Ready To Drink Cocktails Market Size Worth $1.63 Billion By 2027

The global ready to drink cocktails market size is anticipated to reach USD 1.63 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 12.1% from 2020 to 2027. Rising demand for low alcohol-based flavored drinks owing to increasing health consciousness is the primary factor driving the market. Premiumization, convenience, and on-the-go trends among millennials are also driving the market. However, different taxation for ready to drink (RTD) cocktails in various countries and regulations on the pack size are some of the key challenges that manufacturers are facing. In terms of product, spirit-based cocktails emerged as the largest and the fastest-growing segment in 2019 owing to their distinct taste.

Spirit-based products are made from gin, tequila, whiskey, rum, and vodka. Gin and tequila-based products, in particular, have a high demand. In terms of packaging, cans segment is estimated to ascend at the fastest CAGR over the forecast period due to the growing demand for convenience and easy-to-carry on-the-go packaging. Cans are much more compact and lighter than bottles and can be recycled more easily. In addition, cans are allowed in public places like swimming pools and parks where bottles are generally restricted. In terms of distribution channel, supermarkets/hypermarkets emerged as the largest segment in 2019.

Supermarkets have designated shelf space for RTD cocktails as these products contain low alcohol levels. Asia Pacific is anticipated to emerge as the fastest-growing regional market in the coming years due to the growing demand for convenience products in Asian countries. Furthermore, changing lifestyles, increased disposable income levels, and influence of the western culture are likely to propel the market growth. Growth in the online distribution of alcohol and easy availability across stores is further expected to boost the demand for RTD cocktails. The industry is highly competitive when it comes to product variation and pricing. Prominent market participants are focusing on product innovation to attract more consumers.

Full Research Report On Ready To Drink Cocktails Market Visit Here: https://www.grandviewresearch.com/industry-analysis/ready-to-drink-cocktails-market

Ready To Drink Cocktails Market Report Highlights

• In terms of type, the spirit-based product forms accounted for more than 40% share of the overall revenue in 2019
• Consumer preference for vodka, gin, whiskey, and tequila-based products is the major factor driving the growth of the spirit-based products segment
• Furthermore, product innovation and easy availability are also expected to support the segment growth
• Asia Pacific is projected to register the fastest CAGR from 2020 to 2027 due to rising consumption of convenience drinks in countries, such as China, Australia, and Japan
• Product innovation with infusion of botanical ingredients is expected to remain a critical success factor among the industry participants

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Ready To Drink Cocktails Market Segmentation

Grand View Research has segmented the global ready to drink cocktails market based on type, packaging, distribution channel, and region:

RTD Cocktails Type Outlook (Revenue, USD Million, 2016 - 2027)

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

RTD Cocktails Packaging Outlook (Revenue, USD Million, 2016 - 2027)

• Bottle
• Cans

RTD Cocktails Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)

• Supermarkets/Hypermarkets
• Online
• Liquor Stores

RTD Cocktails Regional Outlook (Revenue, USD Million, 2016 - 2027)

• North America
• U.S.
• Europe
• U.K.
• Germany
• France
• Asia Pacific
• China
• Japan
• Australia
• Central & South America
• Brazil
• Middle East & Africa (MEA)
• South Africa

List of Key Players of RTD Cocktails Market

• Diageo
• Brown-Forman
• Pernod Ricard
• Bacardi Ltd.
• Asahi Group Holdings, Ltd.
• Halewood Wines & Spirits
• Shanghai Bacchus Liquor Co., Ltd.
• Suntory Holdings Ltd.
• Manchester Drinks
• Simple Skiff Beverages, LLC

About Grand View Research        

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more info visit @ https://www.grandviewresearch.com