Ready To Drink Cocktails Market Growth & Trends
The global ready to drink cocktails market size is expected to reach USD 2.43 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 13.4% from 2022 to 2030. The growing demand for flavored drinks with low alcohol content due to rising health concerns and increasing consumer inclination toward ready-to-eat and ready to drink products owing to busy lifestyles and hectic work schedules are driving the demand for RTD cocktails.
In terms of type, spirit-based RTD cocktails emerged as the largest segment in 2021 and are anticipated to maintain their lead in the forecast period. They are popular among consumers owing to their low alcohol content and the availability of various flavors. The growing demand for low content alcohol-based flavored drinks due to the rising health concerns is anticipated to drive the spirit-based segment over the forecast period.
The bottles packaging segment captured the largest revenue share in 2021. Aluminum shortage in countries has led to the introduction of RTD cocktails in glass bottles which became popular worldwide over a period of time. Furthermore, the rise in awareness regarding water and land pollution has prompted the majority of players to launch their products in glass bottles.
The hypermarkets/supermarkets distribution channel accounted for the largest revenue share of over 65.0% in 2021. Supermarkets are well-established distribution channels for manufacturers of RTD cocktails and play a key role in the market since they have a wide consumer reach. The improving scenario of the retail industry is expected to boost the segment growth over the forecast period. The market for ready to drink cocktails is fragmented, with the presence of a large number of global and regional players.
Ready To Drink Cocktails Market Report Highlights
- Asia Pacific is expected to register the fastest CAGR of 14.9% from 2022 to 2030. The convenience offered by these drinks, along with the low alcohol level and lower price in comparison to cocktails served at bars, makes them an ideal choice for young consumers in this region
- North America dominated the global market in 2021 due to the rising demand for drinks with low alcohol content. As an increased number of breweries and distilleries are incorporating RTD alternatives in the U.S. and Canada, the adoption of the product has been rising
- The cans packaging segment is expected to register the fastest CAGR of 13.9% from 2022 to 2030 owing to the growing consumer demand for convenience and easy-to-carry packaging
- The online distribution channel is expected to register the fastest CAGR from 2022 to 2030. The shift in consumers’ shopping behavior is one of the major factors driving the sales through the online channel