Canned Alcoholic Beverages Market to reach $17.19 billion by 2031 Globally, at a CAGR of 13.8%, says Coherent Market Insights

BURLINGAME, Calif., Jan. 17, 2024 /PRNewswire/ -- The Canned Alcoholic Beverages Market is projected to grow from US$ 6.11 billion in 2023 and is estimated to reach US$ 17.19 billion by 2031; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 13.8% from 2024 to 2031 according to a new report by Coherent Market Insights. Canned alcoholic beverages provide convenience of consumption of beers, ciders, wines, and cocktails in a portable aluminum can format. They are gaining popularity among young adults and millennials for outdoor activities and social gatherings.

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Market Dynamics:

The market for canned alcoholic beverages is expected to experience high growth due to the convenience they offer. Canned alcoholic beverages are easy to carry and store, making them a popular choice among consumers. Moreover, the trend of convenience-oriented products is on the rise, especially among millennials who prefer on-the-go options. Canned alcoholic beverages provide a convenient option for consumers to enjoy their favorite drinks without the need for additional mixers or glassware. This convenience factor is expected to drive the demand for canned alcoholic beverages in the market.

Canned Alcoholic Beverages Report Scope:

Another driver for the growth of the canned alcoholic beverages market is the increasing number of outdoor events and activities. Canned alcoholic beverages are suitable for outdoor activities such as picnics, camping, and beach parties as they are lightweight, easy to transport, and do not require additional equipment for consumption. The growing popularity of outdoor events and the desire for hassle-free consumption are expected to boost the demand for canned alcoholic beverages.

Market Trends:

One of the key trends observed in the canned alcoholic beverages market is the increasing demand for low-alcohol or no-alcohol variants. With changing consumer preferences and the growing trend of health-consciousness, consumers are seeking alternatives to traditional alcoholic beverages. Low-alcohol or no-alcohol canned options provide consumers with the opportunity to enjoy the taste and experience of alcoholic beverages without the high alcoholic content. This trend is driven by the increasing number of individuals adopting a moderate or no-alcohol lifestyle.

Another trend in the market is the rising popularity of cocktail-inspired ready-to-drink canned alcoholic beverages. These canned beverages offer the convenience of enjoying mixed drinks without the need for bartending skills or elaborate ingredients. Ready-to-drink canned cocktails provide consumers with a quick and hassle-free option to enjoy their favorite cocktails at home or on-the-go. The combination of convenience and variety offered by these cocktail

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Recent development:

In March 2020, Blossom Hil Gin Fizz, an RTD can of bubbly gin, is now available, as per the Treasury Wine estate.

In April 2020, TWE signed a multi-year business agreement with rap musician Snoop Dogg through its wine brand 19 Crimes.

Market Takeaways:

Canned Alcoholic Beverages Market is anticipated to witness a CAGR of 13.8% during the forecast period 2023-2030, owing to the increasing popularity of these beverages among consumers. On the basis of product, the wine segment is expected to hold a dominant position, owing to its established consumer base and wide availability. The RTD cocktails and hard seltzers segments are also projected to grow significantly due to their growing popularity and consumer demand for more variety.

On the basis of distribution channel, the on-trade segment is expected to hold a dominant position. This can be attributed to the preference of consumers for enjoying alcoholic beverages in bars, clubs, and restaurants. However, the online segment is also expected to witness substantial growth, driven by the convenience and accessibility of online platforms.

In terms of region, North America is expected to hold a dominant position over the forecast period, due to the established market for canned alcoholic beverages and the presence of key players in the region. North America has a strong culture of consuming alcoholic beverages and a high level of consumer acceptance for canned products.

Key players operating in the canned alcoholic beverages market include Diageo plc, Brown-Forman, Pernod Ricard, Bacardi Limited, Suntory Holdings Limited, Asahi Group Holdings, Ltd., Anheuser-Busch InBev, E. & J. Gallo Winery, Constellation Brands, Inc., Treasury Wine Estates, Barefoot Cellars, and Kona Brewing Co. These players are focusing on product innovation, expanding their distribution networks, and strategic partnerships to gain a competitive edge in the market. With the increasing demand for canned alcoholic beverages, these key players are expected to witness significant growth in the coming years.

Read complete market research report, "Canned Alcoholic Beverages Market, By Product, By Distribution Channel, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.

Market Opportunities:

Increasing popularity of canned alcoholic beverages

The canned alcoholic beverages market is experiencing significant growth due to the increasing popularity of these products among consumers. Canned alcoholic beverages offer convenience and portability, making them an attractive choice for consumers who are looking for ready-to-drink options. The busy lifestyles of consumers and the rise in outdoor activities, such as picnics, camping, and beach outings, have led to an increased demand for canned alcoholic beverages.

Furthermore, the COVID-19 pandemic has also played a role in boosting the demand for these products. With the closure of bars and restaurants during lockdowns, consumers have turned to canned alcoholic beverages as an alternative for enjoying their favorite drinks at home. This trend is expected to continue even after the pandemic, as consumers have developed a preference for home consumption.

Growing popularity of hard seltzers

Hard seltzers have gained immense popularity in recent years and are expected to drive the growth of the canned alcoholic beverages market. Hard seltzers are low-calorie, low-sugar alcoholic beverages made with carbonated water and flavored with fruit or botanical essences. They appeal to health-conscious consumers who are looking for lighter and refreshing options.

The demand for hard seltzers can be attributed to the shift towards healthier lifestyles and the increasing awareness about the negative health impacts of sugary beverages. Additionally, the rising popularity of the "better-for-you" trend, which focuses on clean ingredients and natural flavors, has further contributed to the growth of the hard seltzers segment.

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Detailed Segmentation:

• Global Canned Alcoholic Beverages Market, By Product
  • Wine
  • Still
  • Fortified
  • Low-alcohol
  • Sparkling
  • RTD Cocktails
  • Malt based
  • Spirit based
  • Wine based
  • Hard Seltzers
  • Malt based
  • Spirit based
  • Wine based
  • Sugar based
• Global Canned Alcoholic Beverages Market, By Distribution Channel
  • On-trade
  • Liquor Stores
  • Online
  • Others
• Global Canned Alcoholic Beverages Market, By Region
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • South Africa
    • GCC Countries
    • Rest of Middle East & Africa

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SOURCE Coherent Market Insights