The Canned Alcohol Beverages market has experienced a remarkable surge in recent years, reshaping the way consumers enjoy their favorite drinks. These portable, convenient, and eco-friendly options have gained popularity among the young and adventurous demographic, seeking a hassle-free drinking experience.
The market’s growth can be attributed to its diverse offerings, spanning from traditional beers and ciders to innovative alcoholic seltzers and ready-to-drink cocktails. The rise of premium and craft canned beverages has further fueled this trend, appealing to discerning consumers. With increasing health consciousness, low-calorie and low-sugar variants have also found a niche in this ever-evolving market, promising a bright future for the industry.
FMI estimated that the value of the global canned alcoholic beverages market in 2023 could reach US$ 17.35 billion. By 2033, global sales are likely to surpass US$ 76.55 billion. The market has the potential to witness a CAGR of 16% between 2023 and 2033.
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Given their improved portability, convenience, and travel-friendliness, alcoholic beverages in cans are growing in popularity among customers. These metal cans are also more affordable than glass bottles and have a significantly high rate of recycling than glass.
Canned alcoholic beverages are likely to experience a spike in demand with tremendous development potential due to their simple and handy packaging. In addition to being cheap than glass bottles, these metal cans have a substantially better rate of recycling. Thus, it is anticipated that the industry could grow significantly throughout the forecast period.
The market is also proliferating owing to the growing desire of consumers for ready-to-eat and ready-to-drink items as well as their hectic lifestyles and demanding work schedules. An increasing working population is predicted to drive the market as well. Since they do not require glasses or a corkscrew, cocktails are also easy to open. Given the individually proportioned portions, consumers can easily drink a full can in one sitting as opposed to alcoholic beverages in bottles.
The market growth is expected to be strongly influenced by the growing appetite of millennials for alcoholic beverages. Canned alcoholic beverages allow customers to enjoy their favorite drinks whenever and wherever they desire, including at the beach, next to the pool, while camping, and on social outings.
As the liquor is protected from light and oxygen condensation in cans, the quality of the alcohol can be maintained. The development prospects of the market are expected to be increased by the rising demand for premium, organic, and canned beverages.
The global demand for premium and low-alcohol beverages has created a wide range of potential opportunities for the canned alcoholic beverage industry. Trendy canned alcoholic beverages that combine botanical and organic ingredients in vibrant flavors are likely to give manufacturers a wide range of opportunities.
The demand for beverages with low alcohol content and transparent packaging is also projected to create opportunities for players in the canned alcoholic beverage industry. A growing number of health-conscious consumers and gluten-intolerant people are trying to cut gluten out of their diets due to a rise in celiac disease cases globally. Therefore, canned alcoholic beverages made without gluten are expected to have substantial development potential.
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KEY TAKEAWAYS
- The United States canned alcoholic beverages market dominates the global market driven by the growing consumer demand for convenient and portable options.
- The rising popularity of canned alcoholic beverages in China is driven by urbanization, changing lifestyles, and increasing interest in novel flavors and packaging.
- The rising popularity of canned alcoholic beverages in Germany can be attributed to their appeal to young consumers seeking innovative and ready-to-drink alcohol options.
- The hard seltzers segment has emerged as the dominant force in the market, capturing a significant share of consumer demand with its refreshing, low-calorie, and fruit-flavored offerings.
- The liquor stores segment has established its dominance in the market, catering to consumers seeking a convenient and wide-ranging selection of on-the-go options.
COMPETITIVE LANDSCAPE
Manufacturers in the canned alcoholic beverages market are actively innovating and expanding their product offerings to cater to changing consumer preferences. They are launching new flavors, experimenting with unique ingredients, and incorporating sustainable packaging solutions.
Manufacturers are also leveraging social media and digital marketing to engage with consumers and create buzz for their products. They are also focusing on sustainable packaging solutions to align with consumer demand for eco-friendly options.
Competition Tracking
Key players of Canned Alcohol Beverages Market are Captain Morgan, Bira 91, Monaco Cocktails, Coca-Cola, Bacardi etc..
RECENT DEVELOPMENTS:
- In January 2023, “Roxie”, a zero-proof canned beverage was launched by the Molson Coors Beverage Corporation.
- In August 2022, Tito’s unveiled the launch of its fresh canned-packaged vodka that is ready to drink.
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Canned Alcoholic Beverages Market Segmentation
Product:
- Hard Seltzers
- Wine
- RTD Cocktails
Alcoholic Content:
- High
- Medium
- Low
Distribution Channel:
- Liquor Stores
- On-trade
- Online
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