San Francisco, 10 April 2024: The Report Ready To Drink Cocktails Market Size, Share & Trends Analysis Report By Alcohol Base (Wine-based, Spirit-based), By Distribution Channel (Online, Liquor Stores), By Packaging (Cans, Bottles), By Region, And Segment Forecasts, 2023 - 2030

The global ready to drink cocktails market size is expected to reach USD 2.43 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at CAGR of 14.0% from 2023 to 2030. The growing demand for flavored drinks with low alcohol content due to rising health concerns and increasing consumer inclination toward ready-to-eat (RTE) and ready-to-drink (RTD) products, owing to their busy lifestyles and hectic work schedules, is driving the market growth. In terms of type, spirit-based RTD cocktails emerged as the largest segment in 2022 and is anticipated to maintain its dominance in the forecasted period. They are popular among consumers owing to their low alcohol content, and the availability of various flavors. The growing demand for low content alcohol-based flavored drinks due to the rising health concerns is anticipated to drive the spirit-based segment over the forecast period.

The bottle packaging segment accounted for a largest share of the overall revenue in 2022. Aluminum shortage in several countries has led to the introduction of RTD cocktails in glass bottles, which became popular worldwide. Furthermore, the rise in awareness regarding water and land pollution has prompted majority of players to launch their products in glassed bottles. The supermarkets/hypermarkets distribution channel segment accounted for the largest share of 69.8% in 2022. Supermarkets are well-established distribution channels for product manufacturers and play a key role in the market since they have a wide consumer reach. The improving scenario of the retail industry is expected to boost the segment growth over the forecast period. The market is fragmented with the presence of many global and regional players.

The growing demand for flavored drinks with low alcohol content due to the rising health concerns is anticipated to drive the ready to drink (RTD) cocktails market over the forecast period. Premiumization of the product with flavors, taste, quality, and package design is further expected to drive market growth. The market has experienced a favorable effect due to the COVID-19 pandemic. While the demand for these products was already on the rise, the segment witnessed significant growth following the global outbreak. Factors, such as the flourishing at-home cocktail culture, increased health consciousness, convenience, and improved quality and variety of RTD cocktails have contributed to the surge in demand.

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Health-conscious consumers in developed countries are increasingly opting for low-alcohol flavored beverages. These drinks typically have a lower alcohol content, ranging from 4% to 7%, and are infused with enticing flavors, such as lemon, cranberry, orange, and passionfruit. As a result, the popularity of low alcohol by volume (ABV) beverages has been steadily growing. Among them, products based on gin and tequila have witnessed significant demand from consumers. In Russia, Australia, Brazil, China, and South Africa, there has been a notable decrease in per capita alcohol consumption. This trend is attributed to changing lifestyle preferences aimed at enhancing overall well-being, as well as a growing emphasis on responsible drinking.

Ready To Drink Cocktails Market Report Highlights

• Asia Pacific is expected to register the fastest CAGR of 15.4% from 2023 to 2030. The convenience offered by these drinks, along with the low alcohol level and lower price in comparison to cocktails served at bars, makes them an ideal choice for young consumers in this region
• North America dominated the global market in 2022 due to the rising demand for drinks with low alcohol content. As an increased number of breweries and distilleries are incorporating RTD alternatives in the U.S. and Canada, the product adoption has been rising. The market is expected to reflect incremental growth of 2.5x by 2030
• The cans packaging segment is expected to register a CAGR of 14.5% from 2023 to 2030 owing to the growing consumer demand for convenience and ease-to-carry packaging
• The online distribution channel segment is expected to register the fastest CAGR from 2023 to 2030. The shift in consumers’ shopping behavior is one of the major factors driving the sales through the online channel

Consequently, there is an anticipated rise in the demand for RTD cocktails. In addition, the availability of organic, gluten-free, and keto-friendly options in the market is enticing an increasing number of consumers to embrace these products. The demand for convenient ready-to-eat (RTE) or RTD products is being propelled by consumers' increasing preference for quick and easy solutions amidst their busy lifestyles and demanding work schedules. This trend is particularly driven by the growing working population. Furthermore, the market is being influenced by a considerable segment of consumers who favor the convenience of serving homemade drinks at house parties and social gatherings.

The spirit-based cocktails segment dominated the market with a revenue share of more than 43.9% in 2022 and is projected to continue its dominance throughout the forecast period. These cocktails typically contain alcohol content of up to 5%, combined with other ingredients, such as juices, and are available in single-serve packaging with a wide range of flavors. Popular spirits like vodka, gin, tequila, whiskey, and rum are commonly used in these cocktails. With a diverse range of options including infused flavors like ginger, rose, and lavender, spirit-based cocktails have become increasingly favored among consumers, making them the preferred choice in the alcoholic beverage category.

Ready To Drink Cocktails Market Report Scope

The wine-based cocktails segment is expected to experience rapid growth, emerging as the second-fastest-growing segment with a projected CAGR of 13.7% during the forecast period. This growth is driven by consumer perceptions of wine as a healthier alternative to spirits and malts, leading to increased demand for wine-based cocktails. These cocktails typically incorporate fruit juices, such as grapefruit, oranges, passionfruit, lemon, mango, and berries, adding to their appeal. Moreover, wine-based cocktails align with evolving consumer trends toward adopting a healthier lifestyle by opting for beverages with lower ABV content. As a result, manufacturers are introducing healthier options that are gluten-free, low in carbs, made with organic/natural ingredients, and have a lower alcoholic content, catering to the growing demand for health-conscious beverages.

List of Key Players of Ready To Drink (RTD) Cocktails Market

• The Absolut Company
• House of Delola, LLC
• Diageo plc
• Brown-Forman
• Bacardi Limited
• Asahi Group Holdings, Ltd.
• Pernod Ricard
• Halewood Wines & Spirits
• SHANGHAI BACCHUS LIQUOR CO., LTD
• SUNTORY HOLDINGS LIMITED
• Manchester Drinks
• Anheuser-Busch InBev