Pune, India, Oct. 16, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Hard Seltzer Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Flavor, Packaging Type, Distribution Channel, and Geography,” the hard seltzer market is expected to grow from $2.5 billion in 2021 to $4.36 billion by 2028; it is estimated to grow at a CAGR of 8.2% from 2021 to 2028. Hard seltzers are low-calorie and low ABV (alcohol by volume) content beverages consisting of flavored carbonated water combines with alcohol. Hard seltzers are available in bottle as well as can packaging. Furthermore, they come in a diverse range of flavors, such as citrus, berry, tropical, and more.
A few players operating in the hard seltzer market are include Oskar Blues; Constellation Brands, Inc; Kopparberg; Kona Brewing Co.; Mark Anthony Brands International; Lift Bridge Brewing Co.; Heineken N.V.; Anheuser-Busch INBEV; Molson Coors Beverage Company; and The Boston Beer Company. These players are investing in promoting their products through social media and by launching outdoor marketing campaigns to enhance their brand awareness. For instance, Truly, launched the “No One is Just One Flavor” campaign in May 2021 for promoting new flavors of its beverages by collaborating with the Grammy Award-winner pop singer Dua Lipa. This campaign was channeled through out-of-home (OOH), and digital and social-media marketing. The campaign included a point-of-sale counter with prize giveaways and a live-streaming concert. The campaign reflected positive results and led to an increase in the brand's popularity among a wide range of consumer groups.
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The Asia-Pacific region is expected to record the most significant CAGR within the hard seltzer market throughout the projected period. The food and beverages industry plays a crucial role in the economies of countries like India, China, Japan, Australia, and many more. Global hard seltzer market in Asia-Pacific is driven by high availability of functional food and drinks and their growing demand among the millennial population. Moreover, the market is expanding with changing lifestyles with the increasing influence of western culture on the region. Also, the market growth is also ascribed to the increasing influence of social media on buying behavior and consumption patterns in the region.
Social Media Marketing Efforts by Leading Market Players are Projected to Open Lucrative Growth Opportunities for the Hard Seltzer Market
Hard seltzers are low-alcohol content beverages that meet the calorie concerns of consumers. They are made by blending carbonates water, alcohol, and fruity flavors. Hard seltzers generally come in citrus, berry, and tropical flavors. Moreover, they are available in can as well as bottle packaging. Hard seltzers are becoming increasingly popular as people demand for low-alcohol and low-sugar content beverages, As people are becoming ‘sober-curious’ the demand for low-alcohol or no alcohol content beverages is projected to grow substantially. This factor is expected to drive the growth of the global hard seltzer market in the coming years.
Social media is strongly influencing lifestyle of people. The hard seltzer market is projected to be benefitted by the increasing influence of social media trends on consumers. For instance, in 2019, during summer, many social-media users generated memes, videos, and photos about hard seltzers, and the content went viral on Instagram along with the caption “Ain’t No Laws While Drinking Claws.” This trend offered a huge popularity to White Claw’s hard seltzers. Furthermore, according to the data given by Bank of America, in January 2020, the conversations on Instagram about hard seltzers were six times more than the conversations in January 2019. With the rising number of social media users across the globe, manufacturers of hard seltzers are promoting their products on social media platforms, such as Instagram and Facebook, for increasing brand recognition and customer reach. For instance, in May 2020, Truly (a popular hard seltzers brand) launched a social media and out-of-home (OOH) advertising campaign which encouraged customers to upload images of themselves with a can of Truly’s hard seltzers using the hashtag “TrulyPride” on social media platforms to show support for the LGBTQ community. Such marketing programs are projected to provide immense growth opportunities to the hard seltzer brands.
Hard Seltzer Market: Segmental Overview
Based on flavor, global hard seltzer market is bifurcated into tropical fruits, berries, citrus fruits, and others. The tropical fruits segment held the largest share of the market in 2020 and is projected to register the fastest CAGR during the forecast period. Tropical flavors are gaining popularity due to their unique flavor profile and high nutrition value. Manufacturers are launching hard seltzers with a range of flavors, including kiwi, watermelon, and passion fruit. For instance, in August 2021, a Molson Coors Beverage Co. brand, Vizzy launched new hard seltzer flavors—kiwi and watermelon, and passion fruit and watermelon.
By packaging type, the hard seltzer market is segmented into bottles and cans. The bottles segment is expected to register a higher CAGR in the hard seltzer market during the forecast period. Bottles made of polyethylene terephthalate (PET) and glass are generally used for packaging hard seltzers. PET bottles are easily customizable, transportable, leak-proof, and recyclable, making them a sustainable packaging alternative. Manufacturers of hard seltzers use bottles of different shapes, sizes, and unique prints to attract customers. Moreover, to enhance product appeal, they are launching attractive glass bottles with improved durability, which is further anticipated to aid the segment’s growth in the coming years.
Based on distribution channel, the hard seltzer market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment accounted for the largest market share in 2020. Manufacturers of hard seltzers usually prefer selling their products through supermarkets and hypermarkets owing to heavy customer footfall. Moreover, these stores offer attractive discounts, multiple payment options, and a pleasant customer experience. The stores have modern storage facilities that ensure ideal storage conditions for hard seltzers. Many leading manufacturers of hard seltzers sell their products through well-known supermarkets such as Walmart, Kroger, and Lidl to leverage their customer reach and wide distribution network.
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Impact of COVID-19 Pandemic on Hard Seltzer Market
The COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The food & beverage industry is one of the major areas suffering serious disruptions such as supply chain breaks and shutdowns of production plants. During the initial phases of the pandemic, various companies announced possible delays in product deliveries and slump in future sales of their products.
In addition, the global travel bans imposed by countries in Europe, Asia, and North America hampered business collaborations and partnership opportunities. However, the demand for hard seltzer remained steady even during the lockdowns as they can be conveniently consumed anywhere due to their RTD packaging format. Moreover, as people remained inside their homes, they preferred in-house consumption of a variety of beverages, which favored the demand for hard seltzers. However, severe supply chain disruptions led triggered a demand–supply gap, which harmed the market growth. Nevertheless, with rising rates of vaccination and relaxations in social restrictions regulations imposed by governments of different countries, the global hard seltzer market began recovering from losses. This factor is projected to provide growth opportunities for the hard seltzer market players in the coming years.
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