Newark, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 0.75 billion in 2021 global RTD cocktails market will reach USD 2.16 billion in 2030. Given the rise in the number of young people and the rise in consumer disposable income, the market's expansion will also be aided by the rising demand for alcoholic beverages. High demand for cocktails is anticipated to rise with the increasing number of bars, restaurants, and pubs globally. Their increasing popularity has been fuelled by the expanding trend of various offers offered at these establishments and a wide cocktail menu.
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Key Insight of the Global RTD Cocktails Market
North America will dominate the market during the forecast period.
Due to the growing popularity of ready-to-drink beverages and the population's busy lifestyles, North America currently dominates the market for ready-to-drink cocktails.
In 2021, the spirit-based segment dominated the market with the largest market share of 42% and revenue of 0.31 billion.
The type segment is divided into malt-based, wine-based and spirit-based. In 2021, the spirit-based segment dominated the market with the largest market share of 42% and revenue of 0.31 billion.
Over the forecast period, the bottles segment is expected to grow at the fastest CAGR of 14.2%.
The packaging type segments are divided into bottles, & cans. Over the forecast period, the bottles segment is expected to grow at the fastest CAGR of 14.2%.
In 2021, the supermarket/hypermarkets segment dominated the market with the largest market share of 60% and revenue of 0.45 billion.
The distribution channel segment is divided into supermarkets/hypermarkets, online and liquor stores. In 2021, the supermarket/hypermarkets segment dominated the market with the largest market share of 60% and revenue of 0.45 billion.
Advancement in market
Cocktail mixes were introduced by Radico Khaitan Limited, an IMFL maker, under the Magic Moments brand. It will sell its Magic Moments Vodka Cocktails in cans, using a vodka base that contains 4.8% alcohol. The business announced that it will produce cola, mojito, and cosmopolitan varieties. The launch was timed for the holiday season, with more social gatherings, celebrations, festivals, and weddings.
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Market Dynamics
Driver: the increasing popularity of ready-to-drink beverages.
Due to their accessibility, affordability, convenience, and quickness, ready-to-eat and ready-to-drink foods and beverages are becoming increasingly popular due to people's hectic and busy schedules. The market for ready-to-drink drinks has benefited from this growth. Despite their busy schedules, people today seek healthier products and do not want to sacrifice product quality. Organic, gluten-free, low-carb, and antioxidant-rich ready-to-drink cocktails are healthier. They come in a wide range of flavours and contain little alcohol. These qualities will further accelerate the market's expansion as the items' health-conscious target market favours them.
Restraints: High taxes and duties.
The substantial customs and taxes that raise the retail price and negatively impact sales would hinder the market expansion for ready-to-drink cocktails.
Opportunities: Growing public awareness of the availability of ready-to-drink cocktails.
Homemade cocktails were manufactured more frequently due to the outbreak and the ensuing lockdowns. Ready-to-drink cocktails solved the problem of the lengthy list of ingredients. They are the perfect replacement. As a result of their simplicity, speed, affordability, accessibility, availability, variety of flavours, and low alcohol content, these products gained appeal. An important opportunity for the businesses is to seize the retail market during the epidemic and continue its growth. The demand for ready-to-drink cocktails is rising due to the Western impact on the Asia Pacific market.
Challenges: Growing worries over how drinking alcohol affects a person's health.
Although ready-to-drink cocktails have a modest alcohol level, consumers occasionally ignore this information. The market's expansion could be hampered by consumers' ignorance of the ingredients and advantages of ready-to-drink cocktails and industry participants' lack of a clear message. The beliefs of some religions around the world, which view drinking alcohol as a sin, can make this situation worse.
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Some of the major players operating in the global RTD cocktails market are:
• Brown-Forman
• Diageo plc
• Pernod Ricard
• Bacardi Limited
• Manchester Drinks Company Ltd
• Asahi Group Holding, Ltd.
• SHANGHAI BACCHUS LIQUOR CO. LTD.
• Halewood Wines & Spirits
• Suntory Holdings Limited
• Anheuser-Busch InBev
Key Segments covered in the market:
By Type
• Mal Based
• Wine Based
• Spirit Based
By Packaging
• Bottles
• Cans
By Distribution Channel
• Supermarkets/Hypermarkets
• Online
• Liquor Stores
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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