Market Research Future (MRFR) presumes the RTD alcoholic beverages market to be worth USD 17,134.3 Million by 2027. Meanwhile, the rate at which the global market would expand will be 3.44% from 2020 to 2027.
Growth Boosters and Challenges
Booming sales of flavored drinks that have very low alcohol content in line with mounting health consciousness can mean substantial market demand in the following years. Premiumization of RTD alcoholic beverages in terms of taste, flavors, package design, and quality can be the latest trend in the global industry.
The COVID-19 outbreak has had a positive influence over the global market. The fast-emerging at-home drinking culture, surging health concerns, high quality as well as diversity of RTD alcoholic drinks, and convenience bolster the product demand.
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The different RTD alcoholic beverages types in the market include bottled cocktails, alcopop, along with cocktail pre-mixes. In 2018, the largest share of 58.49% was heled by the alcopop segment, with the lead still intact since then. With that said, the fastest progress would be made by the bottled cocktails segment at a rate of 3.54%, evaluates MRFR.
The packaging types discussed in the review report are cans, bottles, among others. The top spot belongs to the bottles segment, given the significant traction gained by this packaging type. More and more manufacturers as well as consumers prefer bottles, in view of their high durability, aesthetics, and hygiene. Bottles are further known for their impressive holding capacity.
Main distribution channels include store-based along with non-store-based.
Europe is all set to bag the highest position in the RTD alcoholic beverages market and can secure a strong growth rate of 3.24% between 2020 and 2027. In 2018, the region had accumulated the biggest share of 44.89% in the global industry, with Germany identified as the most lucrative market. RTD alcoholic beverages enjoy considerable demand in the region and are largely consumed as cocktails and long drinks. Ready to drink cocktails are experiencing robust demand among millennials in the region, while the expanding health-conscious population is also emerging as a key end-user. The latter can be the result of the common understanding among consumers about RTD alcoholic beverages’ extremely low alcohol content as compared to various other types of drinks.
Asia Pacific will stand as the fastest growing market in the given period, as a result of China, India, and Japan gaining traction as leading consumers of RTD alcoholic beverages. The APAC market profits from the changing consumer lifestyles, mounting purchasing power and evolving preferences in conjunction with the cultural as well as social factors.
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The SHS Group (UK), Mike’s Hard Lemonade Co. (US), Bacardi Limited (Bermuda), Asahi Group Holdings Ltd. (Japan), Anheuser-Busch InBev SA/NV (Belgium), Diageo PLC (UK), Beam Suntory Inc. (US), Halewood International Limited (UK), The Brown-Forman Corporation (France), Pernod Richard (France) are recognized in the MRFR study as the top RTD alcoholic beverage manufacturers in the market.
In the face of intense competition in the global industry, manufacturers are adopting marketing strategies to widen their consumer base. Advertising campaigns, new launches and product innovation are some of the top strategies employed by the major brands to elevate their market rankings. Many of the prominent brands are focusing on using attractive packaging solutions that help capture the attention of a higher number of consumers.
WKD, a well-known Alcopop brand is planning to introduce a series of take-home RTD pre-mixed cocktails in two flavours, namely Tropical Sunrise and Blue Lagoon. This launch will be backed by in-outlet and in-depot activity, such as bespoke and display activations, combined with social media as well as influencer activities. The new line is expected to provide shoppers with convenient and popular RTD cocktails with the target market projected to be between 18 and 24 years of age. With this launch, the brand is striving to leverage the rapidly emerging ready-to-drink beverage category.
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