Ready To Drink Cocktails Market to Expand at a CAGR of over 9%
According to latest research by Fact.MR, ready to drink cocktails market is projected to grow at a steady pace during 2021-2031.While the market is set to show recovery from crisis in the mid-term of the projection period, for the long term, demand is expected to showcase higher than the historical growth. Rising demand of low-content alcohol coupled with availability of different type of flavors is expected to surge the ready to drink cocktails demand. Additionally, flavored on- the-go cocktails is gaining popularity amongst youth population, which in turn has been further propelling the ready to drink cocktails demand.
What is Driving Ready to Drink Cocktail Sales?
In recent past, consumers are shifting towards convenient form of alcoholic beverage including ready to drink cocktails. Key players in the market have been utilizing this lucrative opportunity, owing to increase in customer base by introducing new ready to drink cocktails in the market. For instance, Jim Beam has recently launched canned alcohol beverage including, two ready- to-drink cocktails named, The Jim Beam Classic Highball and The Jim Beam Ginger Highball. Thereby, it will expand product portfolio for its ready to drink cocktail.
Similarly, major players in the market are expanding their production capacity and forming growth strategies in order to address the upscaling ready to drink cocktails demand. For instance, Diageo North America Inc. has expanded its manufacturing footprint in Plainfield and installed two ready to drink cocktails lines. The company invested over US $80 million, to increase its production capacity by producing 25 million canes of ready to drink cocktails, per year. This is indicative of growing ready to drink cocktails sales.
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COVID-19 Hinder the Global Sales of Ready to Drink Cocktails.
COVID-19 showcased a momentary impact on the ready to drink cocktails sales, leading to a drastic drop in the consumption and disrupted supply chains. During the pandemic, many ready to drink cocktails manufacturers postponed their several product launches due to heavy impact on the ready to drink cocktails market. For instance, Cutwater Spirts postponed the release of new co-branded canned cocktails with eye-catching 6MLB packaging amid pandemic and shifted the launch to April 2021.
Similarly, governments in East and South Asian countries have imposed stringent regulations impacting complete halt in hotel and restaurants’ overall operation, which in turn significantly impacting the ready to drink cocktail sales. However, with flexible government regulation, market is expected to achieve stable growth over foreseeable years.
US and Canada Ready to Drink Cocktails Demand Outlook
North America portrayed rapid growth in the ready to drink cocktail sales, owing to growing number of flavored alcohol beverage consumers. Additionally, U.S. and Canada both have been broadening their distribution reach of ready to drink cocktails due to presence of almost all major players in the region, including Savage and Cooke, Crown Royal, and others.
In past few years, consumption of ready-to-drink cocktails in people aged between 18-25 years has significantly increased in the region. For instance, in 2018, ready to drink cocktail was most commonly consumed by younger people, aged between 18-29 years. On the contrary, less than 10% of people age 50 to 70 had tried low- alcoholic beverages.
Similarly, U.S ready to drink cocktails demand has also boosted during summer season due to preference for chilled drinking beverage. For instance, it is reported that ready to drink sales went north during summer months, especially during holidays. These key factors contribute to increasing U.S ready to drink cocktails demand.
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Europe Demand Outlook for Ready to Drink Cocktails
Similar to their North American counterparts, European countries are also keen towards ready to drink cocktails consumption. Some of the European countries including Germany, U.K, Italy, and Spain are witnessing significant reduction in the alcoholic drink’s sales. Additionally, crucial factor supporting the Europe ready to drink cocktails sales is limited number of alcohol drinkers in the region.
For instance, according to Eurostat Statistics Explained, in 2014, one quarter of the European population did not drink any alcohol. Thereby, consumers are preferring ready to drink cocktail, owing to low content alcohol level. These key factors are indirectly offering lucrative opportunity for the Europe ready to drink cocktails sales.
Who are the Key Manufacturers of Ready to Drink Cocktails?
Some of the key market participants of the key ready to drink cocktails are
- Jim Beam
- Cutwater Spirits
- Savage and Cooke
- Crown Royal
- Diageo North America
- Crook & Marker
- Dogfish Head Distilling Co.
- Molson Coors Beverage Co.
- Pernod Ricard
- Bacardi Ltd.
- Asahi Group Holdings, Ltd.
- Halewood Wines & Spirits
- Manchester Drinks
Some of the emerging manufacturers of ready to drink cocktails in China includes
- Beer in China
- Breweries in China
- Hangzhou Wahaha Group
An Adaptive Approach to Modern-day Research Needs
Ready to Drink Cocktails Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
By Product Outlook
By Product Type
By Packaging Outlook
By Distribution channel
- Modern Groceries
- Online Retail
- Liquor Stores
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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