Originally published on Technavio: Global Ready To Drink Cocktails Market Analysis 2023-2027: North America, Europe, APAC, South America, Middle East and Africa - US, China, Japan, Germany, UK - Size and Forecast
The Ready To Drink (RTD) Cocktails Market size is poised to grow by USD 748.7 million between 2022 and 2027, showcasing a CAGR of 12.42%. In 2017, the US dominated with the largest market share, projecting an annual revenue of USD 209.77 million. This analysis covers industry forecasts and segmentation based on Type (spirit-based, wine-based, and malt-based) and Distribution Channel (hypermarkets/supermarkets, online, and liquor stores). Geographically, it spans North America, Europe, APAC, South America, and the Middle East and Africa. The report presents market size, historical data (2017-2021), and future forecasts in terms of value (in USD million) for all mentioned segments.
Ready to Drink Cocktails Market Analysis
The growing demand for low-alcoholic flavored drinks propels market advancement, fueled by increasing health and fitness awareness among consumers. The rise in demand for low-calorie drinks aligns with modern lifestyle trends, particularly among health-conscious millennials. Despite being often made with fermented sugars, gluten-free RTD cocktails offer a healthier alternative with just 100 calories and two grams of carbs, compared to traditional beer with higher calorie and carbohydrate content. The heightened focus on health is expected to propel the global RTD cocktails market during the forecast period.
The Dominance of Hypermarkets/Supermarkets
The hypermarkets and supermarkets segment, valued at USD 402.60 million in 2017, continued its growth until 2021. Offering competitive prices, a wide brand selection, and a large stock-keeping unit (SKU) variety, these retail giants play a pivotal role in RTD cocktails market expansion. Walmart Inc. and Target Corp., among the largest hypermarkets in the US, contribute significantly to RTD cocktails and drinks distribution. The consumer preference for purchasing in bulk from hypermarkets, supermarkets, convenience stores, and specialty stores, driven by on-the-go packaging and ease of availability, is expected to sustain the dominance of this segment during the forecast period.
North America's Prominent Position
North America is projected to contribute 37% to the global market's growth during the forecast period, boasting the highest alcohol consumption rate. In 2021, the sales of RTD cocktails surged by 39%, driven by premium spirits' consumption during lockdowns. Leading vendors like Brown Forman Corp., Crook and Marker LLC, Cutwater Spirits, LLC, Dogfish Head Craft Brewery Inc., and Mikes Hard Lemonade Co. further amplify regional growth. The per-capita expenditure on alcohol, coupled with a gradual decline in excise tax and the popularity of low-alcoholic flavored RTD cocktails, has contributed to increased alcohol consumption and expenditure in the US.
Ready To Drink Cocktails Market Companies Overview
The market is fragmented, featuring significant players such as AB-InBev, Asahigroup Holdings, Bacardi Ltd, Brown-Forman, and Crook and Marker LLC. Fifteen market companies, including Brown Forman Corp., Cutwater Spirits LLC, Davide Campari Milano NV, Diageo Plc, Dogfish Head Craft Brewery Inc., House of Monaco, Lucas Bols Amsterdam BV, Manly Spirits Co.
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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, are thoroughly analyzed in the report.
The ready-to-drink cocktails market research report forecasts revenue-driven growth at global, regional, and country levels. It offers an analysis of the latest trends and growth opportunities spanning from 2017 to 2021.
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