The consumer demand for flavored syrups and cocktail mixers is on an exponential rise. According to the Fact.MR’s report on the global flavored syrup market, the market is growing at a CAGR of 5% and is expected to reach US$ 85 Billion by the end of 2033. The market is currently valued at US$ 52 Billion. The growing market share of flavored syrups can also be attributed to the upshift of the masses' inclination towards processed foods with natural ingredients.
Flavored syrups are convenient, versatile, and healthier than their counterparts. The Hershey Company, The Kraft Heinz Company, Manama, Kerry Group, Tate & Lyle, Toschi Vignola s.r.l., Monin Inc, Fuerst Day Lawson, and Torani are some of the top global players operating in the flavored syrup markets. The cocktail mixer market is also on a cumulative upswing. The market is anticipated to close a valuation of US$ 7.59 Billion by 2033 ,expanding at a CAGR of 3.5%, as per the Future Market Insights report. The growing consumption volumes of flavored syrups are also raising the demand for the cocktail mixers market as they are used to getting the final product, that is, fruit-flavored syrups.
Some key trends that are moving the syrups and mixers market are highlighted below.
Availability and ease of use
The advent of grocery delivery apps and quick service restaurants helms the rise in the demand for syrups. The evolution of food consumption habits also has a major role to play. Syrups are abundantly available in the markets at reasonable rates which can be ordered and reach consumer homes through order placements on grocery delivery mediums. They can be used in households for various purposes as garnish in baking, mocktails, cocktails, coffee, iced tea, fruit shakes, desserts, and breakfast toppings on pancakes and cranberries. They can also be used to spruce up sapid meatballs, chicken salami, spare ribs, seafood like crabs, or even on a vegetable stir fry or sweet and tofu.
Health takes priority
A major portion of consumers today are focusing on eating and drinking healthy and this makes them opt for mixers that do not nullify their health goals. Maple syrup is a highly-demanded syrup in Western societies and Asian countries like India. It is high in sugar but also has a rich quantity of minerals and antioxidants. It contains calcium, potassium, iron, zinc, and manganese and reduces the contraction probabilities of inflammation and chronic diseases. Additionally, cocktail mixers are made using several ingredients such as ginger, hibiscus, lavender, strawberry, jalapeno, tamarind, orange, blue pea, and mint, among others that confer several health benefits. They are a bit on the expensive side but are in high demand for alcoholic and non-alcoholic drinks and beverages. They are quite popularly consumed in retro bars, pubs, nightclubs, and even at homes used to treat guests in housewarming parties, soirees, and friendly get-togethers.
Organic and natural drinks are also in trend due to their health benefits. Health-conscious consumers often prefer fruit cocktails syrups.
Modern food habits impact beverage consumption
The fluorescence of the evening economy and an unexpected spurt in the growth of café, connoisseurs, and bakery outlets in recent years have led to a notable change in consumers' tastes and eating preferences in India. They have developed a liking towards beverages, bakery items, shakes, and other types of milk products where syrups are infused as icing to make the item taste and look more delicious and tempting. Indians, who were once shy and rather pertinacious about their non-acceptance of alcohol, are consuming alcohol in the form of cocktails and mocktails on large levels, which is also revving up the cocktail mixer markets.
Increase in younger consumers
In India, there is a rising demand for mixology and cocktails among young consumers. Exotic flavors and premium ingredients used in cocktail syrups are relished by the urban youth of today. They prefer low or no sugar, and natural ingredients in their mixers as part of a healthy lifestyle. A decent disposable income, changing preferences, and eagerness to experiment with new flavors are pushing the syrups market towards growth.
An upsurge in home bartending
With time, consumers are showing interest in preparing their drinks at home. Getting hold of the right ingredients, with the convenient option of using syrups and mixers is encouraging consumers to be home bartenders. Consumers can choose from a variety of simple syrups, flavored syrups, and specialty syrups, which is leading to market size expansion.
The syrup and mixer market is all set to take a major portion of the global food and social economy. It has seen unprecedented growth in European, American, and Asian cultures with an increasing affinity towards Western desserts and drinks. The future holds tremendous opportunities for the sector in terms of exotic flavors, plant-based cocktails, and innovation in cocktails mixers and syrups through extensive research and development. The sky is the limit for companies focusing on this niche sector.