GVR Report cover Cocktail Syrups Market Size, Share & Trends Report

Cocktail Syrups Market Size, Share & Trends Analysis Report By Product (Fruit, Herbs & Seasonings, Vanilla), By Flavor (Sweet, Salty, Sour, Mint), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: May, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-426-6
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 60

Report Overview

The global cocktail syrups market size was valued at USD 4.15 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.7% from 2021 to 2028. The growing party culture among the young generation and working-class population across the globe is a major factor contributing to the growth of the market. The COVID-19 pandemic has had an adverse impact on the market for cocktail syrups. The sudden and prolonged closure of non-essential businesses, such as pubs, bars, restaurants, and hotels, has been one of the major changes over the lockdown period. However, the household demand for the products soared during the lockdown. The growth of the at-home cocktail culture and convenience, quality, and diversity of cocktail syrups are the factors behind the upsurge in demand.

Global cocktail syrup market size, by flavor, 2016 - 2028 (USD Billion)

Innovation in cocktail syrups with an infusion of botanical and organic ingredients in vivid flavors is expected to provide new growth opportunities to the manufacturers in the coming years. Several companies have been using natural ingredients and reducing the use of artificial flavors and colors. The increasing number of health-conscious consumers is boosting the sales of syrups with natural ingredients, coloring agents, and additives.

Over the past few years, young customers and the working-class population are increasingly adopting cocktail beverages as per their preferred flavors. Customers are loving the flavored alcoholic beverages with their specific choices. In addition to this, the demand for new alcoholic beverages with low ABV ranging from 4%-7% and a wide flavor range is increasing among the younger population.

Innovation in cocktails, including the use of real fruit juices with no artificial sweeteners, is also driving the market demand. Cocktails offer a wide range of choices to consumers, in terms of both, innovative products and healthier options such as cocktails infused with ginger or lavender that are beneficial for one’s health. As a result, bartenders are focusing on innovating new cocktails using healthy ingredients. This will create growth opportunities for cocktail syrup producers.

Flavor Insights

Sweet flavored cocktail syrup held the largest share of more than 58.0% in 2020. Fruity and sweet cocktail syrups are quite popular among consumers in the U.S. as they perfectly balance the sourness or bitterness of hard spirits, like rum and whiskey. Consumers who are looking to experiment with hard liquor tend to favor these sweet cocktail syrups.

Such consumer trends are encouraging key players to launch new products in the U.S. market. For instance, in April 2019, Torani announced the launch of its new range of syrups under the brand name Puremade Syrups. The product is available in various fruit flavors, including peach and raspberry. Puremade Syrup is a perfect balance of sweetness and flavor, made with natural ingredients, without any preservatives, and is GMO-free.

The sour flavored cocktail syrup is expected to register the fastest CAGR of 5.2% from 2021 to 2028. Customers with a traditional preference for alcoholic drinks with a punch of modern flavors prefer sour flavored cocktail syrups. These market trends are anticipated to boost the demand for sour flavored cocktail syrups over the forecast period.

Product Insights

The fruit segment held the largest share of over 68.0% in 2020 and is expected to maintain its lead over the forecast period. Fruit-flavored syrups have been dominating the market due to their widespread application in cocktails. The growing consumer preference for products with high fruit content is pushing manufacturers to introduce syrups infused with natural ingredients.

Some of the most preferred fruit flavors in the market are pineapple, orange, peach, pomegranate, lime, and raspberry. Moreover, consumers’ willingness to try out different and unique fruit flavors is encouraging the manufacturers to develop duo-fruit syrups such as lime-ginger, lime-mint, and raspberry-mint, which offer a blend of sour, sweet, and bitter tastes.

Global cocktail syrup market share, by product, 2020 (%)

The herbs and seasonings segment is projected to register the fastest CAGR of 5.3% from 2021 to 2028. Over the past few years, herb- and seasoning-infused cocktail syrups are gaining traction among consumers. Herbs blend well with spirits like vodka, whiskey, and tequila. Basil, lavender, rosemary cinnamon, cardamom, ginger, mint, dill, and lemon verbena are among the popular herb flavors for cocktails.

Regional Insights

North America held the largest share of more than 30.0% in 2020. With an increasing number of younger consumers shifting their tastes and preferences from traditional alcoholic drinks to flavored alcoholic beverages, the market for cocktail syrups in the region is bound to grow.

According to the statistics by the American Nightlife Association, the bar and nightclub industry in America has been witnessing a decent year-on-year growth rate of 2.1%. The U.S. bar and nightclub industry was valued at USD 26 billion in 2018. This industrial growth, coupled with the increasing popularity of a variety of cocktails among young and millennial customers, is opening up new avenues for the market.

Asia Pacific is anticipated to register the fastest growth rate of 5.1% from 2021 to 2028 owing to the rising adoption of flavored alcoholic beverages among the young population of emerging countries, like India, China, Vietnam, Bangladesh, and Indonesia.

Key Companies & Market Share Insights

The market is slightly fragmented owing to the presence of a large number of regional and international players. The manufacturing companies are launching new flavored syrups as per the evolving tastebuds and changing preferences of consumers. In recent years, a growing number of consumers have been focusing on their health and wellness, above anything else, and this trend holds true when it comes to the consumption of food and beverages too. As a result, beverage companies have been introducing much healthier alternatives to traditional cocktail syrups. Some prominent players in the global cocktail syrups market include: -

  • Kerry Group PLC

  • Liber & Co.

  • MONIN

  • The Simple Syrup Co.

  • ADM WILD Europe GmbH & Co. KG

  • Bristol Syrup Company

  • Döhler

  • Toschi Vignola s.r.l.

  • Giffard

Cocktail Syrups Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 4.31 billion

Revenue forecast in 2028

USD 5.99 billion

Growth Rate

CAGR of 4.7% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, flavor, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; U.K.; Germany; China; Japan; Brazil

Key companies profiled

Kerry Group PLC; Liber & Co.; MONIN; The Simple Syrup Co.; ADM WILD Europe GmbH & Co. KG; Bristol Syrup Company; Döhler; Toschi Vignola s.r.l.; Giffard

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global cocktail syrups market report on the basis of product, flavor, and region:

  • Product Outlook (Revenue, USD Million, 2016 - 2028)

    • Fruit

    • Herbs & Seasonings

    • Vanilla

    • Others

  • Flavor Outlook (Revenue, USD Million, 2016 - 2028)

    • Sweet

    • Salty

    • Sour

    • Mint

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

Frequently Asked Questions About This Report

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself...

gvr icn

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us now to get our best pricing.

BBB icon D&B icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.