Global Canned Alcoholic Beverages Market Is Estimated To Witness High Growth Owing To Convenience And Changing Consumer Preferences
Market Overview:
Canned alcoholic beverages are ready-to-drink (RTD) beverages that offer convenience and portability to consumers. These products are available in various flavors and are gaining popularity among young adults and millennial consumers who seek easy-to-consume alcoholic beverages. The increasing demand for on-the-go and party-ready drinks is driving the growth of the market. Additionally, the rising preference for innovative packaging solutions and the increasing number of outdoor events and recreational activities further contribute to the market expansion.
The global Canned Alcoholic Beverages Market Growth is estimated to be valued at US$ 6.11 Billion in 2021 and is expected to exhibit a CAGR of 13.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
1. Convenience: The convenience offered by canned alcoholic beverages is a significant driver for market growth. These beverages eliminate the need for additional mixing or preparation, providing consumers with a convenient option for instant consumption. The easy availability and portability of canned alcoholic beverages make them suitable for various social occasions, festivals, picnics, and outdoor activities.
For example, major players like Anheuser-Busch InBev offer a variety of canned alcoholic beverages, including hard seltzers, spiked seltzers, and pre-mixed cocktails, targeting the convenience-seeking consumer segment.
2. Changing Consumer Preferences: Shifting consumer preferences towards low-alcohol content beverages and healthier alternatives play a vital role in the market growth. Canned alcoholic beverages offer a wide range of flavors, including fruit-infused options with lower alcohol content, catering to health-conscious consumers. Additionally, the emergence of craft breweries and micro-distilleries has led to the introduction of unique and innovative flavor profiles in the canned alcoholic beverages market.
For instance, Diageo plc, one of the key players in the market, offers canned cocktails under its brand, including Smirnoff Seltzer and Tanqueray & Tonic, targeting the growing demand for low-alcohol and refreshing options.
SWOT Analysis:
- Strengths:
1. Increasing consumer demand for convenient and portable beverages.
2. Growing preference for healthier and low-alcohol content options.
- Weaknesses:
1. Limited availability of premium and craft options compared to traditional alcoholic beverages.
2. Regulatory challenges regarding labeling and product positioning.
- Opportunities:
1. Expanding distribution channels, such as e-commerce and online platforms.
2. Introduction of innovative flavors and localized offerings.
- Threats:
1. Intense competition from established alcoholic beverage brands.
2. Potential health concerns associated with excessive alcohol consumption.
Key Takeaways:
- Market size related content: The global canned alcoholic beverages market is expected to witness high growth, exhibiting a CAGR of 13.8% over the forecast period. This growth can be attributed to the increasing demand for convenient options and changing consumer preferences for low-alcohol content beverages.
- Regional analysis related content: North America is anticipated to be the fastest-growing and dominating region in the canned alcoholic beverages market. The region has witnessed a significant shift towards RTD beverages, and the presence of major market players contributes to its market dominance.
- Key players related content: Key players operating in the global 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 companies focus on product innovation, strategic partnerships, and mergers and acquisitions to expand their market presence and cater to the evolving consumer demands.
In conclusion, the global canned alcoholic beverages market is poised for significant growth, driven by the convenience factor and changing consumer preferences. The market offers lucrative opportunities for key players to introduce innovative flavors, capitalize on the growing demand for low-alcohol content options, and expand their distribution networks. With the increasing popularity of on-the-go and party-ready drinks, canned alcoholic beverages are expected to remain a preferred choice among consumers in the coming years.
- Canned_Alcoholic_Beverages_Market
- Canned_Alcoholic_Beverages_Market_Size
- Coherent_Market_Insights
- Canned_Alcoholic_Beverages_Market_Demand
- Canned_Alcoholic_Beverages_Market_Growth
- Canned_Alcoholic_Beverages_Market_Trends
- Canned_Alcoholic_Beverages_Market_Analysis
- Canned_Alcoholic_Beverages_Market_Forecast
- Art
- Causes
- Crafts
- Dance
- Drinks
- Film
- Fitness
- Food
- Игры
- Gardening
- Health
- Главная
- Literature
- Music
- Networking
- Другое
- Party
- Religion
- Shopping
- Sports
- Theater
- Wellness
- IT, Cloud, Software and Technology
English
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Romaian