New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cocktail Syrup Global Market Report 2023" - https://www.reportlinker.com/p06466674/?utm_source=GNW
The global cocktail syrup market is expected to grow from $4.38 billion in 2022 to $4.70 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cocktail syrup market is expected to reach $5.98 billion in 2027 at a CAGR of 6.2%.
The cocktail syrup market consists of sales of orgeat, oleo saccharum, grenadine, tonic syrup, and oxymel.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Cocktail syrups are a form of concentrated sugar syrup used to sweeten cocktails and mixed beverages.They’re usually created with sugar, water, and flavorings like fruits, herbs, or spices.
It is commonly used to flavor beverages instantly by diluting them with water.
North America was the largest region in the cocktail syrup market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in cocktail syrup report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of cocktail syrup are fruit, herbs and seasonings, vanilla, and others.Fruit syrup is a viscous liquid created by boiling fresh fruit with a small amount of liquid such as water and alcohol until the fruit is broken down.
It is used as a sweetener and flavor enhancer in beverages, cocktail mixes, bakeries, sauces, desserts, and others. The flavors are sweet, salty, sour, mint, and others, which uses distribution channels of B2C (business-to-consumer) and B2B (business-to-business).
Growing demand for cocktails is expected to propel the cocktail syrup market going forward.A cocktail refers to a typically chilled beverage made with wine or distilled spirits and flavoring components.
The cocktail syrup is a sweetened liquid used to add flavor and sweetness to cocktails, which are typically made by dissolving sugar in water and then adding other ingredients such as fruits, herbs, or spices to infuse the syrup with flavor to create delicious and well-balanced cocktails. For instance, in October 2022, according to Nielsen Consumer LLC, a US-based consumer intelligence company, sales of spirits-based hard seltzers and cocktails increased by up 58% as compared to the last year, whereas the off-premises sales of spirits ready-to-drink cocktails increased by 63.4% compared to the year 2021. Therefore, the growing demand for cocktails is driving the cocktail syrup market.
Product innovation is a key trend gaining popularity in the cocktail syrup market.Major companies operating in the cocktail syrup market are focused on developing new products to strengthen their position in the market.
For instance, in April 2021, Nickel Dime cocktail syrups, a US-based food and beverage company that specializes in providing cocktail syrups, launched four flavored cocktail syrups with natural ingredients such as Caged Heat Cocktail Syrup, Fairy Dust Cocktail Syrup, Cherry Bomb Cocktail Syrup and Crimson Smoke Cocktail Syrup. These syrups are made with natural ingredients such as tamarind, cardamom, ghost pepper, fennel, anise, wormwood, cherry, coffee, and cacao. smoked tea, cranberry, and honey. These syrups are alcohol-free, and gluten-free containing around 100 calories per two-ounce serving.
In August 2021, Absinthia’s Bottled Spirits, a US-based handmade beverage company acquired Nickel Dime Syrups for an undisclosed amount.Through this acquisition, Absinthia’s Bottled Spirits aim to strengthen its product portfolio in natural ingredient-based cocktail syrup.
Nickel Dime Syrups is a US-based food and beverage company, is dedicated to producing crafted cocktail syrups.
The countries covered in the cocktail syrup market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cocktail syrup market research report is one of a series of new reports that provides cocktail syrup market statistics, including cocktail syrup industry global market size, regional shares, competitors with a cocktail syrup market share, detailed cocktail syrup market segments, market trends and opportunities, and any further data you may need to thrive in the cocktail syrup industry. This cocktail syrup market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466674/?utm_source=GNW
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