WASHINGTON, Aug. 09, 2023 (GLOBE NEWSWIRE) -- The Canned Alcoholic Beverages Market has shown remarkable growth, with its global value surging from USD 14.5 Billion in 2022 to a projected USD 56.1 Billion by 2030. This substantial expansion reflects a noteworthy Compound Annual Growth Rate (CAGR) of 21.3% over the forecast period.
The expansion of the canned alcoholic beverages market can be credited to the dynamic shifts in consumer preferences, the ascent of the Ready-to-Drink (RTD) category, convenience factors, diverse distribution channels, strides in canning technology, and the evolving interplay of demographics and social influences. As consumers persistently prioritize convenience and portability in their selections of alcoholic beverages, the market is poised to undergo additional expansion and catalytic innovation in the times ahead. The metamorphosis in consumer preferences has emerged as a pivotal driving force behind the growth of the canned alcoholic beverages market. With an increasing number of consumers seeking seamless integration of their busy lifestyles with indulgence, canned options present an enticing solution that combines quality with convenience. The rise of the Ready-to-Drink (RTD) category within the alcoholic beverages sector has also played a pivotal role in propelling the market forward. This category's ability to offer ready-made, well-crafted concoctions that align with contemporary taste preferences has resonated with consumers seeking both quality and ease.
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The comprehensive study delves into an in-depth analysis of global manufacturers and suppliers, meticulously evaluating their current standings and prospective trajectories. Furthermore, it delves into a thorough exploration of the driving forces that propel demand within the global market. These driving factors are dissected extensively, encompassing heightened investment prerequisites, the maturation of cutting-edge technology, and the emergence of novel legislative frameworks.
Market Overview
As outlined by Vantage Market Research, a constellation of pivotal factors is poised to propel the growth trajectory of the Canned Alcoholic Beverages market throughout the forecasted span. These instrumental factors converge to shape a landscape ripe with opportunities and innovation, bolstering the market's expansion.
Our projections indicate that the Flavored Alcoholic Beverages (FABs) category within the Canned Alcoholic Beverages market is poised to command the largest market share by the year 2030. This forecast is underpinned by a confluence of factors, prominently including the element of convenience that is intrinsic to canned alcoholic beverages. The ascent of FABs owes much of its growth to the synergy between this category and the convenience-driven paradigm. Canned alcoholic beverages, distinguished by their inherent ease of transport and consumption, have emerged as a linchpin of the FABs' surging popularity. Their inherent portability, lack of requirement for additional utensils or tools, and harmonious compatibility with diverse outdoor activities such as picnics, beach outings, and festivals have positioned them as the consummate choice for modern consumers seeking convenience without compromise.
The North American region stands as the reigning dominator of the Canned Alcoholic Beverages market, and this reign of dominance is poised to endure over the entire projection period. This unyielding growth narrative is underpinned by a multi-faceted tapestry of dynamics, culminating in an ecosystem where North America's influence remains paramount.
The bedrock of this growth narrative is etched in the shifting mosaic of consumer preferences. North American consumers, steadfast in their pursuit of both quality and convenience, have embraced canned alcoholic beverages as a quintessential embodiment of modern indulgence. This unwavering shift has propelled the region to the forefront of the market landscape.
Convenience, an emblematic cornerstone of canned beverages, further fuels North America's ascendancy. The region's penchant for outdoor activities, ranging from picnics to beach gatherings and beyond, synergizes harmoniously with the on-the-go appeal of canned alcoholic beverages. The simplicity of consumption without elaborate preparations aligns seamlessly with the region's lifestyle, nurturing a fertile ground for sustained growth.
Top Players in the Global Canned Alcoholic Beverages Market
- Bacardi Limited (U.S.)
- Diageo (UK)
- Brown-Forman Corporation (U.S.)
- Anheuser-Busch InBev (Belgium)
- Treasury Wine Estates (Australia)
- Union Wine Company (U.S.)
- E. & J. Gallo Winery (U.S.)
- Asahi Group Holdings Ltd. (Japan)
- Pernod Ricard (France)
- Integrated Beverage Group LLC (U.S.)
- Sula Vineyards (India)
- Kona Brewing Co. (U.S.)
- Suntory Holdings Ltd. (Japan)
- Barefoot Cellars (U.S.)
