The global market for ready-to-serve cocktails is is estimated to secure a valuation of US$ 11.5 Billion in 2023 and is estimated to rise to US$ 23.9 Billion by 2033. The market is anticipated at a CAGR of 7.6% during the forecast period. Ready-to-serve cocktails have emerged as a convenient and instant solution for consumers seeking hassle-free beverage options, especially in social gatherings and events. With increasing urbanization, rising disposable incomes, and evolving consumer preferences for convenience and flavor, the demand for ready-to-serve cocktails is expected to escalate significantly in the coming years.
The factors accelerating the demand for ready-to-serve cocktails are as follows-
- Increasing demand for ready-to-drink cocktail
- Increasing Urbanization
- Increasing demand for flavored drinks and fruit juices
- Advancement in the beverages industry
- Growing demand for convenience food products
- Favourable government initiative for product development
- Increasing adoption and consumption of RTS cocktails
- Increased spending power of consumers
- Rise in per capita income globally
- North America dominates the ready-to-serve cocktail market during the forecast period.
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Increasing consumer inclination towards ready-to-drink and ready-to-serve products owing to the busy lifestyle and hectic work schedule is driving the demand for ready-to-serve cocktails. The increasing working population and increased number of working women are anticipated to drive market growth. Furthermore, the increase in demand is driven by consumers who prefer serving cocktails at house parties and social gatherings
The demand for ready-to-serve cocktails is driven by various factors, including:
- Increasing consumer inclination towards convenience and ready-to-drink products amidst busy lifestyles.
- Growing popularity of flavored drinks and fruit juices, coupled with advancements in the beverages industry.
- Favorable government initiatives supporting product development and innovation in the market.
- Rising adoption and consumption of ready-to-serve cocktails at social gatherings, parties, and events.
- Expanding market presence in regions such as North America, Europe, and Asia-Pacific, fueled by changing consumer preferences and increasing disposable incomes.
Key factors contributing to the growth of the ready-to-serve cocktails market include:
- Increasing urbanization and changing lifestyles, leading to higher demand for convenient beverage options.
- Rising consumer awareness and preference for flavored alcoholic beverages, driving innovation in product offerings.
- Expansion of the hospitality industry, including hotels, restaurants, and cafes, contributing to market growth.
- Strategic initiatives by key players to launch new products, expand market presence, and strengthen brand positioning.
- Growing popularity of ready-to-serve cocktails among millennials and urban consumers, driving market expansion in key regions.
Key Takeaways:
- The global ready-to-serve cocktails market is forecasted to reach a valuation of US$ 23.9 billion by 2033, with a CAGR of 7.6% from 2023.
- Consumer preferences for convenience, flavor, and instant gratification are driving the demand for ready-to-serve cocktails.
- Key players in the market are focusing on product innovation, sustainability, and strategic partnerships to capitalize on emerging market trends.
- North America and Europe dominate the market, while Asia-Pacific presents significant growth opportunities driven by urbanization and rising disposable incomes.
- Investments in innovative concepts and premium product offerings are expected to fuel market growth and profitability for investors in the B2B industry.
As consumer preferences evolve towards convenience and flavor, the global market for ready-to-serve cocktails is poised for substantial growth in the coming years. With increasing urbanization, rising disposable incomes, and changing lifestyles, the demand for convenient beverage options is expected to surge, presenting lucrative opportunities for investors in the B2B industry. Key players in the market are focusing on innovation, sustainability, and market expansion strategies to capitalize on emerging trends and drive business growth. With a projected valuation of US$ 23.9 billion by 2033, the ready-to-serve cocktails market offers promising prospects for investors seeking growth and profitability in the beverage industry.
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Some of the key players operating in ready to serve cocktail market are Austin Cocktails, Bamboozolers, Edwin+ Sons Cocktail.co, On the Rocks, Plain Spoke Cocktail co., Koloa rum, Malibu, Coco21, Bacardi Limited, Artista Cocktail.co, among others. The market is characterized by the presence of a few well-established players and several small and large players.
For instance, in September 2020 – Austin cocktails released a new line of sparkling and canned cocktails made with natural ingredients and seltzer water. Austin cocktails enter the canned cocktail category with three ready-to-drink offering Cucumber Vodka sparkling Mojito, Fred ruby red sparkling grapefruit cocktail, and Bergamot Orange Sparling Margarita.
For instance, founded in 2020 Sophisticated cocktails is the platform offering ready-to-drink cocktails with multiple flavored cocktails bagged in eco-friendly 1.5 ltr and 750 ml pouches with a tap. All these cocktails are made from locally grown fresh pressed food, premium alcohol brands, and locally costed cold brew coffee.
Global Ready to Serve Cocktails: Market Segmentation
Based on Primary Ingredient:
- Malt-based
- Wine-based
- Spirit-based
- Others
Based on Additive Ingredient:
- Alcoholic
- Non-alcoholic
Based on Container Size:
- Less than 750 ml
- 750-1500 ml
- More than 1500 ml
Based on Alcohol Content:
- 5-10%
- 10-15%
- >15%
Based on Sales Channel:
- Liquor Store
- Hypermarket/Supermarket
- Convenience Store
- Online Retail
- HoReCa
- Others
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