SAN FRANCISCO, May 13, 2021 /PRNewswire/ -- The global cocktail syrups market size is expected to reach USD 5.99 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.7% from 2021 to 2028. The growing preference for cocktails among millennials is expected to be a key factor contributing to the growth of the market.
Key suggestions from the report:
By product, the fruit segment held the largest share of more than 68.0% in 2020 and is expected to maintain its lead over the forecast period. Fruit-flavored syrups have been dominating the global market due to their wide range of flavors and application in cocktails
The herbs and seasonings product 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
North America dominated the market by accounting for over 30.0% share in 2020 as younger consumers are shifting their tastes and preferences from traditional alcoholic drinks to flavored alcoholic beverages
Cocktail syrups eliminate the need to shop for a wide variety of ingredients and save the effort to mix them. Overall, cocktail syrups have made cocktail preparation a less time- and energy-intensive task, which encourages amateurs to try these drinks at home. Cocktail syrups offer consumers the comfort of drinking their favorite beverages at home.
Over the past few years, premium cocktail syrups made with natural ingredients are gaining traction among consumers. Cocktail consumers are shifting from brands with poor ingredient quality and high sugar content to premium brands. Though traditional syrups continue to dominate shelf space at retail stores, premium products are driving the market as consumers are willing to invest in high-quality and authentic cocktail syrups to pair with premium spirits.
The fruit product segment held the largest share in 2020. Consumer demand for fruit-infused flavored syrups, coupled with the high preference for unique tastes, is a major factor driving the market. Manufacturers have been focusing on developing combined fruit syrups and introducing innovative flavors to retain their position in the global industry.
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.
The market for cocktail syrups 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.
Grand View Research has segmented the global cocktail syrups market on the basis of product, flavor, and region:
Cocktail Syrup Product Outlook (Revenue, USD Million, 2016 - 2028)
Herbs & Seasonings
Cocktail Syrup Flavor Outlook (Revenue, USD Million, 2016 - 2028)
Cocktail Syrup Regional Outlook (Revenue, USD Million, 2016 - 2028)
Ready To Drink Cocktails Market–The global ready to drink cocktails market size was valued at USD 649.9 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 12.1% from 2020 to 2027. The growing demand for low content alcohol-based flavored drinks due to rising health concerns is anticipated to drive the market over the forecast period.
Glucose Syrup Market– The global glucose syrup market size was valued at USD 3.3 billion in 2018 and is anticipated to expand at a healthy CAGR over the forecast period. Escalating demand for convenience food and growing usage of glucose syrup in baked food items like candies are some of the factors propelling the market growth.
Gluten Free Sugar Syrup Market– The global gluten free sugar syrup market size was valued at USD 943.461 million in 2018. The market is estimated to expand at a CAGR of 6.31% from 2019 to 2025.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.