RTD Alcoholic Beverages Market Revenue 2021 could gain momentum at a rate of 3.50% between 2021 and 2028 (forecast period), confirms Market Research Future (MRFR). MRFR also suggests in its new study that the market can touch USD 17,470.2 Million by 2028. We will provide COVID-19 impact analysis with the report, along with an in-depth review post the coronavirus disease outbreak.
Key Boosters and Restraints
Alcohol remains a highly popular beverage around the world, a commonly consumed ready-to-drink product that is leading the RTD Alcoholic Beverages Market Revenue to greater heights. Addition of a variety of flavors in RTD alcoholic drinks, depending on the latest trend and demand, can be another favorable aspect in the market. Some of the flavors that are in great demand include citrus, spices, tropical, berries, and more. Since the consumer demand for flavored beverages is rising at a promising rate, many manufacturers are sharpening their focus on introducing new RTD alcoholic beverages into the market. Another effective tactic that helps draw in more number of consumers is the introduction of flavored alcoholic beverages in different packaging, such as canned wine and high strength premix.
The RTD Alcoholic Beverages Market Revenue also gets a significant boost from the fast emerging premiumization trend, primarily among the youth populace. Millennials along with the younger generation are quite interested in premium products. Besides, the prevalent concept among this demographic is of shareability, which is further encouraged by the high popularity of social media. Facebook, Instagram and more are such platforms where RTD alcohols and similar products are quickly gaining traction, with brand recognition growing rapidly among consumers.
Considering the opportunities that lie in the growing popularity of flavored alcohol worldwide, many of the leading firms are launching new and more innovative products that can potentially capture a bigger consumer base across regions. Also, the increasing lucrativeness of the global market is prompting a number of companies to gain entry and establish themselves, armed with exciting new launches and more.
For instance, in September 2021, The Clean Liquor Company, with the aim to successfully enter the ready-to-drink segment, launched Clean Rum Cola and Clean Gin Tonic RTD alcohols. Clean Gin Tonic has been made using low-alcohol spirit and is a blend of various botanicals like grapefruit, juniper, mint, cardamom, cinnamon and ginger.
Type, packaging type and distribution channels are the main segments analyzed in the MRFR study of the RTD alcoholic beverages.
The types of RTD alcoholic beverages are cocktail-premixes, bottled cocktails and alcopop. In 2018, the lead was taken by the alcopop segment, while it is also projected that the segment can continue to dominate the market in the years ahead. However, the fastest growth can be observed by the bottled cocktails segment, which is at a rate of 3.54%. A few types of alcopop in the market are vodka, whiskey, rum, and others. Vodka is currently at the top position in the global market, while bottled cocktails such as long drinks and more can also gain substantial impetus during the evaluation period.
Packaging types considered in the report are cans, bottles, and others.
Distribution channels discussed in the market study include store-based, which can be segmented into specialty stores, supermarkets hypermarkets, and others, along with non-store-based.
Europe and APAC/Asia Pacific along with Middle East and Africa/MEA and North America are the primary markets for RTD alcoholic beverages.
Europe can potentially emerge as the market leader in the coming years, having seized the biggest share of 44.89% in 2018. It is also presumed that the regional market can accrue a growth rate of 3.24% between 2028 and 2028. Germany remains at the vanguard of the European market, and is gaining at a high pace owing to the availability of a broad range of beverages with low alcohol content and innovative flavors. Surge in alcohol dependence, cases of non-communicable diseases like liver cirrhosis, cardiovascular diseases and cancer along with injuries due to collisions and violence also bolster the demand for RTD alcoholic beverages in Europe.
North America is one of the leading consumers of RTD alcoholic beverages in the world and is all set to procure a decent growth rate of 3.31% in the following years. The rising popularity of RTD cocktails among Millennials in the United States and Canada coupled with the high availability of such products in these countries also enhance the market size in the region.
APAC, with the fastest progress rate, can emerge quite lucrative between 2028 and 2028. The regional market boasts of high availability of a vast range of premium and super-premium products, while the trend of drinking less but better continues to work in favor of premium RTD alcoholic beverages. China is one of the fastest growing markets in the region as well as globally, thanks to the fast growth in the uptake of low calories, low fat, yet better flavored beverages.
Key Firms Profiled
Some of the key firms in the market profiled in the MRFR study are Halewood International Limited (UK), Beam Suntory Inc.(US), The SHS Group (UK), Pernod Richard (France), Asahi Group Holdings, Ltd. (Japan), The Brown-Forman Corporation (France), Bacardi Limited (Bermuda), Anheuser-Busch InBev SA/NV (Belgium), Diageo PLC (UK), Mike’s Hard Lemonade Co. (US), to mention a few.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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