Cocktail Syrup Market Size was valued at USD 4.2 Billion in 2022. The Cocktail Syrup market industry is projected to grow from USD 4.4 Billion in 2023 to USD 6.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.20% during the forecast period (2023 - 2032). The rising cocktail culture and the quest for distinct flavour profiles are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Cocktail demand is projected to drive the cocktail syrup market CAGR ahead in the coming years. A cocktail is a chilled beverage made with wine or distilled liquor and flavouring ingredients. Cocktail syrup is a sweetened liquid that is used to increase flavour and sweetness to cocktails. It is commonly created by dissolving sugar in water and then adding other ingredients such as fruits, herbs, or spices to infuse the syrup with flavour in order to create excellent and well-balanced cocktails.
According to Nielsen Consumer LLC, a consumer intelligence company based in the United States, sales of spirits-based hard seltzers and cocktails increased by 58% in October 2022 compared to the previous year, while off-premises sales of spirits ready-to-drink cocktails increased by 63.4% compared to the previous year. As a result, the cocktail syrup market is being driven by the increased demand for cocktails.
Moreover, the cocktail syrup market is constantly evolving as new and unique flavours are created to satisfy consumers' shifting tastes and preferences. Cocktail syrup taste innovation enables mixologists and bartenders to be more imaginative and adventurous with their concoctions, offering customers a wide range of intriguing and unique flavour experiences. This flavour innovation is generating demand for new and fascinating syrups and is a critical driver of market growth.
For instance, with the increased demand for sophisticated alcoholic cocktails in recent years, the innovation of smokey and fire-flavored cocktail syrups has been highlighted. To add bold and intense flavours to cocktails, smoked syrups produced with smoked salt and mezcal and spicy syrups created with ghost peppers and hot sauce are utilized.
Furthermore, as customers become more health-conscious, there is an increase in demand for cocktails created with natural and organic ingredients, which are regarded to be healthier and more sustainable. As a result, demand for high-quality syrups, bitters, and other cocktail ingredients prepared with natural and organic ingredients has increased. Organic syrups are often free of artificial flavours, colours, and preservatives and are produced using environmentally beneficial and sustainable methods. Given the high demand for organic syrups, some well-known enterprises have turned their focus to the manufacturing of organic syrups.
The Cocktail Syrup market segmentation, based on Product includes fruit, herbs & seasonings, vanilla and others. During the projection period, the fruit segment dominates the market by acquiring more revenue. Fruit cocktail syrup is one of the most popular flavour cocktails among health-conscious consumers. Raspberry, peach, strawberry, and other fruits are used in the fruit cocktail syrup. The growing popularity of healthy beverages is driving up demand for organic and natural beverages. Fruity and refreshing cocktails without sugar, artificial chemicals, or colour are popular among consumers, driving up demand for fruit cocktails. Fruit cocktail producers improve the taste of drinks by developing new and unique concoctions.
The Cocktail Syrup market segmentation, based on Flavor, includes sweet, salty, sour, mint. During the forecast period, the sweet category will lead the market by taking a large share. Because of its flavour and sweetness, sweet cocktails are acquiring great popularity and trends in the market among customers. It's popular in simple syrup, mixed beverages, and other cocktails. Growing customer demand for zero-sugar cocktail syrup is expanding the industry because of health concerns. The leading companies are developing nonartificial and nutritious drinks that fulfill consumers' dietary demands. Because of its adaptability and popularity, these characteristics continue to drive market growth.
Figure1: Cocktail Syrup Market, by Flavor, 2022&2032(USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. In 2022, the North America region will account for more than 45.80% of revenue, and it will continue to rise at an exponential rate. The shifting consumer interest in flavoured alcoholic drinks/beverages is expected to retain North America's dominance over the forecast timeframe. Furthermore, the region's growing bar and restaurant industry is driving up demand for cocktail syrups. In addition, the growing popularity of making one's own alcoholic beverages is driving the expansion of the cocktail syrup industry in the region.
