India has seen a stupendous rise in the prevalence of the evening economy, cafe culture, and growing acceptance of Western influences, especially in the domain of food consumption and snacking options in the past decade. Restaurants, cafes, takeaway eateries, pubs, nightclubs, and bars are the mainstay of the evening economy. The nighttime sector’s growth also provided an impetus to many ancillary industries (for example, fruit-flavored syrups and mixer industries), which have witnessed rapid growth because of the changing tastes of Indian food lovers. Millennials and Gen-Zs, in particular, are developing a predilection and savoring scrumptious desserts and drinks such as pancakes, waffles, cake, smoothies, ice cream, carbonated water, coffee, cocktails, and tea in which fruit-flavored syrups are used profusely.
Overhauling an all-spectrum economic growth
The increasing consumption rates have fuelled the demand for fruit-based syrups and mixers, providing an immense boost to the B2B activity for the market. Cafes, restaurants, and nightclubs became their largest consumers. However, the B2C growth of the concerned industries was equally impressive. With the growing prominence of social media reach and influence, professional chefs and the general masses and Indian households started posting food videos, reels, and vlogs on how to make handsome and easy-to-make dishes which included pancakes, waffles, and fruit cakes on their social media handles. As a result, the syrup and mixer industry saw a massive upsurge in B2C consumers and market size.
Pandemic troughs and growth projections afterward
The global coronavirus pandemic shook things around and majorly disrupted the food and hospitality industry which went through the worst phase of economic slowdown in the last two years. International boundary closures, and sales dip, coupled with total economic shutdown and social distancing restrictions, depicted a gloomy picture for the food-based industries. Post-pandemic, the evening economy has made a promising comeback with a resurrection in demand for fruit-flavored syrups and cocktail mixers. Consumers’ penchant is oriented towards convenience and ready-to-eat foods like syrups with a high fruit content. It infuses makers and manufacturers with the confidence to produce and release a variety of fruit syrups. Orange, strawberry, and raspberry are some of the highly-bought fruit syrups in the markets. Duo-fruit syrups such as Lime-Mint, Raspberry-Mint, and Lime-Ginger, tasting sweet, sour, and bitter, are gaining momentum among consumers.
As per the Data Bridge Market Research analysis, the global fruit-flavored syrups market size will reach an outstanding mark of USD 35.55 billion by 2029. The report also highlighted the market will grow at a CAGR of 5.25% in the forecast period of 2022-2029. The fruit syrup production stock-up has seen a great consumer demand overdrive as economies worldwide outgrow the pandemic’s ravaging aftereffects.
Grand View Research shows North America held over 30.0% share of the cocktail syrup market in 2020. With an increasing number of young consumers shifting their tastes and preferences from traditional drinks to flavored beverages, the cocktail syrups market in the region is expected to grow. Whereas Asia Pacific will register a growth rate of 5.1% for the forecast period of 2021 to 2028 owing to the increasing adoption of flavored beverages among the young consumers of emerging countries, including India, China, Vietnam, Bangladesh, and Indonesia.
The industry insights for the cocktail mixer industry reveal promising future growth prospects. The cognizance of health consciousness among the larger consumer sections, especially after the pandemic, has been one of the biggest growth contributors to the rising consumption of mixers and fruit syrups, extensively used in cocktails and mocktails.
The impact of globalization is boundless. People are increasingly leaning towards bringing alive a cosmopolitan culture. Further, the rapidly evolving tastes of Indian consumers are making the syrup and mixer industries thrive in the modern social economy.