Canned Cocktails Market to Expand at 20% CAGR through 2030; Demand to Witness Marginal Decline in Near Term amidst COVID-19 Pandemic
Published : 27 Aug 2020 Industry: Food & Beverage
The global canned cocktails market is progressing at breakneck speed and anticipated to surpass a valuation of US$ 146 billion in 2030. The introduction of novel features such as interlocking cans and threaded cans is boding well for market growth. However, the spread of COVID-19 is compelling consumers to stay indoors, which eventually diminishes the demand for canned cocktails. Shutdown of hotels, restaurants, and eateries combined with decrease in production capacity are also adversely affecting the canned cocktails market. However, the market will bounce back with the resuming of food establishments around the world.
Key Takeaways from Canned Cocktails Market Study
- Europe dominates the global canned cocktails market with a projected share of over 40% in 2020. In particular, ready-to-drink canned cocktails are capturing customer attention and fuelling growth in the region.
- The canned cocktails market in South Asia and Oceania is likely to experience high growth in the future, owing to increasing demand for alcoholic beverages in the region.
- Regional cocktails with primary ingredients other than spirits, wine, and malts are likely to experience high growth in the future, owing to increasing demand for the regional alcoholic beverages across the world.
- Non-alcoholic additive ingredients hold a major share of over 70% in the global market, and are likely to continue to maintain their dominating position throughout the forecast period as well.
- Canned cocktails sold through retail stores hold a major share in the global canned cocktails market, but are likely to lose their dominating position to hypermarkets/ supermarkets during the forecast period.
“The ongoing COVID-19 pandemic will slightly affect the growth of the canned cocktails market in the near term, which is otherwise set to expand at am impressive CAGR of 20% through 2030,”says a Fact.MR analyst.
Product Launches to Enhance Market Resiliency
Key players in the canned cocktails market are Duvel Moortgat NV, Brown-Forman, Diageo Plc, AB InBev , The Cooper Spirits Company, Bacardi Limited, Pernod Ricard, AG Barr, Becle, S.A.B. de C.V., The Boston Beers Company, Dulce Vida, Novo Fogo, Manchester Drinks Co., 34 North Cocktails Company, and Kwoon by Woods, among others. Some of the key developments in the market include:
- In 2019, Duluth’s Vikre Distillery, under the brand ‘Frenchie’, Lemongrass, rolled out fruit- and vodka-based canned cocktails by Sheboygan.
- Canned cocktails has observed an ascent in female consumers, as makers such as 'Malibu' by Pernod Ricard and 'Rosé All Day' by Big Hammer Wines have come out with mixed drinks with flavors normally preferred by females, such as strawberries and roses.
Find More Valuable Insights on Canned Cocktails Market
Fact.MR, in its new offering, presents an unbiased analysis of the global canned cocktails market, presenting historical demand data (2015-2020) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the canned cocktails market on the basis of primary ingredient (malt-based, wine-based, spirit-based, and others), additive ingredient (alcoholic and non-alcoholic), can size (less than 250 ml, 250-350 ml, and more than 350 ml), alcohol content (less than 5%, 5 to 8 %, and more than 8%), and distribution channel (liquor stores, hypermarkets, retail stores, online channels, and others), across six major regions.
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About the Food & Beverages Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned food & beverages team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed healthcare industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. For more packaged and processed food domain insights, visit here.