- Constellation Brands (U.S.)
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Market Dynamics
Convenience and Portability to Drive the Market
Undoubtedly, a cornerstone of the canned alcoholic beverages market's burgeoning growth is the unparalleled convenience and portability that these products bestow upon consumers. The lightweight, compact nature of cans renders them a paragon of ease, perfectly suited for seamless transport and consumption on-the-go. This pivotal attribute has not only redefined the paradigm of beverage consumption but also emerged as a lodestar in driving market expansion. Cans, by design, encapsulate the essence of hassle-free indulgence. Their intrinsic structure obviates the need for additional glassware or elaborate setups, heralding an era where convenience and consumption intertwine harmoniously. This unique feature has resonated resoundingly, particularly among millennials and young consumers who fervently seek experiences marked by simplicity and flexibility.
Changing Consumer Preference to Promote Market Growth
The growth trajectory of canned alcoholic beverages is intricately interwoven with the evolution of consumer preferences, marking a paradigm shift that underscores the industry's responsiveness to modern sensibilities. Central to this transformation is the discernible sway of millennials, a demographic cohort that has championed novel drinking experiences and a kaleidoscope of flavors and options. In this narrative, the resounding appeal of canned alcoholic beverages lies in their capacity to satiate the appetite for diverse experiences. The modern consumer, particularly millennials, stands as a discerning connoisseur, constantly seeking novel avenues to satisfy their quest for unique taste profiles and exceptional moments. The canned alcoholic beverages market admirably addresses this evolving landscape, presenting an array of flavors, variants, and genres that resonate with the contemporary palate.
Rising Popularity of Ready-to-Drink (RTD) Options to Propel the Market
The ascent of ready-to-drink (RTD) alcoholic beverages stands as a testament to a fundamental shift in consumer preferences, where convenience and efficiency are paramount. This seismic transformation has illuminated the path toward a realm of consumption characterized by seamlessness and time-saving experiences. In tandem with this metamorphosis, the canned alcoholic beverages market has orchestrated a remarkable evolution, embracing this trend and manifesting it into a diverse array of offerings that cater to modern lifestyles.
Top Trends in Global Canned Alcoholic Beverages Market
- Vantage Market Research (VMR) underscores a pivotal trend on the horizon for the Canned Alcoholic Beverages industry – the ascending trajectory of disposable income and urbanization. This duo of factors, constituting the pulse of modern economies, has emerged as a cornerstone driving the market's expansion. The profound interplay between these factors and the industry's growth trajectory is both transformative and emblematic of evolving consumer behaviors.
- Vantage Market Research (VMR) continues to forecast an enduring trend within the Canned Alcoholic Beverages industry – the steadfast focus on environmental sustainability and the ongoing wave of packaging innovations. This interplay between environmental consciousness and packaging evolution has emerged as a salient force, reshaping the industry's landscape and exemplifying a commitment to a more sustainable future.
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Top Report Findings
- Based on Product, Hard Seltzers accounted the substaintial growth of the market in 2022. Hard seltzers are known for their low-calorie and low-sugar content, making them a healthier alternative to traditional alcoholic beverages. With increasing consumer interest in health and wellness, many people are seeking lighter and more refreshing drink options.
- Based on Distribution Channel, Online category is estimated to grow rapidly during the forecast period. Online platforms provide consumers with a much wider selection of canned alcoholic beverages compared to physical stores. Consumers can easily access products from different brands and explore various flavors and types of canned alcoholic beverages. This wide product selection attracts consumers looking for unique and niche offerings, driving the growth of the online sector.
- Based on Alcoholic Content, Low (ABV less than 5%) dominates the market growth in 2022. The increasing emphasis on health and wellness among consumers has led to a shift in drinking habits. Consumers are becoming more conscious about the negative health effects of excessive alcohol consumption. Due to this, the demand for lower alcohol content beverages has risen. The Low ABV segment offers consumers the opportunity to enjoy a canned alcoholic beverage with lower alcohol content, meeting their desire to consume alcohol in moderation and maintain a healthier lifestyle.
