The hard seltzer size was valued at $3,831.9 million in 2019, and is estimated to reach $10,921.9 million by 2027, registering a CAGR of 12.7% from 2021 to 2027.
Hard seltzer is a highball drink containing carbonated water, alcohol, and often fruit flavoring. The popularity of this drink has skyrocketed in 2019, and in 2020, hard seltzer recorded its highest sales in the U.S. The product has attracted young and health conscious people, owing to low alcohol content and low calories & carbohydrates.
Increase in impact of Western culture, rapid urbanization, change in perception of consumers toward the consumption of alcoholic beverages, and change in consumer preferences in the developing regions are anticipated to drive the growth of the global hard seltzer market.
The hard seltzer has been gaining considerable attention among the millennial and health-conscious people as it is low calorie, carbohydrates, and low ABV content beverage. Hard seltzer is made with all-natural gluten-free ingredients, which further promotes the growth of the global hard seltzer market during the forecast period. Moreover, hard seltzers satisfy the demand for new flavors, need for various cocktail combinations, and the convenience of usage due to insta-friendly sustainable cans. Moreover, due to these factors, the companies are trying to gain advantage from this fast-growing trend. However, stringent regulations from the government regarding the use of water resources and waste management lead to losses for the companies, which, in turn, hampers the growth of the global hard seltzer market. In addition, higher excise & custom duties and taxation policies on export & import as well as on local manufacturers restrict the expansion of the global hard seltzer market.
Presently, social media is the significantly used platform for the promotion of hard seltzer market. Whereas, online stores have been increasingly used for purchasing alcoholic beverages. Furthermore, hotel, bar, restaurants, and pubs play vital role in the sales of the hard seltzer. According to The American Beverage Association (ABA), sales of hard seltzer through on-trade channel were accounted for 45% in 2019, and it significantly decreased during the pandemic.
However, rise in innovations in the alcohol beverage industry and availability of the close substitutes are likely to hamper the growth of the hard seltzer market. Furthermore, wide spared of corona virus is disrupting the business environment of every country, which is expected to be the major challenge for the hard seltzer market grow.
The report segments the global hard seltzer into ABV content, packaging, distribution channel, and region. On the basis of ABV content, the market is categorized into ABV less than 5% and ABV more than 5%. By packaging, it is segregated into metal cans, glass bottles, and plastic bottles. According to distribution channel, it is divided into off-trade and on-trade. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, Ireland, Netherland, Sweden, and rest of Europe) and Asia-Pacific (Japan, Australia, Singapore, and rest of Asia-Pacific).
The major players operating in the market are Truly, White claw, Barefoot Cellars, Future Proof Brands LLC, Bon & Viv, Ficks & Co, Nude, Kona Brewing Co., Lift Bridge Brewing Co., and Bud Light Seltzer.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global hard seltzer, with current and future trends to elucidate the imminent investment pockets in the market.
- Current and future trends are outlined in the report to determine the overall market attractiveness and single out profitable trends to gain a stronger foothold in the market.
- The report provides information regarding drivers, restraints, and opportunities with impact analysis.
- A quantitative analysis of the current market and estimation for the same from 2019 to 2027 is provided to showcase the financial competency of the market.
- Porter’s five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market.
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain.
- Competitive intelligence highlights business practices followed by leading market players across various regions.
KEY MARKET SEGMENTS
- By ABV Content
- ·ABV Less Than 5%
- ·ABV More Than 5%
- By Packaging
- ·Metal Cans
- ·Glass Bottles
- ·Plastic Bottles
- By Distribution Channel
- By Region
- ·North America
? Rest Of Europe
? Rest of Asia-Pacific