COCKTAIL SYRUPS MARKET ANALYSIS

Market Challenges And Opportunities

Global Cocktail Syrups Market Drivers:

Growing demand for cocktails to foster market growth

Due to growing health conscious consumers worldwide cocktails are witnessing strong demand as they contain low amount of alcohol ranging from 4%–7%, along with added flavors like cranberry, lemon, orange, and passion fruit, which attract health-conscious consumers. Moreover, the per capita consumption of alcohol in Australia, Russia, Brazil, China, France, and South Africa has dropped significantly in recent years. The formation of the Federal Service for Alcohol Market Regulation and the adoption of national strategy concept by the Russian government to reduce alcohol abuse has led to the lower alcohol consumption across the country.

Shifting consumer preferences towards convenience to augment market growth

Due to busier lifestyles and hectic work schedules of consumers, ready-to-drink products are gaining huge demand. Growing popularity of homemade alcohol is again contributing to the demand for cocktails. According to an article published by The Drinks Business in October 2021, in the post-pandemic world, 47% of cocktail consumers are continuing to experiment with kitchen mixology. During the pandemic, consumers' willingness to experience high-quality cocktails at home expanded, which has directly contributed to the trend, as well as a consumer quest to locate the best ingredients and get creative.

Global Cocktail Syrups Market Opportunities:

Increasing innovation in the field of cocktails is expected to provide significant growth opportunities. For instance, in April 2019, Torani launch its new range of syrups under the brand name Puremade Syrups. The product is available in various fruit flavors, including raspberry and peach. Puremade Syrup is a perfect balance of sweetness and flavor, made with natural ingredients, without any preservatives, and is GMO-free.

The shift in consumer interest from traditional alcoholic beverages to flavored cocktails is also boosting the market is expected to bring bright market opportunities for key players in the market. Moreover, the increasing popularity of vegetable & botanical cocktails is also opening up new avenues for the market.

Global Cocktail Syrups Market Restraints:

Increasing demand for non-alcoholic beverages to hinder market growth

According to a survey conducted by UCL in July 2019, 36% of consumers in the age group of 16-24 in full-time education are abstaining from alcohol, resulting in a dip in the sales of conventional alcoholic beverages and cocktails and a rise in the demand for healthier and more functional beverage. From Peroni to Heineken, the demand for 0.0% beers is growing. Hence, growing demand for non-alcoholic beverages is expected to restrict market growth.

Growing population of teetotalers and religious constraints to hamper market growth

Growing teetotalers and religions impediment regarding the consumption of alcohol are a major restraint factors for the market growth. Majority of populations are not comfortable with alcoholic drinks high concentration, thus they are tend to consume low-alcoholic syrups. These factors are projected to hamper the market growth.