Increasing Focus on Creating Unique Flavors and Incorporating Natural Ingredients Drives th Market
In the dynamic landscape of the canned alcoholic beverages market, innovation emerges as a driving force that propels growth and captures consumer attention. Market players recognize the importance of investing in research and development to curate a portfolio that resonates with changing preferences and demands. This commitment to continuous innovation fosters a tapestry of options that not only cater to existing consumers but also draw in new enthusiasts, thereby sustaining the market's expansion. One focal point of innovation is the creation of distinctive flavors that stand as a testament to the industry's creativity. The incorporation of natural ingredients further elevates the appeal, resonating with consumers who seek an authentic and genuine drinking experience. This shift away from artificial components speaks to the growing consciousness of consumers about the quality of what they consume.
The market's agility is further underscored by its ability to offer a diverse array of options. This versatility aligns with the era's penchant for customization, where consumers seek beverages that mirror their individual tastes and preferences. The ability to choose from an array of flavors, styles, and offerings ensures that every consumer finds their preferred indulgence within the market's offerings.
As an illustrative example, Bacardi's expansion into the realm of canned cocktails exemplifies this trend. The introduction of new flavors like BACARDÍ Sunset Punch, BACARDÍ Bahama Mama, and BACARDÍ Mojito, crafted with real ingredients and natural flavors while eschewing artificial sweeteners, epitomizes the industry's commitment to innovation. Such moves not only cater to the evolving preferences of consumers but also expand the market's reach by offering products that resonate with a wider demographic. A panorama of significant players is contributing to this evolution. Names such as Bacardi Limited, Diageo, Brown-Forman, Anheuser-Busch InBev, Treasury Wine Estates, Union Wine Company, E. & J. Gallo Winery, Asahi Group Holdings, Ltd., Pernod Ricard, Integrated Beverage Group LLC (IBG), Sula Vineyards, Kona Brewing Co., Suntory Holdings Limited, Barefoot Cellars, and Constellation Brands stand as beacons of innovation, collectively shaping the industry's trajectory.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Canned Alcoholic Beverages Market Forecast Report (2023-2030).
RTD Cocktails in Canned Alcoholic Beverages Market to Generate More Market Revenue
In recent years, the ready-to-drink (RTD) cocktails segment within the canned alcoholic beverages market has experienced a remarkable surge in growth. This phenomenon is propelled by a constellation of factors that coalesce to redefine the landscape of beverage consumption. The trajectory of this segment's expansion is a testament to the industry's responsiveness to evolving consumer preferences, a quest for convenience, packaging innovation, and the burgeoning trend of at-home consumption. Central to this surge is the palpable shift in consumer preferences. This trend is buoyed by the allure of convenience, an attribute that resonates deeply with modern consumers seeking seamless experiences. The RTD cocktail's rise is emblematic of this dynamic, offering an avenue where premium and well-crafted cocktails are readily accessible without the prerequisites of mixology expertise or intricate ingredient assembly.
The driving force behind the growth of RTD cocktails in canned form is perhaps most pronounced among millennials and Gen Z. These demographic cohorts prioritize experiences that are swift, uncomplicated, and aligned with their dynamic lifestyles. RTD cocktails fit this narrative seamlessly, providing an instant solution for those who value taste and quality, without the intricacies of traditional cocktail preparation.
Global Canned Alcoholic Beverages Market Segmentation
By Product
- Beer
- Hard Seltzers
- Wine
- RTD Cocktails
By Distribution Channel
- On-Trade
- Liquor Stores
- Online
- Others
By Alcoholic Content
- Low (ABV less than 5%)
- High (ABV greater than 5%)
- Flavored alcoholic beverages
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 14.5 Billion |
| Revenue Forecast by 2030 | USD 56.1 Billion |
| CAGR | 21.3% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Bacardi Limited, Diageo, Brown-Forman Corporation, Anheuser-Busch InBev, Treasury Wine Estates, Union Wine Company, E. & J. Gallo Winery, Asahi Group Holdings Ltd., Pernod Ricard, Integrated Beverage Group LLC, Sula Vineyards, Kona Brewing Co., Suntory Holdings Ltd., Barefoot Cellars, Constellation Brands |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/canned-alcoholic-beverages-market-2207/customization-request |
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- Global Canned Alcoholic Beverages Market Size to Reach $56.1 Billion at a CAGR of 21.3% by 2030: https://v-mr.biz/canned-alcoholic-beverages-market
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