RTD canned cocktails market to witness growth
According to recent market analysis by Esomar, the global RTD canned cocktail market is set to witness growth at a CAGR of 11.6%, reaching a valuation of USD$57.2 billion by 2032.
The findings reveal that growing demand for innovative alcoholic beverages for consumption at home is driving sales in the market. Post Covid-19 lockdowns, consumers are preferring to hold social gatherings at home, which is spurring demand for canned cocktails.
Consumers are trying to recreate their favourite restaurant cocktails at home, as which is propelling sales of premium spirits, liqueurs, and mixers. Sales are also being driven by the premiumisation and reinvention of traditional drinks which use natural ingredients and flavours.
Furthermore, consumers are looking to sample new beverages as they spend more time at home, and RTD cocktails are providing customers with the same opportunity, which is boosting the growth in the RTD canned cocktail market.
Key Takeaways:
- Among the product type segment, sales of vodka RTD canned cocktails are projected to account for 19.2% of the total market share in 2022.
- Sales of flavoured RTD canned cocktails are set to increase at 11.3% CAGR by 2032.
- Demand for RTD canned cocktails in the retail segment is forecast to surge at an 11.9% CAGR over the assessment period.
- The US is projected to lead the North America RTD canned cocktail market, with sales growing at a 9.9% CAGR by 2032.
- Germany will emerge as a lucrative pocket in the Europe RTD canned cocktails market. Demand in Germany is projected to grow at a 9.5% CAGR by 2032.
- Sales in the India RTD canned cocktail market are forecast to grow at 12.1% CAGR over the assessment period.
“Increasing demand for RTD food and beverage products is driving sales of canned cocktails. In addition to this, growing preference for natural and organic ingredients and flavours is projected to boost the market in the forthcoming years,” according to a senior research analyst.
Competitive Landscape
Leading players operating in the global RTD canned cocktails market are investing in research & development to improve the variety and quality of their products to improve sales. In addition to this, players are investing in mergers, acquisitions, and collaborations to expand their global presence. For instance:
- In June 2019, ASDA released ‘Throw’ by Boulevard, an energy organic martini.
- Hochstadter reduced the size of their canned cocktails by about 100ml/3.38fl oz so that stacking is simple and the overall amount of alcohol consumed in a single serving is kept to a minimum.
- Big Hammer produced slimmer cans to make its canned cocktails more accessible to female consumers, who are the company’s primary market.
These insights are based on a report on RTD Canned Cocktail Market by Future Market Insights.