The increasing party culture among the working class and young generation is a contributing factor in the growth in the cocktail syrups market. The young generation is opting for drinks that have lower alcohol levels compared to traditional ones. Younger drinkers consume cocktail syrups to keep themselves in control and to maintain a social-media image. At the very same time, consumers feel ‘satisfied’ with the consumption of the drink. And to achieve this feeling, consumers need not compromise with the originally known flavor. The ‘satisfaction’ and ‘mouth feel’ that come with alcohol are driving growth in cocktail syrups market.
It is visible with the market trends that the alcohol love among earlier generations is replaced somewhere with ‘grown-up’ syrups. The consumers are offered a variety of cocktails not only with innovative products but with healthier options also. The cocktail syrups range from chocolate, caramel, cinnamon, vanilla, and butterscotch to zabaglione, gingerbread, and elderberry to chipotle, lemongrass, and lavender. Among these, lavender and ginger provide health benefits to customers. The infusion of organic and botanical ingredients in striking flavors is providing new opportunities to players in the cocktail syrups market. Even bartenders are also innovating with the use of healthy ingredients. They are reducing the adoption of artificial colors and flavors and including real fruits juice to enhance the taste. It is expected to enhance demand in the cocktail syrups market.
COVID- 19 Pandemic and Cocktail Industry
The cocktail syrups market is experiencing an adverse effect with the growing cases of COVID-19. The abrupt and prolonged closing of non-essentials, such as restaurants, bars, hotels, and pubs, has put a negative effect on the cocktail syrups market. However, the demand for cocktail syrup for household recipes has mounted. The quality and diversity with an increased number home cocktail party cultures are helping cocktail syrup market to advance. Apart from this, manufacturing companies are also bringing fresh flavored syrups to meet the evolving requirements of taste buds and consumer preferences.