Ready To Drink Cocktails Market

Ready To Drink Cocktails Market Size

Ready To Drink Cocktails Market size was USD 795.5 million in 2021 and projected to grow from USD 1025.9 million in 2023 to USD 3281.3 million by 2032, exhibiting a CAGR of 13.8% during the forecast period.

Ready-to-drink cocktails are single-serve, pre-packaged, and ready for drinking. RTD cocktails provide customers a handy way to enjoy their preferred alcoholic beverages without going to a restaurant or bar as busy routines increasingly trend toward easy-going experiences at home. RTDs make it simple to serve cocktails to guests with the growth of ‘home cocktail culture’. RTDs are becoming more and more popular due to their increasing variety and quality.

Market Highlights

Ready To Drink Cocktails Market is expected to project a CAGR of 13.8% during the forecast period, 2022-2032

Ready To Drink Cocktails Market is expected to reach USD 3281.3 million, growing at a CAGR of 13.8% during the forecast period owing to the increasing demand for flavored beverages or drinks having low content of alcohol due to the growing health worries. The industry is also expected to be driven by the premiumization of the drinks through taste, flavors, package design, and quality.

Ready To Drink Cocktails Market Segmentation

Spirit-Based segment is expected to dominate in the forecast period

Ready To Drink Cocktails Market is classified based on the Type into Malt-Based, Spirit-Based, and Wine-Based. The Spirit-Based segment held a greater position in the global Ready To Drink Cocktails Market and is projected to continue dominance over the forecast years. These single-serve drinks are packaged with a variety of flavors and often contain nearly 5% alcohol besides ingredients like juices. The market demand for flavored beverages with minimal alcoholic content is also largely fueled by rising health worries among the populace, which is fueling the segment growth.

Hypermarkets/Supermarkets segment is expected to dominate in the forecast period

Ready To Drink Cocktails Market is classified based on the Distribution Channel into Hypermarkets/Supermarkets, Liquor Stores, and Online. The Supermarket/Hypermarket segment is likely to hold the maximum share in the global Ready To Drink Cocktails Market due to high propensity of shoppers to purchase their groceries from supermarkets, specialized shops, and convenience stores. The segment is led by major supermarkets and hypermarkets throughout the world like Target and Walmart, which is fuelling the market growth.

Market Dynamics                                                  

Growth Drivers

Increasing Demand for Flavoured Drinks Containing Low Alcohol Amount is Expected to Boost the Market Growth

Increased health concerns are anticipated to fuel the market for flavoured beverages with reduced alcohol content, over the forecast period. The market is also likely to be influenced by how the product's flavor, quality, taste, and package design extend its brand. Another factor driving the Ready To Drink Cocktails Market is the growing working population, which is aided by the rising number of working women. Numerous consumers who like serving homemade drinks at house parties and social events is another factor driving the demand.

Growing Pattern in the Online Sales of RTD Drinks is Expected to Boost the Market Growth

The growing trend of selling ready-to-drink cocktails through online distribution channels, particularly on company-owned and commercial websites like Ace Spirits, Drizly, and other regional online enterprises is impacting the market growth. The demand is also anticipated to be driven by changing lifestyle choices that support health and the expanding responsible drinking trend. Moreover, more people are choosing to use these drinks since the availability of gluten-free, organic, and keto-friendly ready-to-drink brews rises.

Restraint

Growing Use of Pre-Mix RTD Alcoholic Beverages to Restrain the Market Growth

The Ready To Drink Cocktails Market is constrained by unfavourable effects of using pre-mixed, ready-to-drink alcoholic beverages, complicated taxation, and tariffs. The market growth of RTD cocktails is being constrained by increased accessibility to competing products, severe regulations and prohibitions on the advertising of ready-to-drink cocktail shots, and growing anti-alcohol measures.

Recent Developments

• The Coca-Cola Company and Constellation Brands Inc. inked a brand authorization agreement in January 2022 to allow The Coca-Cola Company to introduce FRESCA Mixed, a category of full-flavored, spirit-based RTD cocktails, in the United States. The FRESCA brands are designed to bridge the gap between flavorful bar cocktails and refreshing hard seltzers by appealing to people wanting higher-quality and fuller-flavored experiences RTD beverages.
• The company entered the market for ready-to-drink boxed wine cocktails in March 2022 with the launch of the brand constellation's next round of drinks.

Ready To Drink Cocktails Market

Key Players Covered:

• The Coca-Cola Company
• Suntory Holdings Limited
• Asahi Group Holdings Ltd.
• Diageo plc
• Pernod Ricard
• Molson Coors Beverage Company
• Constellation Brands Inc.
• Bacardi Limited
• Brown-Forman
• Campari Group
• The Boston Beer Company Inc.
• The Mike's Hard Lemonade Company
• Cutwater Spirits
• BevSource
• Manchester Drinks Company Ltd.
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Ready To Drink Cocktails Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. In 2021, North America held a considerable portion of the Ready To Drink Cocktails Market, and it is anticipated to continue dominance during the forecast period. The expanding demand for new flavors and a shift toward items that can be consumed on-the-go, and the low alcohol level and reduced cost of these cocktails, are all factors that are boosting the demand in the nation. Asia Pacific is also expected to have the fastest during the estimated period, owing to the growing popularity of western culture and the consequent increase in demand for high-end, practical, and high-quality drinks.

Impact of Covid-19 on Ready To Drink Cocktails Market

Global Ready To Drink Cocktails Market has benefited from the COVID-19 epidemic. The section took off once the pandemic hit the planet, despite the product demand was already soaring. The elements causing the increase in demand are the development of the home cocktail culture, convenience, rising health concerns, and the improved quality and variety of ready-to-drink cocktails.

Ready To Drink Cocktails Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Ready To Drink Cocktails Market Scope and Segments:

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