The global Cocktail Syrups market is expected to grow significantly by 2027 expanding at a CAGR of ~5% during the forecast period (2021-2027).
A rise in the number of hotels, restaurants, quick-service restaurants, cafes, etc., owing to the growing demand for eating outside among millenniums are some of the key factors, that are contributing to the market growth. As per Statista, the market size of the quick-service restaurant industry worldwide consistently increased each year. In 2019, the sector was valued at approximately 875.26 billion U.S. dollars, reflecting an increase over the previous year’s size of 862.58 billion U.S. dollars. However, as a result of the stay-at-home restrictions implemented across the globe to minimize the spread of the coronavirus, the sector was forecast to decline in 2020.
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Emerging spending on food and beverage across countries is one of the prominent reasons, which is driving the market for cocktail syrups. As per a study, Food and beverage would account for 42% of the Indian household expenditure by 2021 in India. As per the NPD group, Millennials with kids also are proving to be a rising demographic of diners, increasing restaurant visits by 5% in 2019. Moreover, as per National Restaurant Association, Consumer spending in restaurants trended sharply higher during the first half of 2021, driven by rising vaccination numbers, additional stimulus payments, and healthy household balance sheets in the aggregate. This allowed consumers to continue to order takeout more frequently while also ramping up their on-premises visits as capacity restrictions lifted across the country. As a result, the 2021 forecast for restaurant sales is updated. Food and beverage sales in the industry are projected to total $789B in 2021, up 19.7% from 2020.
A rise in the GDP per capita is a factor that is impacting the demand for Cocktail Syrups across the globe owing to the growing demand for the products. A rise in GDP per capita signifies an increased standard of living. So, consumers in the developed and developing countries where per capita income is witnessing a rise can think of spending on more items including food & beverage.
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Based on the product, the market is fragmented into Fruit, Herbs & Seasonings, Vanilla, and Others. The fruits segment grabbed XX% market share in 2020 and captured USD XX Mn market in 2020. The growing consumer awareness about the health benefits of fruits as a source of syrup is leading to a greater share of this segment. some of the most preferred fruit flavors in the market are pineapple, orange, peach, pomegranate, lime, and raspberry.
Based on the flavor, the market is fragmented into Sweet, Salty, Sour, and Mint. . The growing popularity of sweet and fruity cocktail syrups among consumers is leading to the growth of the market. Also, the offering of new flavored fruit syrups by the manufacturer is adding pace to the growth of this segment. However, the mint segment would witness a considerable CAGR during the forthcoming years.
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Additionally, the report provides detailed initiatives that are being taken in the field of Cocktail Syrups. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and the Rest of Europe), Asia-Pacific (China, Japan, Australia, India, and the Rest of APAC), Rest of World has been conducted. Asia Pacific region grabbed XX% market and captured USD XX Mn market share in 2020. North America region grabbed the major market share and dominated the market. The presence of numerous players in the countries such as the United States and Canada is leading to the growing market of the region. However, the Asia-Pacific region would witness a considerable CAGR in the forthcoming years.
Global Cocktail Syrups Market Segmentation
Market Insight, by Product
- Herbs & Seasonings
Market Insight, by Material & Additive Type
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Kerry Group PLC
- Liber & Co.
- The Simple Syrup Co.
- ADM WILD Europe GmbH & Co. KG
- Bristol Syrup Company
- Toschi Vignola s.r.l.