Ready to Drink Cocktails Market To Reach USD 2.9 Billion By 2032 | DataHorizzon Research
The ready to drink cocktail market is growing due to high demand and the latest trends.
Fort Collins, Colorado, Jan. 17, 2024 (GLOBE NEWSWIRE) — The Ready to Drink Cocktails Market size was valued at USD 0.9 Billion in 2022 and is expected to reach USD 2.9 Billion by 2032 at a CAGR of 12.8%.
The RTD cocktails market is expected to grow due to increasing demand for low-alcohol drinks, with flavors driven by rising health concerns. The market is also expected to grow due to the premiumization of the product with better quality, package design, and taste. During the pandemic, demand for ready to drink cocktails increased as people could not go to bars or parties. These drinks were easily available online and in supermarkets, as they were simple to consume and satisfied the need for cocktails without complicated preparations at home.
Products in this market are mostly available online as their alcohol content limits their sale in grocery stores or supermarkets. Due to high consumption rates, particularly among young people, authorities discourage their sale in stores to protect public health and well-being. As a result, the availability of these products is restricted, making it challenging for customers to find them outside of online shopping.
Low-sugar and low-carb cocktails have become increasingly popular recently, as they offer a wide variety of flavors and are convenient to take with you on the go. Consumers’ busy lifestyles and demanding work schedules drive the demand for convenient ready to eat (RTE) or RTD products. These quick and easy solutions have become increasingly popular among people who prefer hassle-free options. These cocktails are a favorite among health-conscious consumers and young people who want to have fun without becoming too intoxicated.
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The global ready to drink cocktails market has been segmented into alcohol base, packaging, distribution channel, and region. Ready to drink cocktails made from spirits are gaining popularity in the alcohol industry. As per a report by the Distilled Spirits Council of the United States, 55% of Americans prefer spirit-based cocktails, which offer a variety of flavors, convenience, and quality. The spirit-based cocktails fulfil this rising demand for the drinks. The distribution channel for these cocktails is dominated by hypermarkets/supermarkets since most buyers prefer to purchase them while buying other food or grocery products. Also, due to the restrictions on the sale of alcohol-based drinks in local stores in many states in the United States, people tend to buy such drinks from hypermarkets/supermarkets.
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Ready to Drink Cocktails Market Report Highlights:
- The global ready to drink cocktails market growth is anticipated at a CAGR of 12.8% by 2032.
- The demand for low-alcohol RTD cocktails is increasing due to health concerns and the premiumization of the product. During the pandemic, people turned to RTD cocktails as they were easily available online and in supermarkets. However, due to high consumption rates, these products are mostly available online only. Low-sugar and low-carb cocktails are also becoming popular among busy and health-conscious consumers.
- The ready-to-drink cocktails market in North America, particularly in the United States, is significant. An 80% interest in buying RTD alcoholic drinks has been expressed by adults in the US, according to a survey by Bacardi. IWSR predicts RTD cocktails will compete with beer and wine in the US due to their convenience, portability, variety of flavors, and ability to be consumed anywhere, anytime.
- Some prominent players in the ready to drink cocktails market report include Brown Forman, Asahi Group, Pernod Ricard, Diageo Plc., Bacardi Limited, Suntory Holdings Ltd., Shanghai Bacchus Limited Company, Manchester Drinks Company Ltd., Delola, Halewood International, and others
Industry Trends and Insights:
– Bacardi has achieved an industry milestone by producing the world’s first-ever commercial glass spirits bottle powered by hydrogen. This trial marks a significant step in reducing carbon emissions and promoting sustainable practices in the industry.
– Brown-Forman and The Coca-Cola Company are partnering to introduce a pre-mixed Jack & Coke cocktail made with Jack Daniel’s Tennessee Whiskey and Coca-Cola. Initially launching in Mexico in late 2022, the drink will be available globally.
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Ready to Drink Cocktails Market Segmentation:
By Alcohol Base: Malt-based, Spirit-based, Wine based
By Packaging: Bottles and Cans
By Distribution Channel: Hypermarkets/ Supermarket, Liquor Stores, Grocery store, Online
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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