by The cocktail syrups market comprises a wide range of flavored syrups used to add sweetness and flavor to cocktails, mocktails, and other beverages. Cocktail syrups are available in various fruit flavors like lime, lemon, orange and mixed berry flavors which enhances the taste of alcoholic and non-alcoholic beverages. The rising demand for innovative mixes has encouraged manufacturers to launch new flavors of cocktail syrups. They are shelf-stable, cost-effective and allow bartenders to create unique cocktails with minimum effort. Cocktail syrups provide versatility in beverage preparation which finds extensive usage in bars, restaurants, and households.
The Global cocktail syrups Market is estimated to be valued at US$ 5.44 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the Cocktail Syrups Market Demand are Amcor Limited, Ball Corporation, Smurfit Kappa Group, Ardagh Group, Gerresheimer AG. Key players are focusing on expansion plans, acquisition, and new product launches to enhance their market share.
The growing demand from bars, lounges and restaurants has been fueling the cocktail syrups market. Cocktail syrups allow creation of unique beverages as per seasonal trends which attracts customers to bars and restaurants. The rising number of specialty cocktail bars is directly impacting the growth of cocktail syrups market.
Increasing globalization has resulted in expansion of key manufacturers in Asia Pacific and Latin American countries. Shift towards branded premium products is encouraging manufacturers to invest overseas markets. Emerging economies in Asia Pacific have displayed high potential for cocktail syrups market owing to increasing disposable incomes and exposure to western culture.
Market Key Trends
Innovation is one of the key trends being observed in the cocktail syrups market. Flavored syrups with botanicals and herbs are gaining popularity among health-conscious customers. Manufacturers are launching new product ranges made from natural extracts to cater to demand for premium ingredients. Some of popular innovations include chilli chili syrups, rosemary syrups and tumeric syrups. With a trend of zero-proof cocktails, non-alcoholic mixer syrups have become mainstream. Innovation serves as a differentiating factor allowing companies to capture market share.
Porter’s Analysis
Threat of new entrants: The cocktail syrups market has high entry barriers for new players due to high capital requirement and stringent product quality regulations. Bargaining power of buyers: Buyers have low bargaining power in the cocktail syrups market due to availability of variety of products from several manufacturers. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes of raw materials used in manufacturing cocktail syrups. Threat of new substitutes: Threat of new substitutes is low as cocktail syrups have well established demand and there are no close substitutes. Competitive rivalry: The competitive rivalry in the cocktail syrups market is high due to presence of many national and international players competing on the basis of product quality, innovation, price and distribution.
Geographical Regions
North America accounts for the largest share of around 35% of the global cocktail syrups market in terms of value owing to high consumption of cocktails. The USA holds the leading position followed by Canada in the North American cocktail syrups market.
The Asia Pacific region is expected to witness the fastest CAGR of over 13% during the forecast period. Improving economic conditions, increasing socializing and partying trends along with rising western influence are fueling the growth of cocktail syrups market in the Asia Pacific region. China and Japan are the major consumers in this region
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
