SAN FRANCISCO, Dec. 8, 2020 /PRNewswire/ -- The global ready to drink cocktails market size is anticipated to reach USD 1.63 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 12.1% from 2020 to 2027. Rising demand for low alcohol-based flavored drinks owing to increasing health consciousness is the primary factor driving the market. Premiumization, convenience, and on-the-go trends among millennials are also driving the market. However, different taxation for ready to drink (RTD) cocktails in various countries and regulations on the pack size are some of the key challenges that manufacturers are facing. In terms of product, spirit-based cocktails emerged as the largest and the fastest-growing segment in 2019 owing to their distinct taste.
Key suggestions from the report:
- In terms of type, the spirit-based product forms accounted for more than 40% share of the overall revenue in 2019
- Consumer preference for vodka, gin, whiskey, and tequila-based products is the major factor driving the growth of the spirit-based products segment
- Furthermore, product innovation and easy availability are also expected to support the segment growth
- Asia Pacific is projected to register the fastest CAGR from 2020 to 2027 due to rising consumption of convenience drinks in countries, such as China, Australia, and Japan
- Product innovation with infusion of botanical ingredients is expected to remain a critical success factor among the industry participants
Read 80 page research report with ToC on "Ready To Drink Cocktails Market Size, Share & Trends Analysis Report By Type (Spirit, Wine, Malt), By Distribution Channel (Hypermarkets/Supermarkets, Online), By Packaging, By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/ready-to-drink-cocktails-market
Spirit-based products are made from gin, tequila, whiskey, rum, and vodka. Gin and tequila-based products, in particular, have a high demand. In terms of packaging, cans segment is estimated to ascend at the fastest CAGR over the forecast period due to the growing demand for convenience and easy-to-carry on-the-go packaging. Cans are much more compact and lighter than bottles and can be recycled more easily. In addition, cans are allowed in public places like swimming pools and parks where bottles are generally restricted. In terms of distribution channel, supermarkets/hypermarkets emerged as the largest segment in 2019.
Supermarkets have designated shelf space for RTD cocktails as these products contain low alcohol levels. Asia Pacific is anticipated to emerge as the fastest-growing regional market in the coming years due to the growing demand for convenience products in Asian countries. Furthermore, changing lifestyles, increased disposable income levels, and influence of the western culture are likely to propel the market growth. Growth in the online distribution of alcohol and easy availability across stores is further expected to boost the demand for RTD cocktails. The industry is highly competitive when it comes to product variation and pricing. Prominent market participants are focusing on product innovation to attract more consumers.
Grand View Research has segmented the global ready to drink cocktails market on the basis of type, packaging, distribution channel, and region:
- Ready To Drink CocktailsType Outlook (Revenue, USD Million, 2016 - 2027)
- Ready To Drink Cocktails Packaging Outlook (Revenue, USD Million, 2016 - 2027)
- Ready To Drink Cocktails Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
- Liquor Stores
- Ready To Drink Cocktails Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Central & South America
- Middle East & Africa
- South Africa
List of Key Players of Ready To Drink Cocktails Market
- Pernod Ricard
- Bacardi Ltd.
- Asahi Group Holdings, Ltd.
- Halewood Wines & Spirits
- Shanghai Bacchus Liquor Co., Ltd.
- Suntory Holdings Ltd.
- Manchester Drinks
- Simple Skiff Beverages, LLC
Find more research reports on Alcohol & Tobacco Industry, by Grand View Research:
- Craft Beer Market – The global craft beer market size was valued at USD 85.02 billion in 2015 and is expected to witness significant growth over the forecast period.
- Port Wine Market – The global port wine market size was valued at USD 825.68 million in 2018 and is expected to witness a significant CAGR of 4.0% in the forecasted period.
- Honey Wine Market – The global honey wine market size was valued at USD 408.45 million in 2018. The market is estimated to expand further at a CAGR of 10.41% from 2019 to 2025.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
Email: [email protected]
Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.