Canned cocktail sales to surpass $146bn by 2030
Global sales of canned cocktails are predicted to surpass US$146 billion over the next 10 years, according to a new report.
The report from market research firm Fact MR said sales of RTD products will rise by a compound annual growth rate (CAGR) of 20% to 2030, when the value of sales in the sector is predicted to surpass US$146bn.
The sector, which Fact MR says is currently worth US$20bn, will be boosted by increasing demand from Europe, which is projected to account for more than 40% of ready-to-drink (RTD) sales in 2020.
Over the coming years, South Asia and Oceania are likely to experience high growth rates as demand for alcoholic beverages in the region increases. The Middle East and Africa represents the lowest share in the global canned cocktails market.
The report found that regional cocktails with primary ingredients other than spirits, wine and malts are likely to experience high growth in the future, due to rising demand for local alcoholic beverages.
Fact MR also predicted that RTD cocktails sold through retail stores will hold a major share in the global canned cocktails market, but are likely to lose their “dominating position” to supermarkets and other large stores during the next 10 years.
According to Fact MR, the ongoing Covid-19 pandemic will have “momentary implications on the canned cocktails market”. The firm suggested that lockdown measures enforced around the world will “eventually diminish the demand for canned cocktails” in the short-term.
However, the report suggested that the sector will bounce back with the reopening of businesses around the world.
A Fact MR analyst said: “Asia Pacific and European markets has been largely affected due to Covid-19 pandemic. The Chinese government had closed all hotels, restaurants and eateries, which resulted in declining demand for beverages, especially canned beverages. Numerous organisations are encountering delays in raw material supply from China because of sluggish industrial activities in the country.”