The spirit-based segment gained significant market share around 42% in the global market for ready-to-drink cocktails in 2021, which is unlikely to change in the 2022-2030.
Newark, July 07, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global ready to drink cocktails market is expected to grow from USD 0.75 billion in 2021 to USD 2.18 Billion by 2030, at a CAGR of 12.5% during the forecast period 2022-2030.
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Ready to drink cocktails are a packaged goods, bottled or canned, which are sold in the retail market. Cocktails are usually classified as mixture; the composition has two or more distinct substances. The substances can be vodka, gin, whiskey, tequila etc, to add flavours juices of different kinds are added to the mixture; juices can be lemon, pineapple, cranberry, orange, passion fruits; other flavours may include vanilla, caramel etc. Cocktails are alcoholic in nature, however they have a low alcohol content ranging from 4%-7%. Due to low presence of alcohol, they have a higher preference as compared to neat alcoholic beverages. New variants with different flavours and composition drive the demand for these beverages, the added benefit of being healthier, organic, gluten free also provides an impetus to the sales. Ready to drink cocktails are easy to prepare, have variety of choices, are easily available and are affordable, which makes them a popular choice. The prevalence of on-the-go snacking and lifestyle makes ready to drink cocktails an ideal choice.
Increased popularity of ready to eat and ready to drink products coupled with increase in purchasing power parity of the consumers, an inclination towards health lifestyle and responsible drinking, the convenience and wide variety of flavours 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 introduction of more options and flavours of the products. New product developments and strategic collaborations amongst top companies striving to expand are some of the factors that are predicted to drive global market growth in the future.
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Key players operating in the global ready to drink cocktails market are Brown-Forman, Diageo plc, Pernod Ricard, Bacardi Limited, Manchester Drinks Company Ltd, Asahi Group Holding, Ltd., SHANGHAI BACCHUS LIQUOR CO. LTD., Halewood Wines & Spirits, Suntory Holdings Limited and Anheuser-Busch InBev among others. To enhance their market position in the global ready to drink cocktails market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
• Bacardi, a leading market player, launched a mixed Bombay Sapphire gin and tonic in cans, tapping into the potential consumer interest for convenient at home ready to drink cocktails.
• Ketel one brank of Diageo plc in the US launched a new range of ready to drink cocktails, which are low calorie. They have developed this product with vodka and added natural fruits and sparkling water to enhance the flavour.
The spirit-based segment dominated the market with a market share of around 42% and a market value of around 0.315 billion in 2021.
The type segment is divided into malt based, wine based and spirit based. The spirit-based segment dominated the market with a market share of around 42% and a market value of around 0.315 billion in 2021.
The bottles segment is expected to grow at the fastest CAGR of 14.2% over the forecast period.
The packaging type segments is divided into bottles, & cans. Over the forecast period, the bottles segment is expected to grow at the fastest CAGR of 14.2%.
The supermarkets/hypermarkets segment dominated the market, accounting for around 60% of global revenue and a market value of around 0.450 billion in 2021.
The distribution channel segment is divided into supermarket/hypermarkets, online and liquor stores. The supermarkets/hypermarkets segment dominated the market, accounting for around 60% of global revenue and a market value of around 0.450 billion in 2021. Supermarkets/hypermarkets are large, widely distributed and have a higher consumer reach compared to others. The inclination of consumers towards shopping at a one-stop-shop, the convenience it provides are the reasons for its dominance.
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Regional Segment Analysis of the Ready to Drink Cocktails Market
• North America (U.S. Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America region emerged as the largest market for the global ready to drink cocktails market with a market share of around 35% in 2021. During the forecast period, North America is expected to be the largest market. The ready to drink cocktails market in North America has been expanding rapidly. Ready to drink cocktails in North America is dominated by the United States. The rising demand for on-the-go products because of the busy lifestyle of the population is driving the demand in this region. Whiskey and vodka-based cocktails are the products which have the highest demand. The increasing expansion of supermarket/hypermarket chains like Target and Walmart are a positive development for the ready to drink cocktails as the maximum sales happen through these distribution channels. The products are affordable and convenient, features which will facilitate the growth of the market. The low alcohol content and healthier versions will expand the market by attracting health-conscious consumers.
About the report:
The global ready to drink cocktails market is analysed based on value (USD Billion). All the segments have been analysed on global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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