The market for canned cocktails is set to grow at 'breakneck speed' between now and the end of the decade, driven by an increasingly bespoke array of products, according to new data from Fact.MR.
However, the COVID-19 pandemic is likely to impact the market in the near term, it added.
The global canned cocktails market is to expand at a CAGR of 20% through to 2030, and is anticipated to surpass a valuation of $146 billion (€122 billon), the data shows.
Major drinks brands are investing more into their canned cocktail offerings – earlier this summer, Brown-Forman announced the launch of a range of new ready-to-drink cocktails under the Jack Daniel's brand, while popular US-based brand White Claw Hard Seltzer launched in the UK and Ireland for the first time.
According to Fact.MR, Europe dominates the global canned cocktails market, holding about 40% share, while South Asia and Oceania are likely to experience high growth in the coming years, due to increased demand for a wider range of alcoholic beverages.
The research firm said that regional cocktails built around primary ingredients other than spirits, wine and malts are likely to attract a wider range of shoppers to the category.
In addition, the coming years are likely to see a wider range of products aimed at specific target groups, such as females – Pernod Ricard's Malibu brand and Big Hammer Wines' Rosé All Day recently launched products featuring flavours such as strawberries and roses, in an attempt to appeal to a female consumer base.
Supermarkets and hypermarkets, too, are likely to account for a higher proportion of sales in the category going forward.
Commenting on the findings, a Fact.MR analyst said, “The ongoing COVID-19 pandemic will slightly affect the growth of the canned cocktails market in the near term, which is otherwise set to expand at an impressive CAGR of 20% through 2030."
Most major drinks firms have a presence in the canned cocktails market, including Duvel Moortgat NV, Brown-Forman, Diageo Plc, AB InBev, The Cooper Spirits Company, Bacardi Limited, Pernod Ricard, AG Barr, and many others, according to Fact.MR.
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