Pune, India, Oct. 06, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “RTD Cocktails Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Base Type, Packaging Type, Distribution Channel, and Geography,” the RTD cocktails market is expected to grow from $24.73 billion in 2022 to $63.37 billion by 2030; it is estimated to grow at a CAGR of 12.5% from 2022 to 2030. Rising urbanization, growing trend of party culture, and changing consumer taste preferences are the major factors driving the RTD cocktails market.
RTD Cocktails Market: Competitive Landscape
Bacardi Limited, Beam Suntory Inc, Boulevard Brewing Co, Bully Boy Distillers LLC, Constellation Brands Inc, Cutwater Spirits LLC, Five Drinks Co, New Holland Brewing Co LLC, Post Meridiem Spirit Co, and The Crown Royal Co, are among the major players operating in the global RTD cocktails market. Companies in this market focus on strategies such as investments in research and development activities and new product launches which provide strong growth potential to the RTD cocktail manufacturers over the forecast period.
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Asia Pacific is projected to grow at the fastest CAGR in the RTD cocktails market from 2022 to 2030. As disposable income continues to rise in countries of Asia Pacific, such as China, India, Australia, and Vietnam, consumers are willing to spend more on premium and indulgent products, including RTD cocktails. Consumers in Asia Pacific are increasingly seeking premium and high-quality RTD cocktails with unique flavors and ingredients, leading to the emergence of craft and artisanal offerings in the market. Through new product launches, the market players are fulfilling the requirements of new flavors in RTD cocktails. The trend of healthier lifestyles has influenced the RTD cocktail market growth. Manufacturers are introducing low-calorie, low-sugar, and natural ingredients-based options to cater to health-conscious consumers. Eco-friendly packaging and sustainable sourcing of ingredients have become important trends in the RTD cocktails market in Asia Pacific. These factors are anticipated to propel the RTD cocktails market growth in the region.
Increasing Influence of Social Media and Celebrities
Social media is playing a crucial role in changing the lifestyles of people. Over the past few years, the number of social media users has increased dramatically, owing to the rising penetration of the internet and smartphones. Thus, major global manufacturers are showcasing their products on social media platforms to generate more revenue. For instance, Diageo plc, one of the prominent RTD cocktail manufacturers, stepped up its multi-million-dollar partnership with Facebook to market its products.
Celebrities such as Sarah Jessica Parker and John Cena have partnered in founding the Spirit Company. They launched classic RTD canned cocktails, including “The Perfect Cosmo” and “The Classic Old Fashioned.” Moreover, many celebrities, including Justin Timberlake, Kendall Jenner, and Pitbull, own spirit companies. These celebrities have a large fan base across the globe, and these fans are influenced by celebrity lifestyle, which increases the product sale marketed or founded by them. Thus, the increasing influence of social media and celebrities is expected to create new RTD cocktails market trends in the coming years.
RTD Cocktails Market: Segmental Overview
Based on base type, the RTD cocktails market is segmented into malt based, tequila based, vodka based, whiskey based, and others. The malt-based segment held the largest share of the RTD cocktails market in 2022. Under the Federal Alcohol Administration Act, in the US, a malt beverage must be made from a base that is 25% malt and must contain at least 7.5 pounds of hops per 100 barrels of the finished product. Malt-based cocktails are widely available across various retail stores. Their alcohol content typically ranges between 4 and 6%. Thus, the increasing adoption of drinks with low alcohol content is expected to boost the demand for malt-based beverages.
Based on distribution channel, the RTD cocktails market is segmented into supermarkets & hypermarkets, specialty stores, online retail, and others. The online retail segment is projected to register the fastest CAGR from 2022 to 2030. Online retail stores offer various products with heavy discounts; consumers can conveniently buy desirable products from remote locations. Additionally, a home delivery service attracts many customers to shop through e-commerce platforms. Moreover, the bars and liquor stores were closed during the pandemic, which accelerated the demand for RTD cocktails through online sales channels.
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Impact of COVID-19 Pandemic on RTD Cocktails Market
The COVID-19 pandemic affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA) hampered the growth of several industries, including the food & beverages industry. The pandemic induced recession across the global economies as the marketplace remained shut due to lockdowns and border restrictions. However, the COVID-19 pandemic changed consumer preferences toward low-alcohol, low-sugar RTD cocktails, as well as products with natural ingredients, organic certifications, and sustainable packaging in RTD cocktails.
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