The global RTD cocktail shots market recorded a year-on-year (YoY) growth of 30.4% in 2022, surpassing US$ 3,708 Million. The overall sales in the RTD cocktail shots market are expected to increase at a CAGR of 10.0% to reach the value of US$ 9,633 Million in 2032.
One of the main factors driving the ready-to-drink cocktail market is the increased desire from consumers for time and effort-saving options. Demand for RTD cocktails is anticipated to increase during the projected period as distinctive flavours, mixes, and packaging are introduced. It is anticipated that the market would grow thanks to creative marketing techniques used by major producers of RTD cocktails, such as partnerships with influencers and celebrities.
To boost sales and brand preference, RTD cocktail makers are allocating resources into research and development. This involves introducing fresh mixes or formulations for RTD cocktails that cater to certain customer demands.
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The ease with which RTD cocktails can be consumed at any time and anywhere adds to their appeal. Additionally, it is anticipated that the availability of RTD cocktails through a variety of distribution channels, including retail locations, internet retailers, and liquor shops, will increase RTD cocktail sales.
Continuous innovation in the market helps build a strong brand image by offering unique solutions to consumers. These innovative product launches are anticipated to propel the RTD cocktail market forward.
A Chicago-based company, Crafthouse Cocktails, for instance, launched two new limited-edition RTD cocktails. The new flavors include Vodka Soda, Gin, and tonic, and they are priced around US$ 5.99 per can. Similarly, due to the rising demand for RTD cocktails in India, Radico Khaitan, under its vodka brand ‘Magic Moments,’ launched three new variants: cola, cosmopolitan, and mojito.
Key Takeaways from the RTD Cocktail Market Report:
- The global RTD cocktail market is expected to reach a valuation of USD 35,321.4 million by 2024.
- Global demand for RTD cocktails is expected to soar at 8% CAGRover the forecast period.
- North America is projected to hold a dominant value share of 6% in the global market by 2034.
- Germany’s market is estimated to witness a value CAGR of 1% during the projection period.
- The market is projected to reach USD 56,652.7 million by 2034.
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Competitive Landscape
Diageo plc, Pernod Ricard, Bacardi Limited, Brown-Forman Corporation, Beam Suntory Inc., and Campari Group are the key RTD cocktail manufacturers. Leading companies are directing on expanding their portfolios by launching new products. Key manufacturers use strategies such as partnerships, advertisements, agreements, acquisitions, and mergers to stay relevant in the market.
For instance,
- In 2023, Topo Chico Spirited launched its new range of RTD cocktails.
- In 2023, Molson Coors launched its new non-alcoholic RTD cocktail range, Roxie, to recreate the craft cocktail experience.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global RTD cocktail market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights on the RTD cocktail market based on sales channels (on-trade/ food service, institutional sales [hospitality], retail and online retail), product type (ciders, gin, vodka, wine, whiskey, rum, hard seltzer, cocktail [bourbon, tequila]), packaging type (cans, premixed cocktail shots, bottles), and flavor (unflavored and flavored) across regions.
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