Canned Alcoholic Beverages Market Analysis: Fizzing Phenomenon
The Canned Alcoholic Beverages market is in trends by convenient packaging and alcohol trends driving demand for ready-to-drink options. Canned alcoholic beverages provide an alternative to traditional bottles and cans while maintaining freshness of the drink. They are easily portable, recyclable, and resealable alternatives to bottles. Canned cocktails offer a variety of flavors from wine and seltzers to malt-based drinks, allowing users to enjoy responsibly on-the-go. The demand for low-calorie and variety seeking is growing canned drinks popularity amongst healthier options.
The Global Canned Alcoholic Beverages Market is estimated to be valued at US$ 7.94 Billion in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Canned Alcoholic Beverages are 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 are investing in new product launches, expansions and acquisitions to strengthen their market position. The demand for canned alcoholic beverages is growing steadily with increasing adoption amongst millennials and Gen Z due to easy portability and convenience. Manufacturers are innovating with variety in flavors and types to attract new consumers.
The global canned alcoholic beverages market is expanding rapidly with players focusing on emerging countries for growth opportunities. Manufacturers view Asia Pacific and Latin America as high potential markets owing toChanging alcohol consumption trends, large population and improving lifestyle. Regions like China, Mexico and Brazil are witnessing increasing demand for on-the-go canned drinks.
Market key trends
The canned alcoholic beverages market is driven by health and wellness trends along with sustainability. Many Millennial and Gen Z consumers prefer canned drinks that are low in sugar and calories. Players are introducing canned wine and seltzers with less than 100 calories to cater to this segment. Rise of ready-to-drink highballs and cocktail cans also provide low ABV options. Additionally, aluminum cans have higher recycling rates compared to glass bottles, appealing to the environmentally conscious consumer. Their resealable nature leads to less food wastage appealing to the sustainable lifestyle.
Porter’s Analysis
Threat of new entrants: New players can enter the market easily as canned alcoholic beverages market has low entry barriers due to low capital requirements but established players have strong brand recognition.
Bargaining power of buyers: Buyers have high bargaining power in canned alcoholic beverages market due to availability of substitutes and undifferentiated products.
Bargaining power of suppliers: A few large suppliers exist for raw materials like alcohol which gives them significant bargaining power over processors and brand owners.
Threat of new substitutes: Threat from substitutes is high as there are many alternatives available like bottled beer, wine, spirits and premixes.
Competitive rivalry: The competition is intense as major players compete on the basis of brand, variety, packaging and marketing.
Geographical Regions: North America region leads the canned alcoholic beverages market in terms of value and accounts for over 35% of the global market share. USA holds the largest market for canned alcoholic beverages in the region owing to rising demand for convenient and portable alcoholic drinks among youth population.
Fastest Growing Region: Asia Pacific region is expected to witness the fastest growth in canned alcoholic beverages market during the forecast period. Countries like China, India and Japan are major contributors to the growth of canned alcoholic beverages market in Asia Pacific region. Rapid urbanization, changing lifestyles and rising disposable incomes are driving the demand for canned alcoholic beverages in Asia Pacific region.
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