RTD Cocktails market will be USD 1.1 billion in 2023 and grow at a CAGR of 14.20% from 2023-2030: Cognitive Market Research
Introduction of Ready To Drink Cocktails Market
RTD alcoholic beverages are ready-to-drink beverages that contain a certain amount of alcohol. Different types of RTD alcoholic beverages are available in the market and are served for different purposes. There are many strategies to maintain and enhance their market presence. These strategies include the growing popularity of low spirits and flavored beverages among young adults, innovation in marketing strategies, e-commerce, low prices, easy access, and growing investment in pubs and bars. This surge in demand for innovative and convenient beverage options suggests that the market is poised for continued growth in the foreseeable future. These strategies help key players capture a significant market share and compete in the dynamic RTD Cocktail market.
For Instance, in October 2022, Pernod Ricard reinforced its partnership with sovereign brands. Through this partnership, Pernod Ricard will considerably grow its minority stake in Ruler Brands' premium spirits and wine brands. This investment will help Pernod Ricard by accelerating, transforming, and reflecting its ambition to enhance its consumer-centric product portfolio development.
Key Insights from Ready To Drink Cocktails Market Report
The Global RTD Cocktails market will be USD 1.1 billion in 2023 and grow at a CAGR of 14.20% from 2023 to 2030.
Rising Demand for Ready-to-drink Cocktails to Provide Viable?
The growth of rising demand has significantly impacted ready-to-drink cocktails. These products gained popularity as they were easy to prepare, accessible, affordable, and available in various flavors with low alcohol content. Retailing during and after the pandemic is an opportunity for the players, and the rising effect of the West on the Asian Pacific market is making demand for ready-to-drink cocktails. There are many growth factors such as increasing trend of at-home RTD cocktail consumption. The Surging popularity of social gatherings and entertainment events, both at home and outdoors, has significantly contributed to the increasing demand for Ready-to-drink cocktails.
For Instance, in May 2020, Aquarelle, Molson Coors's beverage line of vodka-based canned drinks, launched across Canada with a multi-million-dollar marketing blitz.
Customers changing lifestyles, rising demand for ready-to-drink premixes from youth, the increasing importance of new and ethnic flavors, and advancements in marketing and promotional activities all contribute to the global ready-to-drink alcohol beverages market's growth. The perforation of e-commerce, low prices, easy access, and the introduction of natural and health-beneficial ingredient cocktails in ready-to-drink alcoholic beverages, investment in pubs and bars, and a variety of flavors available in ready-to-drink alcoholic beverages global market growth.
For Instance, in June 2020, Brown-Forman launched a range of spirit-based canned cocktails through its brand, Jack Daniel's. This range includes Jack & Seltzer, Jack & Cola, Jack, Honey, and Lemonade. This canned Cocktail provides consumers with a convenient and premium quality Tennessee whiskey.
Market Dynamics of Ready To Drink Cocktails
It is frequently overlooked by consumers that ready-to-drink cocktails have low alcohol content. The material fact is ignored. With this incomprehension and lack of proper messaging about the constitution and benefits of ready-to-drink cocktails, the market growth could be hampered. Many consumers prefer the experience of ordering a freshly made cocktail from a skilled bartender. It can be further made worse by faiths around the world, whereby alcohol consumption is identified as sinning in their teachings. In addition, consumers are aiming to cut back on their alcohol intake and switch to healthier drinks and fortified water due to the rising rates of obesity, liver illness, and other health-related ailments. This could limit the growth of the RTD cocktail market.
Impact of COVID–19 on the Ready To Drink Cocktails Market
The COVID-19 outbreak has importantly impacted the market for ready-to-drink alcoholic beverages. Many country's governments do not include alcohol on their list of goods during a lockdown. All distribution channels have been closed. Pubs and clubs, which accounted for the most ready-to-drink alcoholic beverage sales, have also closed because social distancing has demoralized people from visiting such establishments. The COVID-19 pandemic positively impacted the RTD cocktails market. The pandemic changed consumer preferences toward low-alcohol, low-sugar RTD cocktails and products with natural ingredients, organic certifications, and sustainable Packaging in RTD cocktails.
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Competitive Landscape of the Ready To Drink Cocktails Market
Players help the market grow and expand by offering new and innovative items, employing efficient marketing tactics, and targeting certain consumer segments; ready-drink cocktail manufacturers continuously invest in research and development to create new and exciting flavors, ingredients, and packaging formats.
Top Companies Market Share in Ready To Drink Cocktails Industry:
Ready To Drink Cocktails Market Analysis
Product Type Segment Analysis:
According to Cognitive Market Research, the Malt-based segment significantly contributes to the rising RTD cocktail market share. Malt-based cocktails are widely available across various retail stores. Manufacturers offer malt-based cocktails in different flavors with low sugar and alcohol content. Hard seltzer is one of the popular malt-based cocktails.
Cocktail held the major market share over the forecast period due to the enduring focus on well-defined Cocktail. Vodka, whiskey, gin, and rum are RTD cocktail's most commonly used spirits. These drinks offer a wide variety, such as cocktails infused with ginger, Rose, lavender, and spirits, which has increasingly made them the most preferred alcoholic beverage among customers and is expected to be the fastest-growing segment.
Application Segment Analysis:
Packaging Segment Analysis:
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Sales Channel Segment Analysis:
The Global RTD cocktails market was dominated by North America, which holds more than 35% of the market share
According to Cognitive Market Research, the global RTD cocktails market was dominated by North America, which holds more than 35% of the market share. North America is a prominent region for market growth due to the rapidly increasing consumption of RTD alcoholic beverages. As busy lifestyles increasingly shift toward indulgent experiences at home, RTD cocktails provide consumers with a convenient way to enjoy their choice of alcoholic beverages without visiting a restaurant or bar. Consumers in the region increasingly prioritize convenience, taste, variety, and quality of beverages. Spirit-based RTD cocktails fit squarely into this trend. Thus, the demand for such cocktails is increasing across the region.
Europe is a second major contributor, holding more than 25% of the global market share. Europeans surged the demand for "low calorie" RTD cocktails in Europe. Hence, to cater to the consumer's requirement for "low calories," key regional industry participants are progressively innovating the products. The country section of the report also provides individual market-impacting factors and market regulation changes that impact the market's current trends.
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