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The Ready To Drink Cocktails Market is projected to increase by USD 748.7 million from 2022 to 2027. The market is estimated to grow at a CAGR of 12.42% between 2022 and 2027.
This ready to drink cocktails market research report extensively covers market segmentation by distribution channel (hypermarkets/supermarkets, online, and liquor stores), type (spirit-based, wine-based, and malt-based), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
Consumers in developed countries such as the US, Canada, Germany, and France have become more health-conscious and prefer switching to flavored RTD cocktails, like lemon, cranberry, orange, and passionfruit. These cocktails have low alcohol content, ranging from 4%-7%. Therefore, low alcohol by volume (ABV) flavored drinks have been gaining popularity in recent years. Many products have been launched in the low-alcoholic flavored RTD cocktail category. A few have been mentioned below:
Owing to factors such as the increasing number of product launches and the growing demand for low-alcoholic and flavored RTD cocktails will drive the growth of the RTD cocktails market during the forecast period.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
Focused product packaging and design formats are a major trend in the market. Industry vendors are creating novel packaging and labeling styles, using upscale and innovative techniques to appeal to more customers and prolong product shelf life. Manufacturers are also developing lightweight and portable packaging, such as Tetra packs, bag-in-box, metal cans, PET bottles, and single-serve options, to satisfy the demand for on-the-go consumption. Examples of recent product launches include Constellation brands' RTD boxed wine cocktails and Hard Rock International's grab 'n' go cocktails in 19.2-ounce cans. Stranger & Stranger also revamped its packaging with a simple yet elegant design as part of its re-branding strategy. This trend is projected to continue expanding during the forecast period.
The huge availability of substitute products is hindering market growth.RTD cocktails face competition from alcoholic drinks, soft drinks, and energy drinks. High-alcohol content alcoholic drinks are widely available and serve their purpose well, while soft drinks and energy drinks are considered healthier than RTD cocktails due to their lower alcohol content. Additionally, substitute products are typically cheaper compared to RTD cocktails per individual consumption, providing another reason for their popularity. For example, a regular bottle of wine may cost around USD 15 for one person, while RTD cocktails may cost around USD 10 to achieve the same effect. Moreover, soft drinks and energy drinks are extensively promoted, making them more popular. Therefore, the availability of substitutes is expected to impede the growth of the global RTD cocktails market in the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Ready To Drink Cocktails Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Distilled spirits, also known as distilled liquor, are obtained from the distillation process of wine or other fermented fruit or plant juice that has been brewed before. They have around 5% alcohol by volume, with additional ingredients such as juices. The global spirits market includes hard liquor like gin, rum, tequila, whiskey, scotch, cognac, brandy, and others. The lower calorie content in spirits compared to that in beers and other alcoholic beverages has attracted health-conscious consumers. The core market for English gin, which primarily comprises Spain and the UK, is growing continuously and expanding into other countries, such as Belgium and Germany, which are major markets for gin production. Consumers, especially those in the younger population, choose premium brands and seek alternatives to distilled spirits sold by leading mainstream brands, which is the key reason for the growth of spirits.
The market share growth by the hypermarket and supermarket segment will be significant during the forecast period. Hypermarkets and supermarkets offer a variety of brands and stock-keeping units (SKUs) at competitive prices, which attracts more customers.
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The hypermarkets and supermarkets segment was valued at USD 402.60 million in 2017 and continued to grow until 2021. Some of the factors considered while purchasing products from hypermarkets, supermarkets, convenience stores, and clubhouse stores are convenience, huge SKUs, and a wide brand variety. There is a growing consumer inclination toward RTD cocktails owing to busy lifestyles and hectic work schedules. These cocktails are convenient and easy to carry as manufacturers provide on-the-go packaging. The segment is expected to retain its dominance in the global market during the forecast period owing to the consumer preference to purchase these products from hypermarkets, supermarkets, convenience stores, and specialty stores in bulk quantity and store them at their homes.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Distilled Spirits Council of the United States (DISCUS), sales increased by 39% in 2021 as consumers spent on premium spirits during the COVID-19 lockdowns, which led to a surge in at-home consumption of these cocktails. Furthermore, the presence of prominent vendors in the region, such as Brown Forman Corp., Crook and Marker LLC, Cutwater Spirits, LLC, Dogfish Head Craft Brewery Inc., and Mikes Hard Lemonade Co. also drives the growth of the regional market. Additionally, the gradual decline in the excise tax on alcohol and the increasing popularity of low-alcoholic flavored RTD cocktails have both contributed to an increase in alcohol consumption and expenditure in the US in recent years. Therefore, all these factors will boost the regional market growth during the forecast period.
The COVID-19 pandemic had a moderate impact on the growth of the market in the North American region in 2020. However, in 2021, due to the availability of COVID-19 vaccines and the vaccination drives carried out by several governments, activities in offline retail channels that provide RTD cocktails, such as convenience stores, liquor stores, hypermarkets, and supermarkets gradually returned to normalcy which increased the demand for the product in the region. In addition, increasing demand for premium and convenient cocktail products with different flavors and changing consumer lifestyles have resulted in the growth of the regional RTD cocktails market in North America. Thus, the demand for RTD cocktails in North America is expected to continue to grow during the forecast period.
The ready to drink cocktails market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Ready To Drink Cocktails Market Scope |
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Report Coverage |
Details |
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Page number |
164 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.42% |
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Market growth 2023-2027 |
USD 748.7 million |
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Market structure |
USD Fragmented |
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YoY growth 2022-2023(%) |
11.43 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 37% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Anheuser Busch InBev SA NV, Asahi Group Holdings Ltd., Bacardi Ltd., Brown Forman Corp., Crook and Marker LLC, Cutwater Spirits LLC, Davide Campari Milano NV, Diageo Plc, Dogfish Head Craft Brewery Inc., House of Monaco, Lucas Bols Amsterdam BV, Manly Spirits Co., Miami Cocktail Co Inc., MIKES HARD LEMONADE Co., Molson Coors Beverage Co., SHANGHAI BACCHUS LIQUOR Co. Ltd., Snake Oil Cocktail Co., VOSA SPIRITS LLC, Becle S.A.B. de C.V., and NEXT CENTURY SPIRITS LLC |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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