Canned Cocktails Market to Expand at CAGR of 20% through 2030; COVID-19 Challenges Swift Growth, Opines Fact.MR’s New Study

Prominent players in the canned cocktails market are focusing on offering novel fruit-based flavors to improve their brand visibility and gain an edge in the competitive landscape.

ROCKVILLE, MD / ACCESSWIRE / September 29, 2020 / The canned cocktails market is projected to grow at a stellar CAGR of 20% in terms of value through the period of forecasting between 2020 and 2030. The report suggests that the stupendous growth of the market is predominantly attributed to increased consumer demand for premium products over archaic options and the convenience associated with canned cocktails. On the other hand, the COVID-19 pandemic is acting as a roadblock to the stellar growth of the market with hotels, restaurants, and eateries shut down across the world, leading to declining in sales.

"Growing consumer inclination for an easily consumable form of alcohol backed by the rising on-the-go trend is expected to propel the demand for canned cocktails in the years to come," says the Fact.MR report.

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Canned Cocktails Market – Key Takeaways

The canned cocktails market is forecasted to surge past valuation of US$ 146 Bn by the end of 2030.
By primary ingredient, soul-based canned mixed drinks are expected to gain remarkable traction in the years to come.
Malt-based canned cocktails are also expected to register lucrative growth, backed by increasing consumption of beers and malts.
On the basis of additive ingredients, the non-alcoholic ingredient segment is poised to account for more than 70% of the market share during the forecast period.
Based on the distribution channel, hypermarkets/supermarkets are foreseen to dethrone retail stores in terms of the revenue share by the end of the assessment period.
Europe, which accounted for over 2/5th of the market value in 2020, is poised to remain the largest regional market in the forthcoming years, owing to higher demand for ready-to-drink canned cocktails.
South Asia and Oceania are projected to register higher growth in terms of value, ascribed to rising disposable incomes and subsequent spending on alcoholic beverages.

Canned Cocktails Market – Driving Factors

The growing trend of social-drinking among affluent consumers and millennial demographics is expected to act as a crucial growth driver.
Increasing disposable incomes in emerging economies has enabled consumers to spend more on alcoholic beverages, and this is expected to give a major boost to sales.
High preference among consumers for taste, aesthetics, and premium quality drinks, coupled with easy availability have made canned cocktails a feasible option.

Canned Cocktails Market – Constraints

Storage issues at the retail end are calling for better packaging and stronger materials, which is likely to hamper the profit margins.
Dilution of taste as compared to original drinks is also acting a restrain to the market growth.

Anticipated Market Impact by Coronavirus Outbreak

The COVID-19 pandemic has severely affected the overall sales of packed beverages and canned cocktails are no exception. With operations in both the distribution channel and production side coming to a screeching halt, both the demand and sales of the products have beheld a steep decline in the first and second quarter of 2020. Hotels, supermarkets, restaurants have shut down amid nationwide lockdowns across the world, thus directly impacting the sales. As consumers remain confined indoors, practicing social distancing, the downtrend in sales is likely to prevail through 2020, with a revamp expected at the dawn of 2021.

Explore the Canned Cocktails market comprising of 160 figures and 96 data tables, along with the table of contents. You can find a detailed market segmentation on https://www.factmr.com/report/4079/canned-cocktails-market

Competition Landscape

The key players operating in the canned cocktails market include, but not limited to, Duvel Moortgat NV, Brown-Forman, Diageo Plc, AB InBev, The Cooper Spirits Company, Bacardi Limited, Pernod Ricard, AG Barr, Becle, S.A.B. de C.V., The Boston Beers Company, Dulce Vida, Novo Fogo, Manchester Drinks Co., 34 North Cocktails Company, and Kwoon by Woods. Market players are maintaining close relationships with suppliers and are focusing on launching diverse flavors to gain competitive edge. On these lines, in 2019, Duluth's Vikre Distillery, rolled out fruit- and vodka-based canned cocktails under the brand Frenchie. Likewise, Pernod Ricard and Big Hammer Wines are focusing on launching drinks in flavors preferred by females, such as strawberries and roses.

More on the Report

The FACT.MR's market research report provides in-depth insights into the canned cocktails market. The market is scrutinized on the basis of primary ingredient (malt-based, wine-based, spirit-based, and others), additive ingredient (alcoholic and non-alcoholic), can size (less than 250 ml, 250-350 ml, and more than 350 ml), alcohol content (less than 5%, 5 to 8 %, and more than 8%), and distribution channel (liquor stores, hypermarkets, retail stores, online channels, and others), across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).

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