Ready to drink cocktails are packaged alcoholic beverages with low alcohol content are designed for direct consumption. Ready to drink cocktails are available in various flavors such as lime, orange, cranberry, pineapple and are most popular among underage drinkers. These are available in bottles and cans and are malt-based, wine-based, or spirit-based.
Rapid urbanization, steady changes in lifestyle, busy work schedules, increasing inclination towards ready-to-drink and ready-to-eat products, and increasing preference towards low alcohol content drinks are key factors boosting growth of the ready to drink cocktails market. Increasing promotions and advertisements of these ready to drink cocktails and easy availability through online and retail stores is also supporting ready to drink cocktails market growth.
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The global Ready To Drink Cocktails market is expected to be valued at USD 1.82 Billion in 2028, registering a CAGR of 12.1% through the forecast period. Soaring demand for varied flavored drinks with limited alcohol because of the rising health consciousness worldwide is a crucial factor promoting the market growth. Convenience, premiumization, and on-the-go trends among youth population or millennials are further fueling the market. Additionally, consumers are seeking out various convenient beverages like ready-to-drink (RTD) cocktails and alcopops, for not preferring spending time at restaurants or bars. These alcoholic beverages have gained enormous demand among the teenage population inclined towards products that cater to their social lifestyle. Furthermore, the escalating need for outdoor picnics, pool-side parties, social gatherings is further benefitting the industry for RTD cocktails.
However, a few religious and cultural beliefs across various countries, heavy taxation, and health related issues due to alcohol consumption are obstructing the industry’s development.
The COVID-19 Impact:
The pandemic outbreak raised a global concern and had a negative impact on the sector of food and beverages, with the sudden shutdown of manufacturing facilities. As the COVID crisis has elevated, the primary focus was on curbing the SARS-CoV-2’s spread among the healthcare professionals. However, to curb revenue losses any further, the industry players are highly focusing on accelerating their operations along with fostering their supply chains.
Leading industry vendors include Brown-Forman, Diageo, Manchester Drinks, Pernod Ricard, Asahi Group Holdings, Ltd., Bacardi Ltd., Halewood Wines & Spirits, Suntory Holdings Ltd., Simple Skiff Beverages, LLC., and Shanghai Bacchus Liquor Co., Ltd.
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For the purpose of this report, Reports and Data has segmented the global ready to drink cocktails market on the basis of product type, packaging, distribution channel, and region:
Product Type Outlook (Revenue, USD Billion, 2020 – 2028)
Packaging Outlook (Revenue, USD Billion, 2020 – 2028)
Distribution Channel Outlook (Revenue, USD Billion, 2020 – 2028)
- Liquor Stores
Regional Outlook (Revenue, USD Billion, 2020 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Further key findings in the report
- Based on type, the spirit-based cocktails segment contributed to the largest industry share and is predicted to occupy an outstanding CAGR during the estimated timeline. This segment is rising at an exponential rate in the industry due to their varied taste. Spirit-based beverages are mostly made from tequila, gin, whiskey, vodka, and rum. Among them, tequila and gin-based products are gaining high demand.
- On the perspective of packaging, the bottles segment is registering the largest market revenue. The cans segment is foreseen to gain traction in the market, delivering the fastest CAGR in the analysis period. The growth of this segment is attributed to the rising demand for on-the-go and easy-to-carry packaging. Cans are lighter than other containers like bottles and can be easily recycled.
- Among various distribution channels, the supermarkets segment is occupying the highest revenue in the market owing to having designated shelf space for ready to drink cocktails.
- Region wise, Asia Pacific is projected to be considered as the fastest-growing market in the estimated timeline because of the increasing demand for several convenience products in different countries of Asia. Additionally, rapidly changing lifestyles and high influence of the western culture are further propelling the regional market growth.
- In December, 2020, the company Trader Joe’s has launched a new series of RTD beverages, especially cocktails. These cocktails comprise Whiskey Sour and Old Fashioned, consisting 35 percent of ABV and are predicted to be sold across the supermarkets in nearly 750 milliliter bottles.
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