Global Ready to Drink Cocktails Market Overview
The key driver impacting the ready-to-drink cocktails market is the rising demand for low content alcohol-based flavored drinks due to rising health concerns globally. also, there is enormous consumer adoption for ready-to-drink cocktails globally specifically in Asian countries like India and China, which is boosting the market in the forecast period. for instance, as per the direct China Chamber of Commerce, China is considered the most dynamic exciting markets globally in terms of growing imports of food and drinks. Chinese market of drinks and cocktails beverages exposed incredible growth in 2018. Canned cocktail sales are also on continuing growth, and it is estimated that canned cocktail had already climbed by a massive 56.6% in 2018. Moreover, growing millennial consumer preference for gin, vodka, whiskey, and tequila-based products is estimated to be a significant factor that positively impacts market growth.
According to Value Market Research, the global ready to drink cocktails market size was valued at around USD 690 million in 2020 and is estimated to grow at a CAGR of about 12.5% during the forecast period of 2021 to 2027.
The growing liking of consumers for RTD beverages gives rise to the launch of new products with different flavors that is likely to add growth to the RTD cocktail market in the forecast period. for instance, in June 2020, Brown-Forman launched canned RTD cocktails through its brand Jack Daniels's to innovatively offer its Tennessee whiskey. Similarly, In June 2020, Molson Coors, a U.K.-based company, launched coorslice. It's has a classic coors taste with a flavor of orange. however, the growing shift of consumers towards organic drinks may hamper the global ready to drink cocktails market in the long run. also, the health concern related to alcohol consumption negatively impacts market growth. the current industry trends, such as the easy online distribution of RTD cocktails and rapid product innovation with the infusion of botanical ingredients, are expected to provide market players with several market opportunities.
The ready to drink cocktails market is vast, with many local and global players. the key leaders follow different strategies to improve their market position, such as contracts, mergers, contracts, extending product portfolio, acquisitions, expansions, and product innovations to improve their market share globally. for instance, In June 2020, a U.K.-based company, Diageo plc, Brown-Forman, Bacardi Limited, Asahi Group Holdings Ltd., PernodRicard, Halewood Wines & Spirits, SHANGHAI BACCHUS LIQUOR CO. LTD., Suntory Holdings Limited, Manchester Drinks Company Ltd., Anheuser-Busch InBev.
In this research report, the ready to drink cocktails market is segmented by type, packaging, distribution channel, and region.
Analysis by Type:
By type, the report is categorized into malt-based, spirit-based, and wine-based. Spirit-based RTD cocktails dominate the type segment with over 45% share in 2020. It is due to the growing popularity of spirit-based drinks owing to the distinct taste of these products and the availability of various flavors. Moreover, increasing demand for Gin and tequila-based products contribute to the high demand for spirit-based RTD cocktail in the forecast period.
Analysis by Packaging:
By packaging, the report is categorized into bottles and cans. The bottle packaging dominates the packaging segment with over 60% share in 2020. RTD drinks were initially launched in a bottle package design and became popular globally. But due to rising environmental concerns, customers started liking cans packaging. The can packaging segment is likely to grow as it is more convenient and easy-to-carry. Also, it is lightweight, compact, and can be easily recyclable.
Analysis by Distribution Channel:
By distribution channel, the report is categorized into supermarkets/hypermarkets, online, liquor Stores. The supermarkets/hypermarkets sector dominates the distribution channel segment with over 60% share in 2020. It is due to the growing number of retail outlets globally. Moreover, various offers and discounts provided by the key players in these supermarkets stores drive the market demand from the supermarkets/hypermarkets stores in the forecast period.
Analysis by Region:
In the regional outlook of the global ready to drink cocktails market, the North America region dominates with a 30% market share during the forecast period. It is due to the growing consumer demand for different flavors of ready to drink cocktails and shifting preference for on-the-go products. Asia Pacific region is likely to grow significantly due to the high adoption of western culture, rising disposable income, and changing lifestyle.
Market Segmentation covered in the Report:
By Type
- Malt-based
- Spirit-based
- Wine-based
By Packaging
By Distribution Channel
- Supermarkets/Hypermarkets
- Online
- Liquor Stores
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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