Market Research Future Insights
According to market research future insights analysis, the global ready to drink market is expected to register a CAGR of 11.20% from 2022 to 2030 and hold a value of over USD 2.57 billion by 2030.
The demand for ready-to-eat and ready-to-drink items is rising due to consumers’ busy lifestyles and demanding work schedules. A growing working population is anticipated to fuel the market, bolstered by a growing number of working women. Many consumers favor serving homemade beverages at house parties and other social gatherings, which increases demand. Furthermore, the RTD market’s growth prospects can be due to the wide variety of well-liked and popular flavors businesses offer. The demand for flavors in various items has increased significantly. It will likely continue as more customers experiment with food and beverages and new tastes and flavors.
Additionally, a variety of beverages are offered in RTD products, satisfying the demands, preferences, and regional preferences of customers from diverse locations. Adding unusual flavors to manufacturers’ product lineups will also be one of their main techniques for grabbing consumers’ attention. Another factor influencing the growth of the global market is the rising popularity of selling ready-to-drink (RTD) beverages as a side drink at different fast food restaurants and cafés. Another driver boosting growth in the global ready-to-drink (RTD) market is rising consumer demand for low-sugar, and diet ready-to-drink (RTD) drinks due to the rising adoption of a healthy lifestyle.
Regional Analysis
North America dominated the ready to drink market in 2021. Coffee consumption is rising due to urbanization and changing lifestyles, boosting the ready-to-drink market. Additionally, shifting consumption habits, weight reduction trends, ready-to-drink coffee brands, a growing pub culture, and increased disposable income are the primary growth or driving drivers for the sector. Due to rising consumer demand for various flavors and shifting consumer preferences toward products that can be consumed while on the go, the U.S. accounted for the largest share in the regional market in 2021.
Asia Pacific registered a significant growth in the market for ready to drink. Some key factors driving the demand for RTD in the region include rising disposable income and shifting consumer habits. One of the major markets for RTD in the area is emerging economies, including China and India. The greatest market for RTD versions worldwide is anticipated to be in Asia Pacific.
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Market Segmentation
The global ready to drink market has been segmented into type, packaging and distribution channel.
Based on type, the ready to drink market has been segmented into malt-based, spirit-based and wine-based. The malt-based category accounted for the largest share of the market in 2021. It typically comes in single-serve packaging and comes in a variety of flavors. It typically contains up to 5% alcohol blended with other ingredients like juices. The most widely used alcoholic beverages are vodka, gin, tequila, whiskey, and rum. On the other hand, the wine-based category is anticipated to grow significantly. The market demand for wine-based cocktails has been fuelled by consumer perceptions that wines are healthier than spirits and malts since they typically include fruit juices, grapefruit, orange, passionfruit, lemon, mango, and berries. It also reflects altering consumer preferences for beverages with reduced alcohol by volume (ABV) and a propensity for a healthy lifestyle.
Based on the packaging, the ready to drink market has been segmented into bottles and cans. The bottles category accounted for the largest revenue share in 2021 in the ready to drink market. The idea of ready-to-drink cocktails was introduced in a bottle package design and quickly gained popularity worldwide. Glass bottles were used for packaging because the product closely resembles beer.
Based on the distribution channel, the ready to drink market has been segmented into hypermarkets/supermarkets, online and liquor stores. The hypermarkets/supermarkets segment accounted for the largest revenue share in 2021 in the ready to drink market. Due to the significant consumer propensity to purchase grocery items from supermarkets and convenience stores, specialty shops, and grocery stores, as these locations have high customer preference, the segment is predicted to continue its dominance during the forecast period. One of the most important distribution routes is grocery stores.
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Key Players
Some key market players are Diageo plc; Brown-Forman; SHANGHAI BACCHUS LIQUOR CO., LTD.; Bacardi Limited; Asahi Group Holdings, Ltd.; PernodRicard; Halewood Wines & Spirits; Suntory Holdings Limited; Manchester Drinks Company Ltd and Anheuser-Busch InBev.
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