Global Cocktail Market Size (2024 to 2029)

The global cocktail market size was worth USD 1.08 billion in 2023 and is estimated to reach USD 2.16 billion by 2029 from USD 1.21 billion in 2024, growing at a CAGR of 12.28% from 2024 to 2029.

MARKET DRIVERS

The number of people inclined to adopt low-alcoholic beverages to maintain proper health conditions is attributed to leveraging the growth rate of the cocktail market. In most countries, the prominence of the cocktail culture is merely growing with the rising expenditure on parties and other events, which is ascribed to fuelling the growth rate of the market. Topmost companies are launching various beverages with different flavors to attract huge consumers according to their preferences. The availability of various choices made with a variety of flavors, especially according to the preference of the people who are seeking health benefits, is enhancing the growth rate of the cocktail market.

Technological advancements in the food and beverage industry to increase productivity are also fueling the growth rate of the cocktail market. Frequently changing people’s mindset towards the selection of beverages with a wide range of varieties available is elevating the demand to launch innovative cocktails. This factor shall elevate the growth rate of the market in the coming years.

The prominence of ready-to-serve cocktails in recent eras has substantially gained huge attention from the adult population in emerging countries, which is ascribed to boosting the growth rate of the cocktail market.

MARKET RESTRAINTS

However, gaining knowledge to maintain proper health by completely avoiding alcoholic or low-alcoholic beverages is likely to limit the growth rate of the cocktail market. A growing number of people suffering from heart-related disorders or any other chronic illnesses is one of the factors for people not likely to drink alcoholic beverages in recent years. This factor shall degrade the growth rate of the cocktail market during the forecast period.

The availability of locally made cocktails of lower quality may negatively affect the overall range, which is a factor that is likely to impede the growth rate of the market. The quality of the locally made brands doesn’t meet the high standards imposed by government officials, which that poses challenges for the top companies to overcome these factors by creating awareness through social media or any communication channels.

SEGMENTAL ANALYSIS

By Type

·         Long Drink

·         Short Drink

The long drink segment is attributed to leveraging the growth opportunities for the cocktail market. The shifting trend towards the adoption of various cocktails with a variety of ingredients to try different flavors is enhancing the growth rate of the market. The short drink segment is gearing up to hit the highest CAGR by the end of 2029. The importance of the classic cocktails that were served in earlier days is again gaining huge attention among the public, which is likely to influence the growth rate of the short drinks segment during the forecast period.

By Application

·         Backyard BBQ

·         Wedding Ceremonies

·         Cocktail Party

·         Others

The cocktail party segment is anticipated to have the largest market share, whereas wedding ceremonies will hold prominent growth opportunities in the coming years. The prominence of cocktail parties is predominantly rising all across the world. Modern generation people are hugely adopting party culture where the organization of cocktail parties is becoming more natural, which is escalating the growth rate of the market.

By Distribution

·         Bars and Restaurants

·         Supermarkets and Hypermarkets

·         Convenience Stores

·         Online Retail

The bar and restaurant segment is attributed to hold the highest market share. In both developed and emerging countries, the supply chain of alcohol is vastly growing with the increasing number of bars and restaurants.

REGIONAL ANALYSIS

North America is leading in terms of market size. The US and Canada are the major countries contributing the highest share of the cocktail market. The huge presence of top companies that produce high-quality cocktail drinks with specific ingredients at affordable prices is majorly elevating the growth rate of the market. Caesar is one of the most popular cocktails in Canada, and it is famously called “ Canada’s National Cocktail.” The launch of innovative beverages according to the people’s preferences shall also elevate the growth rate of the market during the forecast period.

Asia Pacific cocktail market is attributed to holding the largest CAGR during the forecast period. People’s choices for refreshing and light cocktails made up of fruits are ascribed to propel the growth rate of the market. Also, the growing disposable income in emerging countries like India and China shall also boost the market’s growth rate.

Europe is likely to have a significant growth rate throughout the forecast period. Italy is the top country, with a high number of people opting for cocktails. More than 36% of people in Italy choose cocktail drinks. UK, Germany, and others also have prominent growth opportunities for the cocktail market in the coming years.

Recent Market Developments

In 2024, Captain Morgan and Pepsi RTD (Ready-to-Drink) partnered to deliver the brand’s original spiced gold rum teamed up with Pepsi Max and Canned at 5% ABV. This drink can be available across the UK retailers. Companies strongly believe that 83% of the consumers show interest in purchasing this RTD with a branded mixer.

KEY MARKET PLAYERS

Captain Morgan, Bols, Snobar Cocktails, Cointreau, Kold Cocktails, Manchester Drinks Co. Ltd, Bodega Co. de Siam Ltd, Rio Wine, Cocktail Natives, Miami Cocktail Co, Harvest Hill Beverage Company, Arbor Mist Winery, Snake Oil Cocktail Company, N1CE Company Ltd, Four Blue Palms, Inc, Belvedere, Bombay Sapphire, The Absolut Company and Others

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