by The global canned alcoholic beverages market is estimated to be valued at US$ 6.95 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Canned alcoholic beverages are pre-mixed drinks that are easily portable and convenient to consume. They help satisfy the on-the-go drinking needs of consumers. The rising popularity of ready-to-drink cocktails and hard seltzers is fueling the growth of the canned alcoholic beverages market.
Market key trends:
One of the key trends fueling the growth of the canned alcoholic beverages market is the rising popularity of hard seltzers among millennial consumers. Hard seltzers are low-calorie alcoholic drinks made from fermented cane sugar with a hint of natural fruit flavor. The low sugar and gluten-free nature of hard seltzers make them appeal to health-conscious younger consumers. Furthermore, hard seltzers come in colorful cans making them very photogenic on social media which has helped boost their popularity. The growing presence of hard seltzers on grocery shelves and vibrant social media campaigns by seltzer brands are some of the factors driving the exponential growth of the hard seltzer segment within the canned alcoholic beverages market. The canned alcoholic beverages market has been witnessing increasing demand owing to the rise in popularity among millennials and Gen Z populations across the globe. The canned products provide convenience of consumption as well as enable social drinking occasions. Moreover, they come in innovative flavors and variety of beverages such as cocktails, malted beverages, ciders, etc. The manufacturers are also focusing on using sustainable packaging materials like aluminum cans which appeal to the environmentally conscious consumers.
SWOT Analysis
Strength: Canned beverages provide portability and convenience of consumption. They have longer shelf life compared to bottled or glass packaging.
Weakness: Higher cost of production than bottled packaging. Limited variety and customization options.
Opportunity: Growth in on-trade consumption and social drinking occasions especially post pandemic. Increasing product launches catering to low/no alcohol and health-conscious consumers.
Threats: Stringent regulations pertaining to marketing and advertising of alcoholic beverages. Rising health awareness reducing overall alcoholic beverage consumption.
Key Takeaways
The Global Canned Alcoholic Beverages Market Size was valued at US$ 6.95 Bn in 2023. It is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing demand for innovative flavors and convenience among young consumers.
Regionally, North America dominated the market holding around 35% of global share owing to widespread availability and social acceptability of canned beverages. Asia Pacific is expected to exhibit fastest growth during the analysis period led by nations like China, India and Japan where affordability and social drinking is increasing rapidly.
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. Players are launching products in wider formats like whiskey soda/seltzers to capitalize on growing low alcohol trend.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
