Hard seltzer sales could reach $14.5bn by 2027
Sales of hard seltzers are predicted to be worth US$14.5 billion by 2027, boosted by markets such as Australia and Canada, according to findings from Grand View Research.
The US-based market research firm expects the hard seltzer category to grow by a compound annual growth rate (CAGR) of 16.2% from 2020 to 2027.
Grand View Research predicts the sector will witness substantial growth due to the increasing popularity of low-alcohol products among millennials in developed markets. Grand View predicts markets including the US, Australia and Canada will be key to the sector’s growth.
According to the research firm, hard seltzers with 1.0% to 4.9% ABV content are expected to register the fastest growth as these products will attract health-conscious consumers.
The Asia Pacific region is predicted to register the fastest growth, at a CAGR of 17% between 2020 and 2027. On-trade sales are forecast to outperform the off-trade with a CAGR of 16.5% in the seven years to 2027.
Sales of hard seltzers have soared in the US and have benefited from the release of a raft of new products as distillers around the world target the category. Over the past few months, the sector has seen the launch of products from Brewdog Distilling and the founders of American Cocktail Company.
According to figures collected as part of the Brand Champions report, Mark Anthony Brands-owned White Claw was the top-selling ready-to-drink product in 2019 after selling 27.5 million nine-litre cases.