The global ready to drink cocktails market size was USD 887 Mn in 2022 and is likely to reach USD 2.4 Bn by 2031, expanding at a CAGR of 13% during 2023–2031. Increasing preference for flavored drinks containing less alcohol content is propelling the market.
Cocktails have been a significant pastime in the bar & restaurant tradition worldwide. Ready to drink (RTD) cocktails are premixed drinks that are consumed instantly. Consumers can enjoy these pre-made alcoholic beverages while traveling or at home. However, RTD drinks have lesser alcoholic content as compared to other spirits and beers.
Ready to drink cocktails are also known as alcopops. These beverages are made by combining wines or spirits with a non-alcoholic base such as juice or soft drink. They are packed in a pre-mixed package and have a shelf life of up to three months after being purchased. They can be stored in the freezer to keep their content unchanged.
Some of the benefits of the ready to drink cocktails is that they do not need mixing and measuring. This eliminates the possibility of preparing bad-tasting cocktails. All the ingredients in these instant cocktails are sealed in one product which remains fresh for a considerable amount of time. This means that mixers or juicers are not required for the preparation of cocktails.
The COVID-19 pandemic impeded the ready to drink cocktails market. During the pandemic, transportation systems shut down, which disrupted the market’s supply chain. Excessive consumption of alcohol might lead to acute respiratory distress syndrome (ARDS), which is a major complication of COVID-19.
Ready To Drink Cocktails Market Dynamics
Major Drivers
Growing requirement for innovative and convenient drinks is driving the market. A shift in customers’ willingness to try out new and different drinks in non-alcoholic and alcoholic beverages fuels the market. Additionally, companies are offering new flavors including ginger beer, passion fruit, and pickle juice, which is attracting users to try new flavors. Thus, driving the market.
Existing Restraints
High consumption of ready to drink cocktails leads to health-related problems. The beverages are packed with added sugars, thus consuming high amounts of drinks might lead to cavities and weight gain thereby, hampering the market.
Emerging Opportunities
Growth in the number of manufacturers offering a large number of options is expected to create lucrative opportunities in the market. Furthermore, introduction of various flavors in alcopops with numerous health advantages is projected to create opportunities in the market.
Scope of Ready to Drink Cocktails Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Ready To Drink Cocktails Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016–2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
Type (Malt-based, Spirit-based, and Wine-based), Packaging (Bottles and Cans), and Distribution Channel (Online Retail, On-Trade/Food Service, Institutional Sale, and Retail [Convenience Store, Specialty Store, Airport Retail, Liquor Shop/Beverage Exclusive, and Hyper Market/Supermarket])
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
Bravazzi; F!VE DRINKS CO; Kahlúa; Blue Marble Productions, Inc.,; Cooper Spirits International, LLC.; OTR Premium Cocktails.; Cocktail Squad; LIFTED LIBATIONS.; Cutwater Spirits; Novo Fogo; and Two Chicks Drinks, LLC.
|
Ready to Drink Cocktails Market Segment Insights
Based on type, the ready to drink cocktails market is divided into malt-based, spirit-based, and wine-based. The malt-based segment is expected to expand at a significant pace during the projection period owing to the rising adoption of flavored beverages. Malt-based drinks are fermented drinks made from barley and other ingredients including yeast, hops, and others. Some malt beverages are non-alcoholic while others include alcohol. However, non-alcoholic beverages are displayed as a substitute for alcoholic beverages.
On the basis of packaging, the global market is segregated into bottles and cans. The cans segment is projected to register a considerable CAGR during the forecast period. Metal cans are preferred for storing and transporting beverages owing to their marketing support, durability, sustainability and convenience, and multi-color printing. Moreover, packaging liquids and beverages do not need additives to preserve their nutritional value and taste.
Based on distribution channel, the ready to drink cocktails market is categorized as online retail, on-trade/food service, institutional sale, and retail. The retail segment is further classified as convenience store, specialty store, airport retail, liquor shop/beverage exclusive, and hypermarket/supermarket.
The hypermarket/supermarket segment is estimated to expand at a robust pace during the forecast period owing to availability of the large selection of cocktails and their competitive prices. Moreover, the hypermarkets have extended hours thus, customers find it convenient to shop for cocktails.
In terms of region, the global ready to drink cocktails market is fragmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period. Rising requirements for on-the-go products in the present lifestyle are fueling the ready to drink cocktails market in the region. Distributors, such as Walmart and Target, are launching ready to drink cocktails through various distribution sectors.
Segments
The ready to drink cocktails market has been segmented on the basis of
Type
- Malt-based
- Spirit-based
- Wine-based
Packaging
Distribution Channel
- Online Retail
- On-Trade/Food Service
- Institutional Sale
- Retail
- Convenience Store
- Specialty Store
- Airport Retail
- Liquor Shop/Beverage Exclusive
- Hyper Market/Supermarket
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Bravazzi
- F!VE DRINKS CO
- Kahlúa
- Blue Marble Productions, Inc.,
- Cooper Spirits International, LLC.
- OTR Premium Cocktails.
- Cocktail Squad
- LIFTED LIBATIONS.
- Cutwater Spirits
- Novo Fogo
- Two Chicks Drinks, LLC.
Competitive Landscape
Key players competing in the global ready to drink cocktails market are Bravazzi; F!VE DRINKS CO; Kahlúa; Blue Marble Productions, Inc.,; Cooper Spirits International, LLC.; OTR Premium Cocktails.; Cocktail Squad; LIFTED LIBATIONS.; Cutwater Spirits; Novo Fogo; and Two Chicks Drinks, LLC. These companies adopted development strategies including mergers, acquisitions, partnerships, R&D investments, product launches, and production expansion to increase their global presence. For instance,
- In December 2022, SOFI TUKKER, an electronic musical duo, declared to become NOVO FOGO's brand ambassador and co-owners. The declaration aims to focus on the growth and development of the company with new innovations and strategies.
- In May 2022, Blue Marble Productions, Inc., achieved the NielsenIQ Brand Score Excellence Award. The company received the award for being the best performer in the category of Hard Seltzer and Flavored Malt Beverage with an A rating.
Request For Customization
Enquiry Before Buying
Speak With Analyst
