NEWARK, Del, Dec. 05, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the global canned alcoholic beverages market was around US$ 17,598.2 Million in 2023 and is projected to exhibit a CAGR growth of 11% over the forecast period. The market is estimated to be valued at US$ 20,411.6 Million in 2024 and projected to surpass US$ 92,401.1 Million by 2034.
Consumers are seeking ready to drink alcoholic beverages which is easy to transport and consume in the current period. Canned alcoholic beverages provide consumers with this facility. Increasing developments such as premium alcohol consumption in which customers are ready to pay more for high-quality canned alcoholic beverages. The rising increasing number of local beers and alcohol are typically viewed as more flavorful and sophisticated than regular hard drinks.
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The increasing industrialization worldwide is projected to drive the future of the canned alcoholic beverages market. As more individuals consume alcohol, there is significant opportunities are created for the manufacturers.
A growing need for convenience and a rising number of health-conscious individuals are expected to drive the market for hard seltzers. Low-calorie drinks with natural components are likely to be the most popular among consumers as a result, producers are focusing on launching products with natural ingredients in order to gain popularity in the market in the forecast period.
“The rising R&D activities by can manufacturers such as improving the shapes of cans, the weight of the can, and other factors are also expected to drive the growth of the market. Consumer demand for innovative and handy alcoholic beverages drives the market. The trend toward healthier living has also played a part, as many consumers want lower-calorie options and products made with natural ingredients.” - says Nandini Roy Choudhury ( client Partner for Food and Beverages at Future Market Insights, Inc.).
Key Takeaways from the Market Study:
- The global canned alcoholic beverages market is estimated to register a CAGR of 11% with a valuation of US$ 92,401.1 Million by 2034.
- The United States is anticipated to dominate the global market by registering a 12% CAGR during the forecast period.
- With a 13.3% CAGR, China is significantly driving the global market by 2034.
- Germany is anticipated to secure a CAGR of 14.7% in the global market during the forecast period.
Competitive Landscape:
In recent years, there has been a surge in investment and collaboration within the industry, with venture capital firms and businesses. These strategic partnerships and financial investments aim to accelerate research and development, scale production, and expand market reach.
Key players have initiated promotional activities to introduce the design and shapes of cans.
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Recent Development:
- In 2023, Jack Daniel’s & Coca‑Cola RTD introduced canned cocktails. It's a premixed cocktail.
- In 2020, Boston Beer Company launched a new line of hard seltzers called Truly Hard Seltzer Lemonade. These seltzers are made with real lemonade and are available in a variety of flavors.
- In 2023, Diageo launched a new line of RTD cocktails called Smirnoff Infusions. These cocktails are made with premium spirits and are available in a variety of flavors.
- In 2021, Pernod Ricard has launched a new line of canned cocktails called Malibu Ready to Serve. These cocktails are made with Malibu rum and are available in a variety of flavors.
Key Players Operating in the Global Canned Alcoholic Beverages Market:
- Anheuser-Busch InBev
- Molson Coors Beverage Company
- Diageo
- Heineken Holding N.V.
- Carlsberg Group
- Asahi Group Holdings
- Suntory Beverage & Food Limited
- Kirin Holdings Company, Limited
- SABMiller
- Red Bull GmbH
Canned Alcoholic Beverages Market Segmentation Analysis:
By Product Type:
- Hard Seltzers
- Wine
- RTD Cocktails
By Distribution Channel:
- Liquor Stores
- On-trade
- Online
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Explore Future Market Insights, Inc. Extensive Coverage in Food and Beverage Domain:
- The RTD canned cocktail market is estimated to increase from US$ 18.822 Billion in 2023 to US$ 33.247 Billion by 2033.
- The global Low-calorie RTD Beverages market is expected to reach a market valuation of US$ 45,398.044 Million by the year 2033, accelerating with a CAGR 5.7% by 2023 to 2033.
- The global low-alcohol beverages market estimated at US$ 1.41 Billion in the year 2023, is projected to reach a revised size of US$ 2.36 Billion by 2033.
- The craft soda market can expect a modest CAGR of 4.90% through 2034, with a forecast valuation of US$ 1,200.8 Million by 2034.
- The alcohol dehydrogenase enzymes market is projected to grow at a CAGR of 6.5% during the forecast period, to reach a value of USD 1,302.0 Million by 2032.
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