Canned cocktail market to reach $57.2bn by 2032
The ready-to-drink (RTD) canned cocktail category is forecast to hit US$57.2 billion by 2032, according to a new report from researcher Future Market Insights (FMI).
The canned cocktail market is expected to expand at a compound annual growth rate (CAGR) of 11.6% per year until 2032, the report found.
In the US, RTDs are the fastest-growing beverage alcohol category, the researcher said. These findings are supported by data from the IWSR released in June 2021, which noted that RTDs recorded the largest consumption increase of any category in the US in 2020.
Furthermore, the RTD canned cocktail market in the US is forecast to hit US$4.5bn this year, the FMI report revealed. The category’s sales are projected to grow at a CAGR of 9.9% through 2032.
Canned cocktail trends
The trend towards at-home cocktail occasions, brought on by the Covid-19 pandemic, has led the category’s growth. FMI noted that the premiumisation of the category is playing a role in its increasing popularity, with consumers snapping up canned versions of classic cocktails using natural ingredients and flavours.
“Increasing demand for RTD food and beverage products is driving sales of canned cocktails,” said a senior research analyst at Future Market Insights.
“In addition to this, growing preference for natural and organic ingredients as flavours is projected to boost the market in the forthcoming years.”
Vodka-based canned cocktails are predicted to lead sales, making up 19.1% of the total RTD canned cocktail market in 2022 and reaching a market value of US$3.6bn by 2032.
According to The IWSR, RTDs are expected to outperform the total alcohol market by 2025.