Hard Seltzer Market Growth Drivers And Opportunities Analysis 2023-2032 - By The Business Research Company

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Jul 20, 2023, 10:31 ET

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, July 20, 2023 /PRNewswire/ -- As per The Business Research Company's hard seltzer market research, the global hard seltzer market size will grow from $12.4 billion in 2022 to $14.6 billion in 2023 at a compound annual growth rate (CAGR) of more than 17%. The hard seltzer market value is then expected to grow to $28.5 billion in 2027 at a CAGR of more than 18%.

The rising consumption of alcoholic beverages is expected to propel the growth of the hard seltzer market during the forecast period. The consumption of alcoholic beverages is rising due to various reasons such as steady drinking, start at an early age, family history, depression, mental problems, stress, and others. Hard seltzer is a low alcohol-containing alcoholic beverage gaining importance in recent times due to the increased health consciousness of consumers. For instance, according to Zippia, Inc, a US-based online platform helping job seekers find career opportunities, the global beverage industry (which include alcoholic beverages) is predicted to grow between 2021 and 2026 at a CAGR of 1.7%. Therefore, the rising consumption of alcoholic beverages is expected to drive the hard seltzer market.

Learn More On The Hard Seltzer Market Report – https://www.thebusinessresearchcompany.com/report/hard-seltzer-global-market-report

Major companies in the hard seltzer market are focusing on product innovations and developing new product solutions to strengthen their position in the market. For instance, in October 2022, Truly Hard Seltzer, a US-based innovator of hard seltzers, launched its innovative spirits-based hard seltzer, Truly Vodka Seltzer. It is made up of six-times-distilled premium vodka and real fruit juice, and it was made available in four unique flavors, including Blackberry & Lemon, Pineapple & Cranberry, Cherry & Lime, and Peach & Tangerine. Truly Vodka Seltzer becomes a perfect way to level up the drinking experience of customers as it has 5% ABV, 110 calories, 2 grams of sugar, and is gluten-free.

Furthermore, in June 2021, Diageo Plc, a UK-based alcoholic beverage company, expanded its Smirnoff Seltzer line with the addition of mango and passionfruit flavors to keep up with hard seltzer market trends. The additions will join Smirnoff's line of vodka-based seltzers, the 'zesty citric' Smirnoff Seltzer Orange and Grapefruit and the 'subtly sweet' Smirnoff Seltzer Raspberry and Rhubarb. The mango and passionfruit sip is made up of Smirnoff No. 21 Premium Vodka, natural fruit, and sparkling water. Further, in May 2020, E. & J. Gallo Winery, a US-based provider of California wines, announced the addition of two new flavors to their spirits-based hard seltzer portfolio such as lime and peach. Peach is the leading vodka flavor, and lime is one of the top flavors in the hard seltzer category.

Request A Free Sample Of The Hard Seltzer Market Report – https://www.thebusinessresearchcompany.com/sample.aspx?id=5594&type=smp

The hard seltzer market report describes and explains the hard seltzer market and covers 2017-2022, termed the historic period and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and the major economies within each region.

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