Premixed Margarita Market to Expand at a CAGR of over 7%
According to latest research by Fact.MR, premixed margarita 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 for instant premixed drinks coupled with flavors is expected to increase the premixed margarita sales.
Recently, the premixed margarita demand witnessed uplift, owing to increasing number of consumers preferring premixed margarita over alcohol based content due to low alcohol content. This is expected to project lucrative opportunity for the premixed margarita market.
What is Driving Premixed Margarita Sales?
Way back in 1990s, homemade margarita or cocktail calls for long procedure of fruit juice preparation and carrying five different liquor bottles for different taste and flavor. Consumers can now easily purchase premixed margarita from established brands like Jose Cuervo in different flavors at much lesser cost, compared to the homemade margarita. In past few years, the trend of family getting together or backyard party has significantly uplifted the premixed margarita sales, owing to low- content alcohol level that can be consumed by elderly as well young consumers.
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The sudden boost in premixed margarita sales is due to proper mixture of ingredients without worrying about shaking, stirring and taste. All these key factors are in turn driving premixed margarita demand.
COVID-19 Hinder the Global Sales of Premixed Margarita
During the pandemic, global premixed margarita sales witnessed downslide, owing to disruption in raw material supplies and limited distribution channels. However, online retailers supported the premixed margarita sales which kept the market afloat amid pandemic. Furthermore, consumers started focusing on essentials rather than drinks and beverages. This in turn, shrunk the premixed margarita demand, especially in first quarter of 2020.
However, few months later to lockdown, the premixed margarita market picked a steady pace as consumers opened to home party concept by watching series at home with beverages like premixed margarita. Additionally, consumers also started storing bottles and cans of premixed margarita for different occasions, owing to long shelf life. In addition to this, end-users including restaurants and resorts also contributed in the premixed margarita sales. These factors are anticipated to increase the premixed margarita demand over the foreseeable years.
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US and Canada Premixed Margarita Demand Outlook
North America portrayed rapid growth in premixed margarita demand due to large number of night clubs and resorts. Additionally, consumers prefer premixed margarita for family occasions like Thanksgiving and Christmas. This has boosted the sale of U.S and Canada in holiday week and summer sessions. The well established distribution channel also supports the U.S. premixed margarita demand. For instance, premixed margarita brands such as, Cayman Jack Margarita, Crafthouse Cocktails, Jose Cuervo Golden Margarita offers number of sales channels in U.S and Canada.
Furthermore, in the past few years, age group between15-22 seems more inclined towards premixed margarita. According to Nielsen survey, Margarita (60%) is the most popular cocktail in the U.S., followed by Daiquiri (44%), Pina Colada (36%), Long Island (33%) and Mojito (29%). Thereby, it is anticipated to increase the premixed margarita sales.
Europe Demand Outlook for Premixed Margarita
Similar to North American countries, European countries are also witnessing steady growth in the last few years, owing to adverse impact of alcoholic drinks on youngsters’ growth. Some of the European countries including Germany, U.K, Italy, and Spain are witnessing significant reduction in the alcohol based drinks sales.
Europe witnessed a steady growth in the premixed margarita demand due to increasing adoption of bottled margaritas. On National Margarita Day, most of the restaurants and bars remained closed, thanks to COVID-19 pandemic. During this time, premixed margarita sales boosted as most of the consumers are preferring premixed margarita at home. For instance, according to Scenic Cruises & Tours showed that the Margarita was one of the most searched recipes online last year in U.K. This is expected to rise the Europe premixed margarita demand over forecast period.
Who are the Key Manufacturers and Suppliers of Premixed Margarita?
Some key market participants of the key premixed margarita are
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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.
Premixed Margarita Market Report Highlights:
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