The global RTD cocktails market is experiencing a dizzying ascent. Millennial and gen z preferences, e-commerce, social media influence, pandemic-induced home consumption are some of the key drivers responsible for market growth.

Newark, Aug. 19, 2024 (GLOBE NEWSWIRE) — The global ready to drink cocktails market is expected to reach USD 3.08 billion by 2030, at a CAGR of 12.5% during the forecast period 2024-2033. Increased popularity of ready to eat and ready to drink products, coupled with an increase in purchasing power parity of the consumers, an inclination towards a healthy lifestyle and responsible drinking, and the convenience and wide variety of flavors provided by ready to drink cocktails are driving the ready to drink cocktails market; the requirement to improve service quality for clients is likely to provide an impetus for the introduction of more options and flavors of the products.

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Key Insights on Ready to Drink Cocktails Market

In 2023, the spirit-based segment secured a market share of approximately 42%, leading the category.

The overall market is categorized into malt-based, wine-based, and spirit-based segments. Dominating with a 42% market share in 2023, spirit-based cocktails are highly favored in the ready-to-drink cocktails sector. Commonly incorporated spirits include vodka, gin, whiskey, and tequila, often mixed with a variety of juices such as lemon, orange, pineapple, and cranberry.

With an anticipated CAGR of 14.2%, the bottles segment is projected to be the fastest growing.

Regarding packaging types, the market is segmented into bottles and cans. Bottles, which were the initial packaging option for ready-to-drink cocktails, are projected to grow at the fastest CAGR of 14.2%. Their popularity persists as they mirror the packaging used for traditional alcoholic beverages.

In 2023, the supermarkets/hypermarkets segment dominated the market, accounting for around 60% of global revenue.

The distribution channel category consists of supermarkets/hypermarkets, online and liquor stores. This year, supermarkets/hypermarkets led the sector by covering approximately 60% of the global revenue. These venues are vast, extensively accessible, and have broader consumer access compared to their counterparts. The preference of customers to frequent a single location for diverse shopping needs and the convenience offered are the primary factors for its market dominance.

Report Scope and Segmentation –

Report Coverage

Details

Forecast Period

2024-2033

Forecast CAGR

12.5%

2033 Value Projection

USD 3.08 Billion

Historical Data

2020-2022

Number of Pages

238

Report Coverage

Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends

Segments Covered

Type, Packaging, Distribution Channel

Regions Covered

The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.

Ready to Drink Cocktails Market Growth Drivers

Increased popularity of ready-to-drink cocktails

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Regional Segmentation Analysis:

The market is dissected based on five principal regions which include North America, Europe, Asia Pacific, South America, and the Middle East and Africa. Within these, North America is anticipated to emerge as the predominant market during the assessment period. The trend of ready to drink cocktails in this region is experiencing rapid growth, particularly in the United States. This growth is propelled by the increasing consumer inclination towards convenience due to the hectic lifestyles led by many in this region. The most popular products in this category are whiskey and vodka-based cocktails. A significant development that bodes well for the expansion of this market includes the growing number of supermarket and hypermarket chains such as Target and Walmart since these venues are key in driving sales. These products are not only affordable but also convenient, qualities that are predicted to foster market growth. Additionally, the availability of low alcohol content and healthier cocktail variants are likely to appeal to health-conscious consumers, thereby expanding the market further.

Competitive Analysis:

Key market participants include Brown-Forman, Diageo plc, Pernod Ricard, Bacardi Limited, Manchester Drinks Company Ltd, Asahi Group Holdings, Ltd., SHANGHAI BACCHUS LIQUOR CO. LTD., Halewood Wines & Spirits, Suntory Holdings Limited, and Anheuser-Busch InBev, among others.

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