by The global cocktail syrups market has witnessed significant growth in the past few years driven by growing popularity of cocktails across the world. Cocktail syrups are essentially concentrated mixes of water, sugar and other natural or artificial flavours that are used to enhance the taste of cocktails. They come in a wide range of fruit flavours as well as other flavours and offer greater flexibility to cocktail enthusiasts in terms of experimenting with flavours. Cocktail syrups help in creating unique tasting cocktails easily at home without having to procure fresh juices or spend significant time in preparation. The variety in flavours available allows bartenders and home-mixologists to bring out creative cocktails tailored to specific tastes.
The global cocktail syrups market is estimated to be valued at US$ 4.72 billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the global cocktail syrups market is the rising popularity of flavoured or novelty cocktails. Consumers are increasingly looking for unique and innovative cocktails that provide more diversity than traditional spirit and mix combinations. This has led to demand for cocktail syrups that deliver diverse flavours beyond the common fruit flavours. Experimentation with exotic and rare syrup flavours is gaining traction among bartenders and connoisseurs alike. Furthermore, the increased availability of cocktail syrups through online retail channels is also boosting their demand. E-commerce channels offer consumers greater varieties and novelty syrup flavours than traditional liquor stores. Manufacturers are leveraging the growing e-retail space to market innovative products to consumers and drive trials. This is expected to further propel the demand for cocktail syrups over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barriers to entry for small cocktail syrups manufacturers, but major brands dominate shelf space in stores.
Bargaining power of buyers: Large retail chains have significant power to negotiate lower prices from major syrups brands.
Bargaining power of suppliers: Major ingredients like sugar and fruit concentrates are commodity items with many global suppliers.
Threat of new substitutes: Low as cocktail syrups have few direct substitutes for flavoring cocktails, though some cocktails use mixer beverages instead of syrups.
Competitive rivalry: High among major brands to attract consumers and maintain shelf space at retailers through new flavors, branding and promotion.
Key Takeaways
The Global Cocktail Syrups Market Share is expected to witness high growth.
Regional analysis: North America currently dominates the global cocktail syrups market due to high consumption of cocktails and mixers. The growing culture of nightlife and cocktails especially in the US is driving demand. However, Asia Pacific is expected to be the fastest growing market for cocktail syrups owing to rising incomes, western influence, and growth of bars and nightclubs especially in countries like China, India and Southeast Asia.
Key players operating in the cocktail syrups market are Amcor Limited, Ball Corporation, Smurfit Kappa Group, Ardagh Group, Gerresheimer AG, DS Smith Plc, Constantia Flexibles Group, WestRock Company, Uflex Ltd., Mondi Group, Bemis Company, Inc., Tetra Pak International S.A., SIG Combibloc Group AG, Huhtamäki Oyj, Crown Holdings, Inc. Major players are focusing on innovative packaging and new flavors to attract consumers.
