Ready To Drink Margarita Market to Expand at a CAGR of over 7%
According to latest research by Fact.MR, ready to drink 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 on- the go drinks are expected to increase the ready to drink margarita sales.
In past few years, the ready to drink margarita sales has went north, owing to increasing number of customers preferring ready to drink margarita due to their non- alcoholic content. This is expected to project lucrative opportunity for the ready to drink margarita demand.
What is Driving Ready to Drink Margarita Sales?
With growing demand for low content alcohol-based flavored drinks is anticipated to drive more demand for ready to drink margarita over the forecast period. In past few year, increasing demand for on the go drinks has compelled manufacturers to offer more variety of products in order to expand the customer base. Ready to drink margarita manufacturers started offering drink with several flavors, contributed in increasing ready to drink margarita sales.
Similarly, growth in the product line has also improved the taste and quality of the products. For instance, Jose Cuervo Golden Margarita is offering several flavors for all taste buds including strawberry, honeydew, rose and others, thereby boosting the market growth. Furthermore, majority of consumers consider ready to drink margarita containing more calories as rising number of fitness enthusiasts is impacting ready to drink margarita sales. To address this, manufacturers are developing ready to drink margarita with low content calorie to increase the customer base. For instance, Skinnygirl Margaritas is offering ready to drink margarita with low sugar and calories, which has increased their ready to drink demand.
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COVID-19 Hinder the Global Sales of Ready to Drink Margarita
Ready to drink margarita market witnessed drop in the sales during the pandemic, owing to stringent government regulations for alcohol. Similarly, the ready to drink margarita market showcased shrink in the demand, owing to disruption in the raw material supply and limited distribution performance. However, online retailers supported the demand for ready to drink margarita market to engage stable sales amid pandemic.
However, few months later to pandemic, ready to drink margarita paced up with rising demand in the market, owing to flexible government policy and expansion in the distribution channels. Additionally, consumers started storing the ready to drink margarita, owing to increased shelf life. Especially, end-users also contributed in the ready to drink margarita sales, including restaurants and resorts. These factors are anticipated to increase the ready to drink margarita demand over the foreseeable years.
US and Canada Ready to Drink Margarita Demand Outlook
North America portrayed rapid growth in ready to drink margarita demand, owing to large number of night clubs and resorts. In the past few years, U.S and Canada both have witnessed growth in the ready to drink margarita demand, owing to inclination of consumers in age group of 15-22, towards ready to drink margarita. U.S dominates the ready to drink margarita market, owing to well established retail stores. For instance, Jose Cuervo Golden Margarita, a Mexican company still covers significant number of stores in the U.S and Canada, owing to rising demand.
Furthermore, according to Nielsen survey, margarita is most preferred cocktail drink in U.S. Apart from this U.S. and Canada experienced rise in the ready to drink margarita brands such as, American Cocktail Company, Skinnygirl Cocktails and others. The U.S ready to drink margarita demand is expanding due to relief from hot temperature across North America. Thereby, it is anticipated to cover largest ready to drink margarita market.
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Europe Demand Outlook for Ready to Drink Margarita
Similar to North American countries, European countries are also witnessing steady growth in the last few years, owing to adverse impact of alcoholic drink on the brain and health. Some of the European countries including Germany, U.K, Italy, and Spain are witnessing significant reduction in the alcohol based drinks sales.
Additionally, according to National Heart Forum, 40% of the average amount of actual alcohol consumed came from beer, 30% from spirits, 13% from wine, 11% from alcopops, and 6% from cider, which in turn has been impacting the health of consumers. To address this, in past few years consumers started shifting towards ready to drink margarita in order to experience similar taste with limited effects on health. This is expected to rise the Europe ready to drink margarita demand over forecast period.
Who are the Key Manufacturers and Suppliers of Ready to Drink Margarita?
Some key market participants of the key ready to drink 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.
Ready to Drink Margarita Market Report Highlights:
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