by Cocktail syrups are sweet syrups that are used in cocktails and mixed drinks to provide flavor or sweetness. Some common cocktail syrup flavors include grenadine, raspberry, peach, passion fruit, and ginger. They provide mixologists with a convenient way to add flavors and enhance the taste of cocktails without diluting them with too much actual fruit juice or puree. Ready-made cocktail syrups save bartenders valuable time spent muddling and mashing fresh fruits. The global cocktail syrups market has seen significant growth in recent years driven by the rising trend of mixology and custom craft cocktails. With many talented mixologists creating unique syrup recipes to match their signature drinks, the use of cocktail syrups has become almost ubiquitous in craft cocktail programs at bars and restaurants worldwide.
The global Cocktail Syrups Market is estimated to be valued at US$ 4.72 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Natural and organic syrups are increasingly popular. Many consumers are looking to reduce their sugar intake and avoid artificial ingredients. This has led to a rise in natural and organic cocktail syrup options that use less refined sugars and natural fruit flavors. Brands offering all-natural syrups made from prune, date or coconut sugar without artificial colors or preservatives are seeing strong sales growth. A focus on transparency around sourcing and production is important to consumers in this trend.
Porter’s Analysis
Threat of new entrants: The threat is moderate as the cocktail syrups market requires capital requirements and established distribution networks to compete with existing brands. However, low brand loyalties provide opportunities.
Bargaining power of buyers: The bargaining power is moderate to high as buyers have many options to choose from and the products are substitutable. Buyers can negotiate on pricing and drive costs down.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials like fruits, herbs, and sweeteners have many substitutes available. However, specialty ingredients producers enjoy some power.
Threat of new substitutes: The threat is moderate as other sweetening products and flavorings can be used instead of syrups in cocktails and beverages. However, cocktail syrups have brand loyalty and taste advantages.
Competitive rivalry: The competition is high among established brands with intense rivalry on pricing, promotion, quality, and innovation.
Key Takeaways
The global cocktail syrups market is expected to witness high growth. The North American region currently dominates the market aided by rising cocktail consumption and vibrant culture of mixed drinks. The high disposable incomes and experimental tastes of Americans and Canadians are fueling product innovations and new flavor introductions in the region.
The European region is expected to grow at a notable pace during the forecast period on account of increasing popularity of exotic cocktails and flavored spirits. Countries like the UK, Germany, Italy, and France are major markets owing to evolved cocktail culture and experimentation.
Key players operating in the cocktail syrups market are Liber & Co., MONIN, The Simple Syrup Co, Bristol Syrup Company, Toschi Vignola s.r.l, Giffard, Teisseire, Taylerson€TMs Syrups, ODK Orsadrinks, 1883 Maison Routin, and The Syrup Company. The large companies compete on the basis of brand, flavor diversity, and production capacities. Smaller craft brands focus on specialization and niche flavors.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
