Fort Collins, Colorado, Feb. 12, 2024 (GLOBE NEWSWIRE) -- The Canned Alcoholic Beverages Market size was valued at USD 15.8 Billion in 2022 and is anticipated to reach USD 80.1 Billion by 2032 at a CAGR of 17.7%.
Canned alcoholic beverages have gained popularity during the pandemic as they are convenient for consumption at home or on the go, such as at the beach, without the need for disposable plastic bottles. These canned drinks come in pre-fixed quantities, making it easy for people to consume without worrying about overindulgence. Even after the pandemic, many consumers prefer canned alcoholic beverages as brands offer various flavors to cater to different tastes. According to the International Wine and Spirits Research, the demand for canned alcoholic drinks is expected to double between 2022 and 2025, making up eight percent of the global alcohol beverage market.
Another factor contributing to the market growth is sustainability. These cans are made of aluminum, which is recyclable, and many cans contain recyclable materials. With increasing awareness of environmental issues caused by single-use packaging products, the demand for sustainable brands is rising. This trend is particularly evident among younger generations, and to cater to their demands, brands involved in the canned alcoholic beverage manufacturing industry are investing in sustainable and organic packaging materials. This shift towards eco-friendliness is also affecting consumer-product choice. According to a report by the National Retail Federation, 7 out of 10 North Americans consider sustainability and eco-friendliness essential when buying a product.
However, the consumption of alcohol is on the rise, especially for low-alcoholic drinks. Gen Z increasingly opts for low-alcohol content canned drinks due to their convenience and portability. These small cans are easier to carry than larger glass bottles, making them perfect for outings and vacations.
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Segmentation Overview:
The global canned alcoholic beverages market has been segmented into product, distribution channel, alcoholic content, and region. Hard seltzers have become increasingly popular in recent times. These alcoholic beverages are usually made of malted barley or cane sugar and contain fruit flavors. They have gained favor among health-conscious consumers due to their low sugar, carb, and calorie content. This, coupled with their affordability, is expected to drive sales during the forecast period. The low-alcohol content segment is also gaining popularity among consumers who prefer canned alcoholic beverages with lower fixed alcohol content compared to other drinks. This trend is driven by growing awareness of the harmful effects of excessive alcohol consumption. It is predicted that the demand for low-alcohol-content drinks will continue to increase during the forecast period.
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Canned Alcoholic Beverages Market Report Highlights:
- The global canned alcoholic beverages market growth is anticipated at a CAGR of 17.7% by 2032.
- Canned alcoholic beverages are becoming popular due to their convenience for at-home and on-the-go consumption. They come in pre-fixed quantities, making them easy to consume without worry. The demand for canned drinks is expected to double by 2025, making up 8% of the global alcohol beverage market. Cans are also eco-friendly, as they are made of recyclable aluminum. Brands invest in sustainable and organic packaging materials to cater to younger generations who prioritize sustainability. Low-alcohol canned drinks are also gaining popularity due to their convenience and portability.
- North America has a significant presence in the canned alcoholic beverages market, with the United States holding a substantial share in this region. As per T. Hagesawa, a Japanese fragrance and flavor company, the demand for canned alcoholic beverages is rising as consumers are increasingly interested in exploring unique and diverse flavor profiles.
- Some prominent players in the Canned alcoholic beverages market report include Asahi Group Holdings Ltd., Diageo Plc., Treasury Wine Estates, Constellation Brands, Kona Brewing, Bacardi Limited, Suntory Holdings Limited, Sula Vineyards, Union Wine Co., Brown-Forman Corporation, and others.
Industry Trends and Insights:
- Treasury Wine Estates Ltd (TWE) has announced the successful acquisition of DAOU Vineyards. TWE welcomes DAOU Vineyards to its portfolio of leading and iconic luxury wine brands in the United States.
- In a significant initiative, Bacardi is launching Shake Your Future in five cities across Italy, including Milan, Rome, Turin, Naples, and, for the first time, Genoa. This year, the initiative is offering 40 young people a life-changing opportunity to start a career in mixology.
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Canned Alcoholic Beverages Market Segmentation:
By Product: Wine, RTD Cocktails, Hard Seltzers, Beer
By Distribution Channel: On-Trade, Liquor Stores, Online, and Others
By Alcoholic Content: Low (ABV less than 5%), High (ABV greater than 5%), Flavoured Alcoholic Beverages
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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