The global Canned Alcoholic Beverages Market is estimated to be valued at US$6.11 billion in 2022 and is projected to grow at a CAGR of 13.8% during the forecast period 2023-2030, according to a new report by Coherent Market Insights.
Canned alcoholic beverages are ready-to-drink alcoholic beverages that are packaged in cans, providing convenience and portability to consumers. The market for canned alcoholic beverages is driven by the increasing demand for convenient packaging options and the rising popularity of outdoor activities and social gatherings.
The portability and ease of consumption offered by canned alcoholic beverages make them ideal for various occasions such as parties, picnics, and festivals. Additionally, the use of lightweight and recyclable aluminum cans further contributes to the market growth.
Market Key Trends:
One key trend in the Canned Alcoholic Beverages Market is the growing popularity of flavored and craft variants. Consumers are increasingly looking for unique and innovative flavors in their beverages, leading to the introduction of a wide range of flavored canned alcoholic beverages. Craft variants, which emphasize quality and artisanal production methods, are also gaining traction among consumers.
This trend is driven by the desire for new taste experiences and the demand for premium beverages. Manufacturers are focusing on developing new flavor combinations and partnering with craft breweries and distilleries to cater to the evolving preferences of consumers.
Threat of New Entrants: The Canned Alcoholic Beverages Market is highly competitive, making it challenging for new entrants to establish themselves. Established players have strong distribution networks, brand recognition, and economies of scale, making it difficult for new players to compete effectively.
Bargaining Power of Buyers: Buyers in the Canned Alcoholic Beverages Market have moderate bargaining power. With a wide range of choices available, buyers can easily switch brands based on factors such as price, quality, and taste. This puts pressure on manufacturers to offer competitive prices and ensure product differentiation.
Bargaining Power of Suppliers: Suppliers in the Canned Alcoholic Beverages Market have moderate bargaining power. While there are several suppliers of raw materials such as alcohol, packaging materials, and flavorings, the industry is consolidated, giving suppliers some leverage. However, manufacturers can mitigate this power by diversifying their supplier base and negotiating favorable contracts.
Threat of New Substitutes: The threat of new substitutes in the Canned Alcoholic Beverages Market is relatively low. While there are alternative alcoholic beverages available in the market such as beers, wines, and spirits, canned alcoholic beverages offer convenience, portability, and a unique packaging format that appeals to many consumers.
Competitive Rivalry: The Canned Alcoholic Beverages Market is highly competitive with several key players vying for market share. This leads to intense competition, aggressive marketing strategies, and constant product innovation. The market is characterized by mergers and acquisitions, partnerships, and collaborations among key players to gain a competitive advantage.
The Global Canned Alcoholic Beverages Market Demand is expected to witness high growth, exhibiting a CAGR of 13.8% over the forecast period of 2023-2030. This growth can be attributed to increasing consumer preference for convenient and portable alcoholic beverages, especially among the millennial and Gen Z population. The market is also driven by the growing popularity of ready-to-drink cocktails and the rising trend of social gatherings and outdoor events.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the Canned Alcoholic Beverages Market. This can be attributed to the increasing demand for ready-to-drink cocktails, rising disposable income, and a strong presence of key players in the region. Europe is also expected to witness significant growth due to the growing popularity of canned craft beers and wines.
Key players operating in the Canned Alcoholic Beverages Market include Diageo plc, Brown-Forman, Pernod Ricard, Bacardi Limited, Suntory Holdings Limited, Asahi Group Holdings, Ltd., Anheuser-Busch InBev, E. & J. Gallo Winery, Constellation Brands, Inc., Treasury Wine Estates, Barefoot Cellars, and Kona Brewing Co. These players focus on product innovation, strategic partnerships, and expanding their distribution networks to gain a competitive edge in the market.