media, and a growing emphasis on health and wellness considerations.

The cocktail syrup market 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 anticipated growth in the forecast period can be credited to the broadening of market reach, a focus on sustainability and ethical sourcing, advancements in flavor profiles, increased emphasis on customization and personalization, and a growing demand for health-focused ingredients. Noteworthy trends expected in the forecast period encompass the increasing prevalence of digitalization and e-commerce, a surge in flavor innovation, a preference for natural and organic ingredients, the emergence of craft and artisanal syrups, and the impact of global flavor influences.

The anticipated growth in the cocktail syrup market is propelled by the increasing demand for cocktails. Cocktails, defined as chilled beverages made with wine or distilled spirits and flavoring components, rely on cocktail syrups to impart sweetness and flavor. Typically created by dissolving sugar in water and incorporating ingredients such as fruits, herbs, or spices, these syrups play a crucial role in crafting well-balanced and delicious cocktails. In October 2022, Nielsen Consumer LLC reported a notable 58% increase in sales of spirits-based hard seltzers and cocktails compared to the previous year. Additionally, off-premises sales of spirits ready-to-drink cocktails surged by 63.4% in 2022 compared to 2021, highlighting the robust demand for cocktails and its positive impact on the cocktail syrup market.

The growth trajectory of the cocktail syrup market is closely tied to the expansion of the hospitality industry. Comprising businesses offering lodging, food, and entertainment services, the hospitality sector plays a key role in driving the demand for cocktail syrups. These syrups enhance beverage offerings, allowing bartenders to create diverse and flavorful cocktails, thereby elevating the overall guest experience. As of June 2023, Unilever Professional reported that the global hospitality industry is valued at nearly $4.7 trillion, with a projected growth of 23.8% over the next four years. This growth in the hospitality industry significantly contributes to the upward momentum of the cocktail syrup market.

A significant trend gaining traction in the cocktail syrup market is product innovation, with major companies prioritizing the development of new offerings to enhance their market positions. For instance, in April 2021, Nickel Dime cocktail syrups, a US-based food and beverage company specializing in cocktail syrups, introduced four flavored cocktail syrups featuring natural ingredients. The syrups, including Caged Heat Cocktail Syrup, Fairy Dust Cocktail Syrup, Cherry Bomb Cocktail Syrup, and Crimson Smoke Cocktail Syrup, incorporate ingredients such as tamarind, cardamom, ghost pepper, fennel, anise, wormwood, cherry, coffee, cacao, smoked tea, cranberry, and honey. These alcohol-free, gluten-free syrups offer a unique blend of flavors and contain around 100 calories per two-ounce serving.

Prominent companies in the cocktail syrup market are strategically concentrating on the creation of intricate blend syrups, particularly in the form of ready-to-pour ranges, to meet the increasing demand from consumers. The term "ready-to-pour" denotes a product that is pre-mixed and prepared for immediate use. A notable example is NIO Cocktails, a UK-based provider of premixed cocktails, which introduced its Ready-to-Pour Range in May 2023. This convenient option enables consumers to enjoy expertly crafted cocktails at home without the need for mixing or measuring. NIO Cocktails emphasizes sustainability by employing lightweight and recyclable pouches for its ready-to-pour range, aligning with its commitment to environmentally conscious practices.

In August 2021, Absinthia’s Bottled Spirits, a distinguished US-based handmade beverage company, successfully completed the acquisition of Nickel Dime Syrups for an undisclosed amount. The strategic intent behind this acquisition is for Absinthia’s Bottled Spirits to reinforce its product portfolio, particularly in the domain of natural ingredient-based cocktail syrups. Nickel Dime Syrups, also based in the US, is a reputable food and beverage company with a dedicated focus on the production of meticulously crafted cocktail syrups. This acquisition reflects Absinthia’s Bottled Spirits' commitment to expanding its offerings and enhancing its market presence in the cocktail syrup segment, leveraging the expertise and product line of Nickel Dime Syrups.

Major companies operating in the cocktail syrup market report are 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.

North America was the largest region in the cocktail syrup market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global cocktail syrup market report during the forecast period. The regions covered in the cocktail syrup market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cocktail syrup market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of cocktail syrups include fruit, herbs and seasonings, vanilla, and others. Fruit syrup, for instance, is a viscous liquid derived from boiling fresh fruit with a minimal amount of liquid, such as water and alcohol, until the fruit is adequately broken down. Widely employed as a sweetener and flavor enhancer, it finds applications in beverages, cocktail mixes, bakeries, sauces, desserts, and various other products. The diverse flavors encompass sweet, salty, sour, mint, and others, with distribution channels spanning both B2C (business-to-consumer) and B2B (business-to-business).

The cocktail syrup market research report provides cocktail syrup market statistics, including cocktail syrup industry global market size, regional shares, competitors with a cocktail syrup market share, detailed cocktail syrup market segments, market trends and opportunities, and any further data you may need to thrive in the cocktail syrup industry. This cocktail syrup market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cocktail syrup market consists of sales of orgeat, oleo saccharum, grenadine, tonic syrup, and oxymel. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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