Ready to drink cocktails market size to grow by USD 748.7 million from 2022 to 2027, North America accounts for 37% of market growth, Technavio
NEW YORK, March 18, 2024 /PRNewswire/ -- The ready to drink cocktails market size is expected to grow by USD 748.7 million from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will be progressing at a CAGR of 12.42% during the forecast period. North America is set to drive 37% of global market growth, fueled by its leading alcohol consumption rates. Notably, the Distilled Spirits Council of the United States (DISCUS) reports a remarkable 39% surge in RTD cocktail sales in 2021, attributed to premium spirit spending during lockdowns, boosting at-home consumption. Key players such as Brown-Forman Corp., Crook and Marker LLC, Cutwater Spirits, LLC, Dogfish Head Craft Brewery Inc., and Mikes Hard Lemonade Co. reinforce regional market expansion. Factors like rising per-capita alcohol expenditure, declining excise taxes, and the rising demand for low-alcohol RTD cocktails all contribute to this upward trend in the US.
Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The Free sample report is available in PDF format
Key Segment Analysis
The market share growth by the hypermarkets and supermarkets segment will be significant during the forecast period. To attract more customers, hypermarkets and supermarkets offer a variety of brands and stock-keeping units (SKUs) at competitive prices. Convenience, huge SKUs, and a wide brand variety are some of the factors considered while purchasing products from hypermarkets, supermarkets, convenience stores, and clubhouse stores.
To know additional highlights and key points on various market segments and their impact in coming years, View the PDF Sample Report.
Geographical Market Analysis
North America is estimated to account for 37% of the global market during the forecast period. The presence of leading market players in the region, such as Brown Forman Corp., Crook and Marker LLC, Cutwater Spirits, LLC, Dogfish Head Craft Brewery Inc., and Mikes Hard Lemonade Co. also drives the growth of the regional market. Furthermore, the incremental decline in the excise tax on alcohol and the growing popularity of low-alcoholic flavored RTD cocktails have both accounted for an increase in alcohol consumption and expenditure in the US in recent years. Thus, all these factors will drive the regional market growth during the forecast period.
Key Companies
The ready to drink cocktails market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including:
Anheuser Busch InBev SA NV, Asahi Group Holdings Ltd., Bacardi Ltd., Brown Forman Corp., Crook and Marker LLC, Cutwater Spirits LLC, Davide Campari Milano NV, Diageo Plc, Dogfish Head Craft Brewery Inc., House of Monaco, Lucas Bols Amsterdam BV, Manly Spirits Co., Miami Cocktail Co Inc., MIKES HARD LEMONADE Co., Molson Coors Beverage Co., SHANGHAI BACCHUS LIQUOR Co. Ltd., Snake Oil Cocktail Co., VOSA SPIRITS LLC, Becle S.A.B. de C.V., and NEXT CENTURY SPIRITS LLC
View the PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.
Analyst Review
The Ready to Drink (RTD) Cocktails Market is experiencing a surge in popularity, driven by evolving consumer preferences and lifestyle changes. As consumers increasingly prioritize convenience and health-consciousness, the market has witnessed a notable rise in demand for low-alcohol flavored beverages and healthier alternatives.
Health concerns and improved quality are paramount for today's health-conscious consumers, particularly in developed countries where lifestyle preferences are shifting towards overall well-being. With busy lifestyles and demanding work schedules, the working population seeks quick and easy solutions without compromising on taste or quality.
The RTD cocktails market caters to these needs by offering a diverse range of products, including gluten-free and keto-friendly options, appealing to a broad spectrum of consumers. From cranberry and orange to passionfruit flavors, manufacturers are continually innovating to meet evolving taste preferences while ensuring organic and natural ingredients are prioritized.
One significant trend driving market growth is the at-home cocktail culture, where consumers can enjoy premiumization and variety without the hassle of preparation. This trend has gained momentum, particularly in the wake of the global outbreak, as consumers seek safer alternatives to traditional socializing.
The rise of the spirits-based cocktails segment has been notable, with vodka, whiskey, rum, and gin leading the charge. Additionally, wine-based cocktails have carved a niche, appealing to those looking for a lighter alternative. With single-serve packaging and innovative package design, convenience remains a key factor driving consumer choices.
The market's compound annual growth rate (CAGR) reflects its robust performance, fueled by factors such as premiumization, product flavors, and package design. Revenue shares continue to grow as manufacturers respond to changing consumer preferences and emerging trends.
In response to an aluminum shortage, the market has seen a shift towards alternative packaging solutions, including glass bottles, to meet the growing demand for RTD cocktails. Additionally, innovations in flavor profiles and alcohol content cater to diverse consumer preferences while ensuring responsible drinking practices are promoted.
Overall, the RTD cocktails market presents lucrative opportunities for manufacturers, with the potential for sustained growth driven by consumer demand for convenience, quality, and healthier options. By embracing innovation and staying attuned to evolving consumer preferences, stakeholders can capitalize on this burgeoning market segment effectively.
Market Overview
The Ready-To-Drink Cocktails market is experiencing a surge in demand, driven by the American appetite for convenience and innovation. With an array of flavors like apple and cinnamon, these beverages grab attention with their enticing blends. They cater to busy individuals, including those with a bachelor's degree who seek quick refreshment without compromising quality. Amid concerns about cardiovascular disease, manufacturers strive to offer healthier options, incorporating bodybuilding supplements and reducing chemical substances. Leading companies such as Campbell Soup Company are capitalizing on this trend, introducing new variations to satisfy diverse tastes. Additionally, the rise of cold brew coffee infused cocktails caters to the evolving preferences of consumers seeking both refreshment and a caffeine kick.
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ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
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