Ready to Drink (RTD) Cocktails Market Size & Share to Surpass $2.3 Billion by 2030 | Vantage Market Research

WASHINGTON, Sept. 05, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the Ready to Drink Cocktails market is experiencing a significant growth trend, driven by factors such as convenience, changing consumer preferences, and the rise in the cocktail culture. With the increasing demand for innovative and convenient beverage options, the market will likely continue growing in the coming years.

According to Vantage Market Research, the Global Ready to Drink Cocktails Market is estimated to be valued at USD 2.3 Billion by 2030 and is expected to exhibit a CAGR of 14.3% from 2023 to 2030. The global Ready to Drink Cocktails market grew to USD 0.8 billion in 2022.

The ready to drink (RTD) cocktails market has seen significant growth in recent years, driven by factors such as convenience, changing consumer preferences, and a rise in the cocktail culture. Furthermore, RTD cocktails appeal to consumers needing access to a well-stocked bar or the necessary skills to mix their cocktails. These products provide a convenient solution for those who want to enjoy a cocktail at home or when traveling.

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Key Highlights

• By Alcohol Base, the Wine-based segment is anticipated to mention the market's fastest growth during the forecast period.
• By Flavor, the Natural/Unflavored segment is expected to witness maximum market growth over the projected period.
• By Packaging, the Cans will lead the market during the projected period.
• By Distribution Channel, the Online is expected to lead the market during the projected period.
• In 2022, North America dominated the market with the highest revenue share of 35.3%.
• The Asia Pacific region is expected to witness maximum market growth during the forecast period.

The rise in the cocktail culture has also contributed to the growth of the RTD cocktails market. The popularity of cocktail bars and mixology has created a demand for similar experiences at home. RTD cocktails provide an easy way for consumers to enjoy a well-crafted cocktail without the need for mixology skills or expensive ingredients.

Top Companies in The Global Ready to Drink Cocktails Market

• The Absolut Company (Sweden)
• House of Delola LLC (Spain)
• Diageo PLC (UK)
• Brown-Forman (U.S.)
• Bacardi Limited (Cuba)
• Asahi Group Holdings Ltd. (Japan)
• Pernod Ricard (France)
• Halewood Wines & Spirits (UK)
• SHANGHAI Bacchus Liquor Co. Ltd. (China)
• Suntory Holdings Limited (Japan)
• Manchester Drinks Company Ltd. (UK)
• Anheuser-Busch InBev (Belgium)

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Factors Affecting the Growth of the Ready to Drink Cocktails Industry
Several factors can affect the growth of the Ready to Drink Cocktails industry. Some of these factors include

• Convenience: RTD Cocktails offer the convenience of having a bar-quality cocktail ready to consume without additional ingredients or preparation. This appeals to consumers who want to enjoy a cocktail without the hassle.
• On-the-go Consumption: RTD Cocktails are popular among consumers looking for a convenient and portable option to enjoy their favorite beverages on the go. This includes events, parties, outdoor activities, and other social gatherings.
• Premiumization Trend: The RTD Cocktails market is growing due to the increasing demand for premium, high-quality ready-to-drink beverages. Consumers are willing to pay a premium for specialty cocktails that provide a unique and elevated drinking experience.
• Innovation and Variety: Manufacturers continuously introduce new flavors and combinations in the RTD Cocktails category. This helps attract a diverse range of consumers looking for unique and exciting options beyond traditional cocktails.
• Changing Consumer Preferences: Consumers' consumption patterns and preferences are evolving, with a growing demand for convenience and ease-of-use products. RTD Cocktails cater to these changing preferences and provide an option for consumers needing more time or expertise to make their cocktails.
  

Top Trends in Global Ready to Drink Cocktails Market
With the growing focus on health and wellness, there is a demand for low-calorie, low-sugar, and healthier Ready to Drink Cocktails. Manufacturers are responding to this trend by introducing more beneficial alternatives to traditional cocktails. In addition, consumers are looking for unique and innovative flavors in their Ready to Drink Cocktails. Companies are experimenting with different ingredients and flavors to cater to this demand and offer an exciting range of options. Furthermore, collaborations between celebrities and ready-to-drink cocktail brands have gained popularity. These partnerships help promote the products and attract consumers who are fans of the stars.

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Recent Development of the Global Ready to Drink Cocktails Market

• April 2023: Absolut launched three flavors of RTD cocktails. These flavors include coffee, strawberry, and passion fruit. The new product range has only 5% ABV and was launched in the UK in May 2023.
• April 2023: American singer and actress Jennifer Lopez launched ‘The House of Delola' a premium range of spirit-based and organic RTD cocktails. Launched in three flavors, namely Bella Berry Spritz (10.5% ABV), L'Orange Spritz (10.5% ABV), and Paloma Rosa Spritz (11.5% ABV), the cocktails are enhanced with fruit flavors and have fewer calories.
• January 2022: The Coca-Cola Company signed a brand authorization agreement with Constellation Brands Inc. to launch FRESCA Mixed, a full-flavored, spirit-based RTD cocktails in the U.S. The FRESCA brands aim to appeal to consumers seeking fuller-flavored experiences and higher-quality RTD cocktails to bridge between refreshing hard seltzers and full-flavored bar cocktails.
  

