by Market Overview:
The Global Canned Alcoholic Beverages Market is estimated to be valued at US$6.11 billion in 2023 and is expected to exhibit a CAGR of 13.8% over the forecast period 2023-2030, according to a new report published by Coherent Market Insights. Canned alcoholic beverages offer convenience and portability, making them popular among consumers who seek ready-to-drink options. The market is driven by the growing demand for innovative and unique alcoholic beverages, especially among the millennial generation. The advantages of canned alcoholic beverages include easy storage, longer shelf life, and availability in various flavors. These products cater to the increasing preferences for on-the-go consumption and are expanding rapidly in the market.
Market Key Trends:
The key trend in the canned alcoholic beverages market is the rising popularity of hard seltzers. Hard seltzers are carbonated alcoholic beverages that contain fruit flavors and are usually low in calories and sugar. They have gained significant traction among health-conscious consumers, especially in the United States. The trend of healthier alcoholic alternatives has driven the demand for hard seltzers, as they offer a refreshing and light option compared to traditional sugary drinks. This trend is expected to continue, fueled by increasing consumer awareness about health and wellness. Manufacturers are strategically introducing new flavors and variants to cater to evolving consumer preferences and expand their market share in the canned alcoholic beverages segment.
Segment Analysis:
The canned alcoholic beverages market can be segmented based on product type, distribution channel, and region. In terms of product type, the market can be further divided into canned beer, canned wine, canned cocktails, and others. Among these, canned beer dominates the market due to its widespread popularity and consumer preference. Canned beer offers various advantages such as convenience, portability, and longer shelf life, which contributes to its dominance in the market. Additionally, the increasing popularity of craft beer and the growing trend of outdoor recreational activities further drive the demand for canned beer.
In terms of distribution channel, the market can be categorized into online retail, specialty stores, convenience stores, and others. Currently, online retail is the dominating distribution channel for canned alcoholic beverages. The rise in e-commerce platforms and the convenience of online shopping have significantly contributed to the growth of this segment. Moreover, online platforms offer a wide range of choices, competitive prices, and door-to-door delivery, which further attract consumers to purchase canned alcoholic beverages online.
Key Takeaways:
The Global Canned Alcoholic Beverages Market Size is expected to witness high growth, exhibiting a CAGR of 13.8% over the forecast period (2023-2030). This growth can be attributed to several factors. Firstly, the increasing popularity of ready-to-drink beverages among millennials and young consumers is driving the demand for canned alcoholic beverages. The convenience of canned beverages and the availability of various flavors and options cater to the evolving consumer preferences. Additionally, the growing trend of outdoor activities, such as picnics, beach parties, and camping, fuels the demand for portable and easy-to-carry canned alcoholic beverages.
From a regional perspective, North America is expected to be the fastest-growing and dominating region in the canned alcoholic beverages market. The region is witnessing a significant shift in consumer preferences towards ready-to-drink beverages, coupled with the rising popularity of outdoor recreational activities. Furthermore, the presence of key players in the region, along with their continuous product innovations and marketing strategies, contributes to the market growth in North America.
Key players operating in the canned alcoholic beverages market include Diageo plc, Brown-Forman, Pernod Ricard, Bacardi Limited, Suntory Holdings Limited, Asahi Group Holdings, Ltd., Anheuser-Busch InBev, E. & J. Gallo Winery, Constellation Brands, Inc., Treasury Wine Estates, Barefoot Cellars, and Kona Brewing Co. These key players focus on product launches, partnerships, mergers and acquisitions, and expanding their distribution networks to gain a competitive edge in the market. Overall, the canned alcoholic beverages market presents significant growth opportunities for both existing players and new entrants in the industry.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
