Asia Pacific RTD Alcoholic Beverage Market to 2027 - Regional Analysis and Forecasts by Base Type ; Packaging Type ; Distribution Channel, and Country
NEW YORK, April 22, 2020 /PRNewswire/ --
The RTD alcoholic beverages market in APAC was valued at US$ 9,708.4 million in 2018 and is projected to reach US$ 14,176.2 million by 2027; it is expected to grow at a CAGR of 4.3% from 2019 to 2027. Changing consumer lifestyles and rising disposable income in developing countries is stimulating the growth of alcoholic products demand, which is expected to drive the growth of RTD alcoholic beverages market in this region.
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Alcoholic beverages are mainly a fermented form of sugars in berries, grains, fruits, and other ingredients that mainly contains ethyl/ethanol alcohol.Wine, spirits, and beer, and all starts with the fermentation process, which is the natural outcome of yeast breakdown of sugars.
The demand for various RTD alcoholic beverages is growing at a faster pace in both developed and developing countries, including India, Indonesia, China, and Singapore.Changing drinking habits and lifestyle of millennials backed by increasing disposable income of the consumers are acting as key growth factors in the region.
The increasing trend of drinking of RTD alcoholic beverages in social gatherings is creating lucrative opportunities for manufacturers of alcoholic beverages across APAC.Beers and wines are gaining popularity among young consumers across APAC.
The RTD alcoholic beverages market in APAC have been segmented into base type, packaging type, and distribution channel. Based on base type, the RTD alcoholic beverages market is further segmented into whiskey, rum, vodka, gin, and others, which is further sub-segmented into numerous sub-types. The market is increasing in size for this product due to many reasons, the major being their instant consumption. They are not dependent on kind of mixing process before consumption.
Currently, the RTD alcoholic beverage consumption is continuously growing with the rise in disposable income and increasing buying power of consumers.Millennials are looking forward to high-end and super-premium products, which are also surpassing the growth of premium RTD alcoholic beverage products.
In addition, the trend is followed by other classes of population owing to the higher growth economy, and product innovation has drawn its attention toward more expensive products.The modern trends in premiumization and growing demand from consumers are also fostering the need for more innovative RTD alcoholic beverages, which further boost the market growth.
Moreover, many new pre-mixers are introduced in the market that is produced from both premium quality spirits and mixers. The premium products provide an authentic taste to the RTD alcoholic beverage products.
Along with this, growth in creative cocktails and an increase in cocktail culture have augmented the trend for super-premium RTD alcoholic beverages.The product innovation in different types of beverages such as flavored liquors and mixing variety of flavors together are fetching modernization in the RTD alcoholic beverage industry.
A wide variety of brands in premium and super-premium products are available. The trend toward "drinking less but better" also continues to increase the demand for premium RTD alcoholic beverages.
The fertilizer additive market in APAC is segmented –into India, China, Australia, and Japan.Japan accounted for the largest share of the RTD alcoholic beverages market in Asia Pacific in 2018; it is likely to maintain its dominance during the forecast period.
China was considered as the fastest-growing country in the RTD alcoholic beverages market in 2018 in Asia Pacific and is likely to maintain its dominance during the forecast period.With the growth in the consumption of low fat, low calories, and enhanced flavored beverages, the demand for RTD alcoholic beverages has substantially gone up in China.
The consumer's attraction toward the innovative product, especially in the design of cans, is also propelling the growth of the market in the country.
A few players present in the RTD alcoholic market in APAC are Anheuser-Busch InBev NV, Asahi Group Holdings, Ltd., Bacardi Limited, Carlsberg Breweries A/S, Suntory Holdings Limited, Brown-Forman, Diageo plc., Davide Campari-Milano S.p.A., and Molson Coors Brewing Company.
The overall RTD alcoholic beverages market size in APAC has been derived using both primary and secondary sources.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the RTD alcoholic beverages market in APAC.
Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in RTD alcoholic beverages.
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