Market Drivers
The increasing popularity of socializing and entertainment events at home and outside has contributed to the demand for RTD cocktails. These pre-mixed drinks are often seen as a convenient and hassle-free option for parties, barbecues, picnics, and other gatherings, where the host or attendees may prefer a ready-made drink that can be served quickly and easily. For instance, over 2020-2021, Premixed, Spirits-Based RTD suppliers increased their revenue by 42%. This period, which coincides with the height of the COVID-19-induced lockdowns, saw rapid growth in the demand for alcoholic beverages.

Market Restraints
Ready to Drink Cocktails are often produced in large quantities and distributed to a wide market, resulting in limited variety and customization options. Consumers who prefer unique and personalized cocktails may prefer to make their own or visit a bar with a more excellent range of options. In addition, Ready to Drink Cocktails face competition from traditional cocktails in bars and restaurants. Many consumers prefer the experience of ordering a freshly made cocktail from a skilled bartender. Additionally, the ability to customize cocktails with unique ingredients and flavors is often more appealing than pre-packaged options.

Market Opportunities
The COVID-19 pandemic has impacted the market positively. With restrictions on in-person dining and socializing, consumers have turned to at-home consumption of alcoholic beverages. With their convenience and availability, RTD cocktails have become popular for consumers to enjoy cocktails in the comfort of their homes. Another important factor driving the future growth of the RTD cocktails market is the increase in product innovation. Manufacturers continuously introduce new flavors, ingredients, and packaging formats to attract consumers. The availability of a wide range of options, including low-calorie, organic, and craft cocktails, is expected to fuel the market's growth. For instance, Diageo Plc launched a range of flavored, low-calorie, RTD cocktails under its Ketel One brand in the U.S. The product is formulated with vodka blended with botanicals, natural fruits, and sparkling water. It has three strong flavors: Peach & Orange Blossom, Cucumber & Mint, and Grapefruit & Rose.

Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on Ready to Drink Cocktails Market Forecast Report (2023-2030).                

Report Segmentation of the Global Ready to Drink Cocktails Market
Alcohol Base Analysis
The wine-based segment is expected to maintain the market's growth during the forecast period due to changing consumer preferences and lifestyle choices. Wine-based RTD cocktails offer several advantages to consumers. Firstly, they provide convenience and ease of consumption. Unlike traditional wine, which requires opening a bottle and sometimes decanting, wine-based RTD cocktails come in pre-mixed and pre-measured portions, eliminating additional preparation. This makes them an attractive option for individuals wanting a quick, hassle-free drink.

Flavor Analysis
Natural/Unflavored is anticipated to dominate the market's growth during the forecast period, owing to the changing consumer preferences towards healthier, authentic, and customizable options. With an increasing focus on health and wellness, consumers are becoming more conscious about the ingredients they consume. Natural and unflavored cocktails are perceived as healthier options as they don't contain artificial flavors, additives, or preservatives. This appeals to a growing segment of health-conscious consumers who prefer organic, clean-label, and minimally processed products.

Packaging Analysis
The cans segment is predicted to hold the maximum market growth during the forecast period. Cans are perceived as a more sustainable packaging option compared to other formats like glass bottles or plastic containers. The aluminum used to produce cans is highly recyclable, and the recycling infrastructure for cans is well-established in many regions. This aligns with the growing consumer demand for eco-friendly and sustainable products, leading more brands to transition to cans to meet this expectation.

Distribution Channel Analysis
The online segment is expected to hold the market's fastest growth during the forecast period. Online platforms offer a wide range of RTD cocktail options to choose from. Consumers can explore different flavors, brands, and combinations that may need more readily available in their local stores. This variety expands the choices available to consumers, catering to different tastes and preferences.

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Market Segmentation

By Alcohol Base

• Malt-based
• Spirit-based
• Wine-based
  

By Flavor

• Natural/Unflavored
• Flavored

By Packaging

• Bottles
• Cans

By Distribution Channel

• On-trade/Food Service
• Hypermarkets/Supermarkets
• Online
• Liquor Stores

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
  

Scope of the Report:    

Regional Analysis

North America led the Ready to Drink Cocktails market growth in 2022. This growth can be attributed to several factors, including convenience, at-home consumption trends, a wide range of flavors, premiumization, and the impact of the COVID-19 pandemic. The availability of a wide range of tastes and options is also a significant driver of growth in the RTD cocktails market. Manufacturers have recognized the need to cater to different consumer preferences and have introduced a variety of flavors and combinations to attract a diverse consumer base. This variety has helped increase RTD cocktails' appeal to a broader audience and has contributed to the market's growth.

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