The Global Spirit-Based RTD Mixes Market was valued at USD 10,835.0 Million in 2019 and is expected to expand with a CAGR of about 8.3% during the forecast period. The market is expected to grow owing to the increase in the world’s youth population who are choosing RTD mixes over conventional spirits. Also, the change in lifestyle worldwide has made spirit-based RTD mixes part of home entertainment such as family or friends get together parties. Also, the younger consumers prefer sweet flavors and moderate alcohol content as compared to alcoholic beverages. Hence, these drinks are better substitutes for traditional alcoholic beverages.
Spirit-based RTD mixes are ready for direct consumption containing a moderate level of alcohol mixed fruit juice or flavors. Cocktails sold in bars gained much popularity over the years which gave manufacturers the idea of spirit bases RTD (ready to drink) mixes. A lot of different flavors are added into the spirit to give it a different taste. In some cases, taste enhancers such as sugar or honey are also used. The unique characters of vodka, tequila, whiskey, and rum have made their favorite choice in manufacturing the RTD mixes. Manufacturers are experimenting with new types of spirits and new flavors to serve the demand of the new young customers in the market.
The growth of global spirit-based RTD mix market can be attributed to rising inclination towards RTD mixes as compared to other spirit-based drinks. RTDs are becoming a popular choice when it comes to small parties because of their great flavor profile and low cost. Changing lifestyles and drinking preferences are also expected to drive the Spirit-based RTD Mixes market. Also, the premiumization of the RTD mixes is further propelling the market growth. The consumers are demanding premium products, as premium products are believed to deliver good quality and taste. Moreover, a surge in the amount of disposable income has led to the purchase of premium products. However, growing health concerns and awareness among the people is the dominant barrier for the Spirit-based RTD Mixes market growth. In addition to that, stringent government rules and regulations on taxes as well as advertising and branding affect the sale of RTD mixes.
Product Types Segment
Based on types, the market has been bifurcated into Dark Spirit-Based RTD Mixes and Light Spirit-Based RTD Mixes. The dark spirit-based RTD mixes segment is expected to grow with a significant CAGR in the forecast period. The expected growth can be attributed to increased alcohol consumption in young population worldwide. Also, the manufacturers are coming up with latest products with fresh flavors to catch the eye of young customers. This is going to drive the market of Dark Spirit-Based RTD Mixes in the forecast period.
Distribution Channels Segment
In terms of distribution channels, the spirit-based RTD mixes market is segmented into Supermarkets and Hypermarkets, On-Trade, Specialist Retailers, Convenience Stores, and others. Supermarkets and malls are bringing the highest revenue for the spirit-based RTD mixes market. Supermarkets and Hypermarkets remain the first choice of people when it comes to beverage shopping because of their convenience and the shopping experience they provide, and also because of the lower prices of RTDs in these markets. On- trade sub-segment is expected to grow gradually owing to the changing lifestyle of youth all over the globe.
Based on regions, the Global Spirit-Based RTD Mixes Market has been divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The Asia Pacific region is expected to be the most lucrative region for the market. Factors such as high presence of young population and adoption of spirit-based RTD mixes are expected to drive the market growth in the region. The availability of raw materials is surging which is improving the production of spirit-based RTD in Asia Pacific region. North America stands just behind Asia Pacific. The growth of the market in North America can be attributed to its party culture. The market in North America is expected to flourish with a substantial CAGR during the forecast period.
Some frequently asked quetions about this report!
Additional company profiles can be provided on request.
Yes, the report covers types of Spirit-based RTD mixes such as Dark Spirit-Based RTD Mixes and Light Spirit-Based RTD Mixes.
According to this Growth Market Reports report, the market from Spirit-based RTD mixes is likely to register a CAGR of 8.3% during the forecast period 2020-2027, with an anticipated valuation of USD 19,852.1 million by the end of 2027.
In addition to market size (in USD Million) and Market Volume (liters) Company Market Share (in % for the base year 2019), other data such as Macroeconomic factors, COVID-19 Impact on the Spirit-based RTD mixes is available in the final report.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
The market is driven by a surge in the manufacture of Spirit-based RTD mixes as there is a rise in the world population demanding options in spirit-based beverages. Also, people are looking for better alternatives to conventional alcoholic drinks.
The market is expected to witness moderate growth during 2019-2020 owing to the negative impact of the COVID-19 pandemic on the Spirit-based RTD mixes market.
The base year considered for the global Spirit-based RTD mixes market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 & 2018 are the historic years and the forecast is provided from 2020 to 2027.
Supermarkets and Hypermarkets, On-Trade, Specialist Retailers, Convenience Stores, and others.
Major Manufacturers include Bacardi Limited, Beam Suntory, Diageo, Gruppo Campari, Pernod Ricard, Asahi Breweries, Beverage Brands (SHS), Distell, Halewood International, LA Martiniquaise, Mark Anthony Group, and Others.
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