Further, the major countries studied in the market report are TheUS, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: COCKTAIL SYRUP MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Cocktail Syrup market accounts for the second-largest market share. The demand for low-alcoholic cocktails and flavoured beverages among millennials across the area is expected to be a major factor driving the growth of the Europe cocktail syrups market. Cocktail syrup consumption is quite popular in European countries such as the Germany, United Kingdom, and France, owing to the existence of numerous manufacturers producing unique goods. Further, the German Cocktail Syrup market held the largest market share, and the UK Cocktail Syrup market was the fastest growing market in the European region
The Asia-Pacific Cocktail Syrup Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the younger generation's changing preference for the consumption of upscale alcoholic beverages. The Asia Pacific region's market for cocktail syrups is expected to rise over the next years as a result of the region's large and increasing customer base, diversity of culinary traditions, and rising demand for natural and sustainable goods. Moreover, China’s Cocktail Syrup market held the largest market share, and the Indian Cocktail Syrup market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Cocktail Syrup market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Cocktail Syrupindustry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Cocktail Syrup industry to benefit clients and increase the market sector. In recent years, the Cocktail Syrup industry has offered some of the most significant advantages to medicine. Major players in the Cocktail Syrup market, including 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 and others, are attempting to increase market demand by investing in research and development operations.
Monin is a French company that manufactures and sells syrups, liqueurs, and fruit purees largely for commercial use (hotels, restaurants, pubs, and so on). Georges Monin created the company in 1912. However, the first syrups were not created until the 1920s. Georges Monin passed away in 1944. The corporation, however, remained family-owned. A few months later, his son Paul took over the company's management. He stopped making wine and concentrated on syrups, developing a dealer network throughout France. In March 2023, MONIN, the world's leading cocktail ingredient provider, announced plans to hold a trade fair at Northern Restaurant & Bar in Manchester on March 14, 2023. The MONIN UK team will be exhibiting new products and flavour varieties at the trade expo. MONIN will allow customers to purchase samples of its unique items.
Kerry Group plc is an Irish food corporation that is publicly traded. It is traded on the ISEQ in Dublin and the LSE in London. Listowel's Kerry's Main Factory. Given the company's origins in the cooperative movement, farmer-suppliers retain a large stake in the business. Kerry was created in 1972 as a private corporation (North Kerry Milk Products) in Listowel, County Kerry, with three shareholders: the state-owned Dairy Disposal corporation (42.5%), a federation of eight small farmer co-operatives in Kerry (42.5%), and Erie Casein Company Inc. from the United States (15%). In May 2022, Kerry Group has announced the inauguration of Africa's most advanced and largest taste making facility. This plant is prepared to generate sustainable nutrition solutions that are widely consumed throughout Africa.
Cocktail Syrup Industry Developments
April 2021, Nickel Dime has launched new cocktail syrup flavours. Caged Heat is a tamarind, cardamom, and ghost pepper cocktail syrup. Fairy Dust cocktail syrup is made with wormwood, fennel, and anise. Cherry Bomb cocktail syrup is a combination of cherries, coffee, and chocolate.
July 2022, Renowned bartender Shannon Healy launched an online site to sell his famed Alley Twenty Six Cocktail Syrups across the nation. Healy is the proprietor of Alley Twenty Six, a restaurant and cocktail bar in Durham, North Carolina, which was selected as one of five finalists for this year's Outstanding Bar Program at the James Beard Foundation's annual restaurant and chef awards.
December 2022, Jones Soda has announced the release of four new Mary Jones syrups to the market. These syrups will include 100mg of THC per serving and will be cannabis-infused. Green apple, berry lemonade, root beer, and orange & cream flavours will be offered.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 4.2 Billion |
| Market Size 2023 | USD 4.4Billion |
| Market Size2032 | USD 6.6 Billion |
| Compound Annual Growth Rate (CAGR) | 5.20% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Flavor, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and 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 |
| Key Market Opportunities | The expanding interest in craft cocktails. |
| Key Market Dynamics | Millennials and young people are developing a party culture. |
Frequently Asked Questions (FAQ) :
The Cocktail Syrup market size was valued at USD 4.2Billion in 2022.
The market is projected to grow at a CAGR of 5.20% during the forecast period, 2023-2032.
North America had the largest share in the market
The key players in the market are 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.
The fruit category dominated the market in 2022.
The sweet had the largest share in the market.
Senior Research Analyst I have a bachelor's degree in mechanical engineering and an mba. i have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. a firm believer in lifelong learning and sharing of knowledge. having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest.Â
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