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.
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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.
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 has 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 of age 50 to 70 had tried low- alcoholic beverages.
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Similarly, U.S ready to drink cocktails demand has also boosted during summer season due to preference of 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 in increasing U.S ready to drink cocktails demand.
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
Some of the emerging manufacturers of ready to drink cocktails in China includes
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Ready to Drink Cocktails Market Report Highlights:
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