Ready To Drink Cocktails Market Size Worth $3.08 Billion By 2033 - Rising Consumer Demand For Flavored Drinks

(MENAFN- GlobeNewsWire - Nasdaq) The global RTD cocktails market is experiencing a dizzying ascent. Millennial and gen z preferences, e-commerce, social media influence, pandemic-induced home consumption are some of the key drivers responsible for market growth.

Newark, Aug. 19, 2024 (GLOBE NEWSWIRE) -- The global ready to drink cocktails market is expected to reach USD 3.08 billion by 203, at a CAGR of 12.5% during the forecast period 2024-2033. Increased popularity of ready to eat and ready to drink products coupled with increase in purchasing power parity of the consumers, an inclination towards health lifestyle and responsible drinking, the convenience and wide variety of flavors provided by ready to drink cocktails are driving the ready to drink cocktails market; the requirement to improve service quality for clients is likely to provide an impetus for introduction of more options and flavors of the products.

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Key Insights on Ready to Drink Cocktails Market

The spirit-based segment dominated the market with a market share of around 42% in 2023.

The type segment is divided into malt based, wine based and spirit based. The spirit-based segment dominated the market with a market share of around 42% in 2023. Spirit based cocktails are the most used and highly popular type in the ready to drink cocktails market. Vodka, gin, whiskey, tequila are the usual spirits used along with some other juices like lemon, orange, pineapple, cranberry etc.

The bottles segment is expected to grow at the fastest CAGR of 14.2%.

The packaging type segments is divided into bottles, & cans. The bottles segment is expected to grow at the fastest CAGR of 14.2%. ready to drink cocktails were first introduced in bottles and hence are the dominant form of packaging in the market. They have increased in popularity as they resemble the packaging of alcoholic beverages.

In 2023, the supermarkets/hypermarkets segment dominated the market, accounting for around 60% of global revenue.

The distribution channel segment is divided into supermarket/hypermarkets, online and liquor stores. In 2023, the supermarkets/hypermarkets segment dominated the market, accounting for around 60% of global revenue. Supermarkets/hypermarkets are large, widely distributed and have a higher consumer reach compared to others. The inclination of consumers towards shopping at a one-stop-shop, the convenience it provides are the reasons for its dominance.

Report Scope and Segmentation –

Report Coverage	Details
Forecast Period	2024-2033
Forecast CAGR	12.5%
2033 Value Projection	USD 3.08 Billion
Historical Data	2020-2022
No. of Pages	238
Report Coverage	Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered	Type, Packaging, Distribution Channel
Regions Covered	The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Ready to Drink Cocktails Market Growth Drivers	Increased popularity of ready-to-drink cocktails

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Regional Segmentation Analysis:

The market is analyzed based on five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. During the forecast period, North America is expected to be the largest market. The ready to drink cocktails market in North America has been expanding rapidly. Ready to drink cocktails in North America is dominated by the United States. The rising demand for on-the-go products because of the busy lifestyle of the population is driving the demand in this region. Whiskey and vodka-based cocktails are the products which have the highest demand. The increasing expansion of supermarket/hypermarket chains like Target and Walmart are a positive development for the ready to drink cocktails as the maximum sales happen through these distribution channels. The products are affordable and convenient, features which will facilitate the growth of the market. The low alcohol content and healthier versions will expand the market by attracting health-conscious consumers.

Competitive Analysis:

The major players of market include Brown-Forman, Diageo plc, Pernod Ricard, Bacardi Limited, Manchester Drinks Company Ltd, Asahi Group Holding, Ltd., SHANGHAI BACCHUS LIQUOR CO. LTD., Halewood Wines & Spirits, Suntory Holdings Limited and Anheuser-Busch InBev among others.

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